The major US stock indices are moving lower at the open after the higher-than-expected CPI data disappointed. Yields have moved higher with the 10 year now up 10.1 basis points at 4.271%. The 2-year is up 12.4 basis points at 4.594%
The NASDAQ is leading the way to the downside with the decline currently at about -1.80% (there has been some buy on the open). The S&P index is down over 1%.
A snapshot of the market 8- minutes into the open is showing:
- Dow Industrial Average -367.04 points or -0.95% at 38430.35
- S&P index is down -59.73 points or -1.19% at 4962.10
- NASDAQ and is down -279.60 points or -1.75% at 15662.95.
The Russell 2000 – which tends to be sensitive to higher rates – is down -58.47 points or -2.86% at 1986.89. The 10 year yield is trading at its highest level since early December.
Yesterday both the NASDAQ and the S&P index moved intraday to new high closing levels, but each gave up those gains and closed lower on the day. The NASDAQ index moved above its highest closing level going back to November 2021, was the first time above that level.
At risk this week is the five-week up streak in the major indices (the indices have been up 14 the last 15 weeks as well):
- Dow Industrial Average is down -0.71% for the week
- S&P index is now down -1.35% for the week
- NASDAQ index is down -2.06% for the week