December 8, 2022

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US stocks opened lower. Dow leading the way to the downside

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S&P and Dow closed at record levels on Friday

After the Dow and S&P closed at record levels on Friday, the indices across the board are trading lower in early New York trading.

A snapshot of the market currently shows:

  • Dow down -227 points or -0.64% at 35288.
  • S&P index -20 points or -0.45% 4447.83
  • NASDAQ index -58.66 points or -0.40% at 14763

A look at the forex market shows the JPY and the CHF extending their gains in early New York trading as flows into the safety of those currencies dominates. The CAD (lower oil) and AUD and NZD are seeing risk off flows and concerned about slower China growth, weighing on those currencies. 

S&P and Dow closed at record levels on Friday_

In other markets as stock trading gets underway shows:

  • Spot gold plus $5.50 or 0.31% at $1784.70
  • Spot silver up two cents or 0.11% at $23.73
  • WTI crude oil futures are down $1.66 or -2.45% $66.27. Crude oil is falling on slowing China growth.
  • Bitcoin is back below $47,000 at $46,645.61. It is now down around $400 on the day

US yields continue to move lower with the 10 year yield now back below the 1.250% level. The yield curve is also flattening.  The US Empire manufacturing index came in weaker than expected today which has continued to push yields lower.

US yields are lower

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