Major US indices are trading marginally higher

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Major US indices are trading marginally higher

The major stock indices are moving to the upside in early US trading. The gains are being led by the NASDAQ index up about 0.5%. The Dow Industrial Average is up around 0.25% and trying to snap a 5 day decline. The NASDAQ soared by over 200 points yesterday on the back of Nvidia which rose over 24%. Nvidia's gains are Intel's losses and it's shares fell -5.5% yesterday which contributed to the Dow industrial averages decline yesterday.

A snapshot of the market 8 minutes into the open is showing:

• Dow industrial average up 106.69 points or 0.32% at 32871.35
• S&P index up 13.78 points or 0.33% at 4165.05. The 100 week moving average remains at 4200, a key level for this index going forward.
• NASDAQ index up 66.59 points or 0.52% at 12764.69

Looking at some of the big cap High flyers, they are lagging as the focus goes to "other stocks" today:

• Nvidia is trading down -0.22%
• Alphabet is up 0.03%
• Microsoft is down -0.17%
• Apple is up 0.66%
• Adobe is up 2.49% after rising over 7% yesterday
• Meta is up 0.9%
• Amazon is up 1.67%
• Intel shares are down -0.18%

In the US debt market, yield to be moving higher in the short end, as better US data increases the chance of a June/July hike

• 2 year yield 4.580% +7.1 basis points
• 5 year yield 3.946% +4.9 basis points
• 10 year yield 3.829% +1.6 basis points
• 30 year yield 3.991% -1.2 basis points

The USD is back to the upside after correcting lower in the European session:

• EURUSD moved above a swing area near 1.07509, but found resistance against the swing low from May 19 and the following 100 hour moving average of 1.0764. Stay below that level keeps the Bears more control.

• USDJPY is trading near highs for the day and new highs going back to November 2022. The low price today found support buyers near the 50% midpoint of the range since the 2022 high. That level comes in at 139.574, and is now a short-term bias and risk defining level for traders. See the video below.

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

Source: Major US indices are trading marginally higher

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