December 1, 2022

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Stocks open higher and hope to snap a three day slide

2 min read

NASDAQ leads the way with a gain of 1%

The major stock indices are opening higher and process hope to snap a three day slide. The NASDAQ is leading the way with a gain of over 1%. However, after yesterday’s -2.67% decline, it it is just a retracement of some of the losses.

A snapshot of the market a few minutes into the opening shows:

  • S&P index +28.57 points or 0.7% at 4091.87.  The index fell -2.15% yesterday
  • NASDAQ index up 146 points or 1.12% at 13178. The index fell -2.67% yesterday
  • Dow of 157 points or 0.47% at 33747. The index fell -1.99% yesterday

in other markets:

  • Spot gold is trading up $5.30 or 0.3% $1821.15.
  • Spot silver is trading down three cents or -0.12% at $27
  • WTI crude oil futures are down $1.63 or -2.45% at $64.47
  • Bitcoin is down $-4166 or -7.65% of $50,315.  Elon Musk tweeted that Tesla would not accept bitcoin prepayment of cars until the energy cost of the digital currency market moves lower
  • Ethereum is also down sharply. It is currently down $-260 or -6.35% at $3839 but off the low of $3550

In the US debt market, yields are lower with the 30 year leading the way at -1.7 basis points. The U.S. Treasury will auction off $27 billion of 30 year bonds at 1 PM ET. 

US yields are lower

A look at the forex market shows the NZD and CHF as the strongest of the majors, while the GBP is the weakest. The USD is a small tilt to the downside and weaker since the NY start on the back of higher stocks (risk off).    

The US dollar tilting to the downside

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