February 8, 2023

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US stocks open lower led by the NASDAQ index

2 min read

Stock on track for the third down day in a row.

The US stocks are opening a lower led by the NASDAQ index. The major indices are working on the third day in a row to the downside after the S&P and Dow industrial average reached all-time highs last week.

US CPI data surprise the upside with a 0.8% gain versus 0.2% expected for the month. The ex food and energy rose 0.9% versus 0.3% estimate. YoY surged to 4.2% and 3.0% respectively vs expectations of 3.6% for the headline and 2.3% for the ex food and energy

A snapshot of the market currently shows:

  • S&P index -23.57 points or -0.56% at 4128.43
  • NASDAQ index -149 points or -1.13% at 13237.46
  • Dow industrial average -121 points or -0.35% at 34145

a snapshot of other markets as US stock trading gets underway shows:

  • Spot gold $-5.11 or -0.28% at 1832.32
  • spot silver down $0.20 or -0.73% at $27.42
  • WTI crude oil futures up $0.71 or 1.09% at $66
  • bitcoin is trading down $800 and -1.44% of $56,104
  • Ethereum is trading up $118 or 2.87% of $4262.30. The all-time high price reached $4372.35 today

in the US debt market, yields are higher:

  • two year 0.170%, +0.12 basis points
  • five year 0.8595%, +5.9 basis points
  • 10 year 1.666%, +4.4 basis points
  • 30 year 2.364%, +1.88 basis points

The U.S. Treasury to auction off $41 billion of 10 year notes at 1 PM ET

The USD has scene volatile trading to the upside initially, and then having those gains reversed entirely before moving back higher most recently. 

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