US stocks open lower across the board


NASDAQ index leads the way to the downside

The US stocks opened lower, but there was a modest bounce in the 1st few minutes of trading.

  • Dow industrial average -14 points or -0.04% with 31523. The low reached 31464.74
  • S&P index -4.46 points or -0.11% at 3876.91. The low reached 3868.91
  • NASDAQ index -54.53 points or -0.41% at 13410.66. The low price reached 13389.64.

Expect volatile trading as the market continues to worry about interest rates rising. The 10 year is now up 8.53 basis points to 1.4269%. The 2 – 10 year spread is at its highest level since 2016. 

European yields are also moving higher. The German benchmark 10 year government bond yield has risen to -0.275%. That’s the highest level since June 2020 and up 5 basis points on the day. The Italian 10 year bond is trading at its highest level since late January at 0.715%. It is up 7 basis points on the day.

In other markets:

  • spot gold is trading down $-19.50 or -1.08% at $1786.23
  • spot silver is trading down $0.31 or -1.16% at $27.35
  • WTI crude oil futures are trading up $0.71 or 1.15% 6 $2.15
  • the price of bitcoin is trading up $1400 or 2.92% at $49,370

A snapshot of the forex market continues to show the NZD as the strongest of the majors, while the JPY is the weakest. The USD is mostly higher with the exception of the NZD. The GBPUSD and USDCAD is near unchanged after being lower earlier in the session. The EURUSD and AUDUSD are also now showing dollar gains vs declines earlier today.

The USD is stronger

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By Jonathan Prop

Jonathan Prop is an independent financial advisor. He has been working in finance for the last 20 years. After retiring early in his 40s, Jonathan decided to help others get to grip with financial markets, particularly his area of expertise - forex!

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