Rebound.
The major stock indices are rebounding higher in early US trading after getting smashed yesterday on the Powell comment that the base case is not for a March rate cut. Analysts have adjusted their expectations to the May/June area as a result. Yesterday the broader indices fell the most since September for the S&P index, and October for the NASDAQ index.
A step so the market currently shows:
- Dow Industrial Average is trading up 68.32 points or 0.18% at 38218.63
- S&P index is up 23.12 points or 0.48% at 4868.78
- NASDAQ index is up 110.94 points or 0.73% at 15274.95
Apple, Amazon and Meta will report earnings after the close. Apple shares are currently up 0.3%, Amazon shares are up 1.64%, and Meta shares are up 2.45%.
Looking at the US debt market, yields are lower after initial jobless claims showed a weakening of the labor market. Unit labor costs also were lower than expectations indicative of a weakening employment picture:
- 2-year 4.204%, -2.4 basis points
- 5-year 3.821% -5.9 basis points
- 10-year 3.897% -6.8 basis points
- 30-year 4.146% -6.9 basis points
Crude oil is trading up $0.89 at $76.75. Gold is trading up $10.40 or 0.51% at $2049.50. Bitcoin is trading at $42,486. The low price reached $41,859. The high price reached $42,641.