Major US stock indexes open higher, led by the NASDAQ and after PPI data came in slightly below expectations.
The latest government reports paint a mixed picture for inflation, with a gap between consumer and producer price indices. While consumer prices rose more than expected, raising concerns and negatively affecting the stock market, producer prices showed a smaller increase than expected, contributing to the market recovery.
The unexpected rise in consumer prices raises questions about the accuracy of economic forecasts, particularly regarding inflation and the Federal Reserve’s interest rate decisions. One canceling out the other, the markets have stopped the fall and are slightly up. Yesterday, the Dow industrial average fell -1.09%, the S&P fell -0.95%, and the NASDAQ index fell -0.84%. The small cap Russell 2000 fell the most with a drop of -2.52%.
An overview of the main indices currently shows:
- The Dow industrial average is trading above and below unchanged. It is currently down -15 points or -0.03%
- The S&P index is trading up 8.54 points or 0.17% at 5169.50
- The NASDAQ index is trading up 68 points or 0.41% at 16237
Small-cap Russell 2000 indexes trade up 9.48 points or 0.47% at 2,037.87
In the US debt market, yields are lower today (they were slightly higher at the start of the US session and before the PPI)
- 2-year yield 4.931%, -3.8 basis points
- 5-year yield 4.574%, -3.9 basis points
- 10-year yield 4.525%, -3.5 basis points
- 30-year yield 4.62% -1.2 basis points
in other markets:
- Crude oil trades down $0.54 or -0.63% at $85.68
- Gold is trading up $9.50 or 0.41% at $2,342.26.
- Silver trades up $0.20 or 0.71% at $28.09
- Bitcoin is trading at $70,679. The day’s low was $69,865. The high was $71,287.
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