The major US stock indices are moving to new lows led by the Dow Industrial Average average on the NASDAQ index which are both down by about -0.82%.
A snapshot of the market currently shows:
- Dow Industrial Average average -320.44 points or -0.83% at 38065.66
- S&P index -38.79 points or -0.70% at 5080.37
- NASDAQ index -130.12 points or -0.81% at 15852.97.
The NASDAQ index is moving back down toward its falling 100-hour moving average at 15829. The high price reached yesterday fell short of its 200-hour moving out at 16077.85. With the price trading between the two hourly moving averages, it will take a break outside the MAs to either increase the bearish bias (below 100 hour MA), or increase the bullish bias (above the 200 hour MA).
The small-cap Russell 2000 is actually fairing the worst as rates move higher. It is currently down -25.51 points or -1.27% at 1990.50.
In the US debt market, yields are higher but off the highest levels:
- 2-year yield 5.01%, +3.7 basis points
- 5-year yield 4.63%, +5.1 basis points
- 10 year yield 4.661%, +4.9 basis points
- 30-year yield 4.771%, +3.3 basis points
Higher-than-expected ECI data for Q1 have helped to hurt stocks and bonds.
This article was written by Greg Michalowski at www.forexlive.com. Source