As the European traders head for the exits, they are leaving major indices closing higher. The gains were led by the Spain’s Ibex which rose 0.90%. Looking at the closing levels for the major indices:
- German DAX, +0.33%
- France’s CAC +0.18%
- UK’s FTSE 100 +0.24%
- Spain’s Ibex +0.90%
- Italy’s FTSE MIB +0.65%.
U.S. indices are trading higher, with Apple providing a key boost following its announcement of a $100 million investment in the U.S. and, more importantly, confirmation that iPhones and other products from India will not be subject to tariffs.
Apple shares are up $12.00 (+5.9%) at $214.91. Technically, the stock is testing the 50% retracement of the decline from the late-December all-time high, which comes in at $214.66—a level that could act as a pivotal short-term marker for traders. In July, the price highs had trouble getting and staying above that 50% midpoint level.
Looking at the major indices
- Dow industrial average is up 123.40 points or 0.28% at 44236.07.
- S&P index is up 45.50 points or 0.72% at 6344.40.
- NASDAQ index is up 206 points or 0.99% at 21122.13.
Although stocks are higher, yields in the US are also higher led by notes bonds at the longer end of the yield curve. The U.S. Treasury will auction off 10 year notes at 1 PM ET:
- 2-year yield 3.717%, +0.2 basis points
- 5 year 3.784%, +2.3 basis points.
- 10 year yield 4.235%, +3.9 basis points
- 30 year yield 4.820%, +5.1 basis points.
In commodities, crude oil bounced earlier from its 100-day moving average at $64.95, spiking to a session high of $66.75 before reversing lower. The price is now trading back below the 100-day MA at $64.74, down $0.41 on the day, and is testing the July 23 low at $64.71. A break below this level would open the door for further downside toward the next target at $63.61.
Gold is softer, down $5.78 (-0.17%) at $3,374.50, while Bitcoin is rebounding, up roughly $1,000 on the day to $115,177.
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This article was written by Greg Michalowski at investinglive.com.