The major US indices are opening mixed. The major indices up for 3 consecutive days. That streak is in jeopardy
The Dow industrial average is trading marginally higher, while the S&P and NASDAQ index are lower after earnings from Microsoft and Google were disappointing. Meta announces earnings after the close. Amazon and Apple report tomorrow. A snapshot of the markets currently shows:
- Dow industrial average up 44 8 points or 0.16% at 31886.61
- S&P index -25.75 points -0.66% at 3833
- NASDAQ index down 217 points or -1.94% at 10982
- Russell 2000 up 10.63 points or 0.59% 1806.99
Microsoft is trading down $20 or -8% at $230.61. Google is trading down $9 or -8.66% at $95.37. Meta ahead of their earnings are trading down $-5.60 or -4.04% at $132.
A bright spot in the stock market is Visa which did beat on earnings. It stock is trading up $5.79 or 2.98% at $199.89.
Looking at other markets, US yields are lower:
- 2 year yield 4.44%, -4.2 basis points
- 5 year 4 point to 09%, -5.4 basis points
- 10 year 4.023%, -8.3 basis points
- 30 year 4.169%, -9.2 basis points
In other markets:
Crude oil is trading at $86.89. That’s up about $1.50 on the day.
Gold is trading up $12.40 or 0.75% $1665.64.
The Bank of Canada announces their interest rate decision at 10 AM ET with expectations of 75 basis points although there is chatter for a potential 50 basis point hike instead.
For the USDCAD, the 1.3500 is a key support level that was tested in earlier trading with buyers leaning at the 1.3506 area. The 200 bar moving average on the 4 hour chart is at 1.35707. The current prices trading just below that level 1.3566. The broken 38.2% retracement of the move up from the September 13 low comes in at 1.35859. Move above that level would give the buyers more confidence and have traders looking toward the 1.3637 to 1.3666 area.