The major US stock indices are trading higher but off premarket implied levels. Nvidia which has been a big gainer (rose $15 or 5% yesterday) is trading down by -$2.90 or -0.90%. Surprise surprise.
PS Nvidia shares are still up 10.4% this week. Alphabet shares are outperforming trading higher by $2.53 or 2.07%. Alphabet shares are up 6.77% this week after rising by 11.31% last week.
The snapshot of the market currently shows:
- Dow industrial average up 26.97 points or 0.08% at 33562.89
- S&P index up 9.72 points or 0.23% at 4207.78
- NASDAQ index up 24.08 points or 0.19% at 12712.92
The S&P index is above the 4200 natural resistance level and also extending above the 100-week moving average at 4201.17. A close above that level would be the 1st close above since the August 15, 2022 trading week (see blue line in the chart below)
S&P test sits at 100 week moving average
In the US at that market:
- 2-year yield 4.329% +6.1 basis points
- 5-year yield 3.770% +7.3 basis points
- 10-year yield 3.705% +5.7 basis points
- 30 year yield 3.947% +4.7 basis points
The expectations for the Fed Funds rate in January 2024 are still showing easing but are up from lows that extended toward 4.25%. The current implied rate is about 4.68%.
Fed funds target still looking for cuts into January 2024