The thought was that the pre-market stocks were lower because of the fear from Fed Powell’s panel discussion (or so it seems). When the comment came out that he would not talk to monetary policy/economy, the fear turned to covering. The indices started to recover before the open and now the major indices are all higher 12 minutes into the open.
The snapshot of the major indices are showing:
- Dow Industrial Average up 38.18 points or 0.11% of 33555.84
- S&P index of 3.09 points or 0.08% at 3895.19
- NASDAQ index of 9.51.00.09 percent at 10645.16
- Russell 2000 up 1.45 points or 0.08% at 1797.36
The early session levels were higher with the NASDAQ reaching up 57.46 points, the S&P up 13.6 points, and the Dow up 98.17 points. So even though the premarket declines were erased, there still exists some anxiety with the CPI the next key event on Thursday.
In the US debt market, yields are higher but there highest levels:
- two year 4.243% up 3.1 basis points
- five year 3.699% up to .2 basis points
- 10 year 3.576% up 3.8 basis points
- 30 year 3.706% of 4.4 basis points
This article was written by Greg Michalowski at www.forexlive.com.