The major European indices are closing the day with mixed results
- German DAX rose 1.43 points or 0.01%
- France CAC fell -0.54% or -0.1%
- UK FTSE 100.fell -32.18 points or -0.42%
- Spain’s Ibex rose 6.8 points or 0.07%
- Italy’s FTSE MIB rose 54.99 points or 0.18%
As European traders head for the exits, US indices are trading at higher levels:
- Dow Industrial Average is up 38 points or 0.11% at 37562.88
- S&P index is up 8.71 points or 0.18% at 4765.33
- NASDAQ and that is up 50.01 points or 0.34% at 14909
The small-cap Russell 2000 is not participating with a decline of -3.38 points or -0.17% at 1964.64.
At 1 PM ET, the U.S. Treasury will auction off 10 year notes. Yields in the US are trading mixed:
- 2 year yield 4.353% -1.9 basis points
- 5-year yield 3.966% -1.1 basis points
- 10 year yield 4.022% +0.6 basis points
- 30-year yield 4.198% +1.5 basis points
in the Forex, the JPY and the JPY crosses are all moving higher.
- USDJPY is trading up 0.89% and looks toward the high price from last Friday’s trade at 145.96. The prices currently trading at 145.76 with a high of 145.83
- GBPJPY is up 1% at 185.39. That is the highest level going back to December 6. The run to the upside today extended above a swing area between 184.177 and 184.455. It also moved above the 61.8% retracement of the move down from the November 2023 high at 184.706. The next target comes in at 185.78 – 185.95 swing area.
GBPJPY breaks higher.
Crude oil fell after inventory data showed bigger than expected builds. There will price reached $71.66 but has since rebounded back higher and currently trades at $72.33 up nine cents on the day or 0.12%. The 100 and 200 hour moving averages are trading around $72.30 (around current levels.
Bitcoin is trading at $45,374 with traders awaiting a potential announcement after the close that the bitcoin ETF’s will be approved. With the debacle yesterday, if there is not an announcement, or delay or rejection, the market would not take that well. Conversely, if approved it makes you wonder if there will be a “sell the fact” reaction.
This afternoon the New York Fed president John Williams is expected to speak (3:15 PM ET). The topic is “The economic outlook for 2024”. Tomorrow US CPI data will be released at 8:30 AM ET.