February 3, 2023

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Major indices opening higher with new record highs for S&P and NASDAQ index

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NASDAQ leads the charge higher after earnings

The major indices are opening higher with new record highs for the S&P and NASDAQ index. Apple and Facebook blowout earnings after the close yesterday is helping the tone. Amazon will release earnings after the close. The snapshot of the major indices currently shows:

  • S&P index up 32.7 points or 0.78% of 4215.38
  • NASDAQ index up 125 points or 0.89% at 14174. There is some selling in early trading, with the high price reaching 14211.57
  • Dow industrial average is up 170 points or 0.51% at 33990

in other markets as trading gets underway in US equities:

  • Spot gold is trading down $15.20 or -0.86% 1766.31
  • SPot silver is down $0.13 or -0.58% $26.06
  • WTI crude oil futures are trading up $1.41 or 2.19% at $65.25
  • Bitcoin is trading down $500 or -0.92% at $53,939

A potential problem for stocks might be the rising yields today. The yield curve is also steepening:

US yields are sharply higher

In the forex, the JPY remains the weakest of the majors. The CAD is the strongest. The USD is sitting in the middle with mixed results. The USD vs the JPY by 0.49%, but as declines of  -0.11 to -0.15% vs the GBP, CHF and CAD.  The CAD continues to be supported by rising oil prices. 


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