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Higher opening for the broader indices ahead of the Fed Chair Powell's testimony. Dow down

Started by forex4you, Jul 09, 2024, 07:12 pm

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Higher opening for the broader indices ahead of the Fed Chair Powell's testimony. Dow down

The broader US stock indices are trading higher at the U.S. open. The Dow 30 is trading marginally lower as it continues to lag.

Both the S&P and NASDAQ indices closed at record levels yesterday (4th straight for the S&P and 5th straight for the Nasdaq). The Dow Industrial Average average is still short of its all-time high close of 40,003.60 reached back on May 17.

A snapshot of the market currently shows:

  • Dow industrial average is trading down -31 points or -0.08% at 39309
  • S&P index up 11.15 points or 0.20% at 5585
  • NASDAQ index up 72.45 points or 0.42% at 18479.80

The small-cap Russell 2000 is trading down -5.65 points or -0.28% at 2032.96

Shares of Corning are up by 1.9% as it continues its run after pre-announcing higher earnings and revenues yesterday. It is one of the new AI plays in the market.

Meta Platforms isrebounding by $7.34 or 1.43% after falling $10 yesterday.

Nvidia shares are up 2.57% as analysts raise expectations. Super Micro Computers is up 1.77% after rising yesterday.

Intel shares are up 3.05%, AMD shares are up 0.26%, and Broadcom shares are up 0.87% as chips continue do outperform

US yields are higher ahead of the Fed Chair Powell's testimony and the 3-year note auction at 1 PM ET. The treasury will auction off 10 year notes tomorrow and 30-year bonds on Thursday. US CPI data will also be released on Thursday and will be a key influence for rates this week (PPI data will be released on Friday).

  • 2-year yield 4.634%, +1.7 basis points
  • 5-year yield 4.248%, +2.3 basis points
  • 10 year yield 4.292%, +2.3 basis points
  • 30-year yield 4.475%, +1.8 basis points


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

Source: Higher opening for the broader indices ahead of the Fed Chair Powell's testimony. Dow down

forexlive.com
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