The US stock market is giving up gains. The NASDAQ index is now in negative territory. Markets started to adjust more to the downside after the Axios reported that Israel defense minister Gallant told US Defense Secretary Austin that Israel has no choice but to retaliate against Iran. The comments were made on Sunday. Since then the Israeli War Council has met without any action, which makes you think that there may have been “a rethink”. Nevertheless, US stocks are feeling a little more nervousness (or so it seems).
Yields have also moved higher with the 10-year now up 13.7 basis points at 4.636%. That may be contributing to the lower stocks as well. The Russell 2000 is down -9.39 points or -0.47% as it reacts to higher rates.
A snapshot of the market currently shows:
- NASDAQ index -21 points or -0.14% at 16153.69
- S&P index +3.31 points or 0.06% at 5126.40
- Dow industrial average up 65 points or 0.17% at 38047.27
Crude oil is still lower by -$0.45 at $84.61, but off session highs at $85.80