December 7, 2022

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US stocks trade near Friday’s closing levels at the start of trading for the week

1 min read

Modest gains/losses for the major indices

The major US stock indices are opening with modest gains/losses to start the trading week. The Dow industrial average did it trade above the May 7 record closing high.  The high for the day as reached 34820.91 so far

A snapshot of the major indices seven minutes into the opening is showing:

  • S&P index up 0.51 points or 0.02% at 4230.75
  • NASDAQ index -12 points or -0.08% at 13802
  • Dow industrial average of 41 points or +0.11% at 34799

In other markets, as stock trading gets underway shows:

  • Spot gold -2 dollars or -0.11% at $1889.
  • Spot silver up one cent or 0.01% at $27.80
  • WTI crude oil futures are trading up $0.10 or +0.14% at $69.72
  • Bitcoin is up $530 or 1.48% at $36,498

In the US debt market, yields are rebounding higher after Friday’s sharp declines.  The 10 year yield is up 1.7 basis points. The 2– 10 year spread is also higher at 141.77 basis points versus 140.86 basis point at the close on Friday.

US yields are higher

In the forex, the major indices remain scrunched together. The NZD as taken over as the strongest of the majors inching out the AUD for that spot. The CAD has squeaked out the USD as the weakest of the majors  (the extreme currencies are effectively tied for the strongest to weakest).  

Is weaker

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