The S&P index is open, higher and trading above and below the all-time highest close ever at 4796.57 The gains are modest. Yesterday, the S&P did move above that level again and backed off. Is today the day?
S&P index is testing its all-time high closing level
A snapshot of the market currently shows:
- Dow Industrial Average up 77.90 points or 0.21% at 37790
- S&P index up 16.55 points or 0.35% at 4796.57
- NASDAQ index of 35.45 points or 0.24% at 15008.84
The small-cap Russell 2000 is participating today with a gain of 21.20 points or 1.09% at 1976.74
By the way the Dow Industrial Average is also trading to a new all-time high of 37825.27.
US yields are lower after the PPI data came in weakening expectations. Will that translate into lower inflation to the consumer?
- 2 year yield 4.129%, -13.1 basis points
- 5-year yield 3.818% -7.5 basis points
- 10-year yield 3.935% -4.0 basis points
- 30-year yield 4.173% -0.7 basis points
Crude oil is higher as tensions in the Mideast increased as US and UK conducted airstrikes against Houthi rebel targets in Yemen.
Gold is surging today. It’s price up $31.80 or 1.57% at $2060.39.
The EURUSD has nearly reversed the full decline seen in trading today. The Asian session high reached 1.0985. The high price just ticked up to 1.09825. The low price today reached just before the PPI dat reached 1.0952 before bouncing higher.
The high price for the week – reached yesterday -stalled near the high price from last Friday at 1.09984. Get above that level and the 50% midpoint of the move down from the December hide to the January low comes in at 1.10078.
EURUSD nearly reversed the declines seen today.
PS The market is now pricing in 170 basis points of cuts in 2024 (vs 150 bps). The chance of a 25 basis point cut in March is now up to 90% versus 70% before PPI data. HMMM.