Major US stock indices open higher but there is some pause

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Major US stock indices open higher but there is some pause

The major US stock indices are trading higher but off premarket implied levels.  Nvidia which has been a big gainer (rose $15 or 5% yesterday) is trading down by -$2.90 or -0.90%. Surprise surprise.

PS Nvidia shares are still up 10.4% this week. Alphabet shares are outperforming trading higher by $2.53 or 2.07%. Alphabet shares are up 6.77% this week after rising by 11.31% last week.

The snapshot of the market currently shows:

• Dow industrial average up 26.97 points or 0.08% at 33562.89
• S&P index up 9.72 points or 0.23% at 4207.78
• NASDAQ index up 24.08 points or 0.19% at 12712.92

The S&P index is above the 4200 natural resistance level and also extending above the 100-week moving average at 4201.17.  A close above that level would be the 1st close above since the August 15, 2022 trading week (see blue line in the chart below)

In the US at that market:

• 2-year yield 4.329% +6.1 basis points
• 5-year yield 3.770% +7.3 basis points
• 10-year yield 3.705% +5.7 basis points
• 30 year yield 3.947% +4.7 basis points

The expectations for the Fed Funds rate in January 2024 are still showing easing but are up from lows that extended toward 4.25%. The current implied rate is about 4.68%.

                This article was written by Greg Michalowski at www.forexlive.com.

Source: Major US stock indices open higher but there is some pause

forexlive.com