The major US stock indices are opening little changed a day after the S&P and Dow industrial average closed at new record highs and the NASDAQ index rose near 1%.
The S&P index is sniffing the 5000 level. Yesterday sellers leaned against the level and were successful in keeping the price below the key benchmark level. Traders are keeping it within their site today.
A snapshot of the market currently shows:
- Dow industrial average up 23.08 or +0.06% at 38700.45
- S&P index up 0.41 points or 0.01% at 4995.46
- NASDAQ index up 14.11 points or 0.09% at 15770.76
The small-cap Russell 2000 is also little change with a gain of 0.97 points or 0.05% at 1951.30,
US yields are higher which could provide a headwind for major indices:
- 2 year yield 4.445% +2.4 basis points
- 5-year yield 4.099%, +4.1 basis points
- 10 year yield 4.146% +4.8 basis points
- 30-year yield 4.361% +5.2 basis points
Crude oil futures are trading up $1.20 or 1.61% at $75.05. The price is also breaking above its 200 hour moving average at $74.97. Stay above is more bullish.
Gold is down -$3.21 or -0.61% at 2031.75. The move to the downside is reacting to the higher dollar and higher yields (although the decline is modest).
Bitcoin is making a run to the upside with a push above the $45,000 level today. The high price reached $45,190. The current price is trading at $45,012.. That’s the highest level since January 12. In January, the SEC approved bitcoin ETF’s and the price surged to $49,048 within 24 hours of the decision. The price then rotated to the downside fell below its 100-day moving average (currently at $40,943). The low price reached $38,505 before bouncing to the upside (there were no closes below the 100-day moving average). The last two days has seen a run to the upside.