The major US stock indices are opening a lower in the shortened trading week. The markets were closed yesterday in observance of the Martin Luther King day holiday.
Last week the major indices moved higher led by the NASDAQ index which gained 3.09%. The S&P index gained 1.84%. Of note technically is that the S&P traded above its high closing level on two successive days (Thursday and Friday) at 4796.57, but could not sustain momentum and closed lower on each of those days. There is some apprehension about moving above that high closing level.
S&P index cannot stay above its all-time high closing level
In trading today, the snapshot of the market seven minutes into the open is showing:
- Dow Industrial Average -150 points or -0.40% at 37447
- S&P index -17.90 points or -0.38% at 4766
- NASDAQ index -61.43 points or -0.40% at 14911.
Apple shares are down $3.79 or -2.04% at $182.06. Tesla shares her down -2.58% and the small cap ARK Innovation ETF is down -2.05%. The Russell 2000 index is trading down -1.08% in early trading.