Major US indices are sharply lower to start the trading day. News from Medicare about increased prices kickstart it the downside in the Dow. Later Tesla reported sales from last month much lower than expectations. An overbought market is also a contributor as our higher rates as traders start to take back future cuts. Expectations for a June cutter down to around 58%..
A snapshot of the market 15 minutes into the open and showing:
- Dow Industrial Average -430 points or -1.09% at 39141
- S&P index -51.24 points are -0.97% at 5192.76
- NASDAQ index -248 points or minus -1.49% at 16150.
The Russell 2000 is down -34.39 points or -1.64% at 2068.44
US yields are higher:
- 2-year yield 4.726% +0.8 basis points
- 5-year yield 4.387% +5.0 basis points
- 10 year yield 4.401% +7.2 basis points
- 30-year yield 4.540% +7.4 basis points
Crude oil is trading up $0.91 at $84.62. That is trading above and below the 61.8% retracement of the move down from the 2023 high price at $84.59.
Bitcoin is sharply lower today at $65,104. It traded as high as $69,706 today.