The major US stock indices are moving lower at the start of the day. The major indices are now down for the 4th consecutive days. Chair Powell will have his 2nd day of the testimony at 10 AM ET. Earlier today, initial jobless claims continued to show some cracks in the employment strength. Continuing claims are not reflecting that weakness yet.
A snapshot of the market currently shows:
- Dow industrial average is trading down -93 points are -0.28% at 33856
- S&P index is down -12.3 points or -0.28% at 4353.62
- NASDAQ index is down -27.23 points are -0.20% at 13473.63
In the US debt market, yields are higher:
- 2-year yield 4.752% +4.5 basis points
- 5-year yield 4.001% +4.6 basis points
- 10-year yield 3.767% +4.4 basis points
- 30-year yield 3.850% +4.2 basis points
The US dollar is moving higher.
- The USDJPY is trading to a new high going back to November 11, 2022.
- The GBPUSD run to the upside after the Bank of England rate hike of 50 basis points, has now seen a full retracement of its move higher.
- The EURUSD is testing a swing area between 1.0961 – 1.09728 as it corrects off of a run above the 1.1000 level that failed.
Crude oil is down over $2 at $70.43. Gold is down $9.50 at $1923. The coin is back above $30,000 at $30,206.