US stocks opened lower, but are seeing some buying after the first 6 minutes or so of trading. Major indexes remain down, but the declines are somewhat modest given the strong move in yields and expectations of a much more hawkish Fed following the strong jobs report.
A market snapshot currently shows:
- Dow Industrial Average -183 points or -0.56% to 32543.82
- S&P -3.13 points or -0.73% of 4121.80
- NASDAQ index -125.56 points -0.99% to 12595.02
- Russell 2000-15.48 points to -0.81% at 1890.97
In the US debt market, yields are significantly higher:
- 2 years 3.224%, +17.7 basis points
- 5 years 2.961% +16.5 basis points
- 10 years 2.823%, +13.3 basis points
- 30 years 3.066% +9.8 basis points
A snapshot of the forex market shows that the USD is the strongest of the major currencies. JPY is the weakest followed by AUD and NZD.
This article was written by Greg Michalowski at www.forexlive.com.