Although yields have stabilized with the 10 year up 4.7 basis points, stocks are still coming under pressure with the NASDAQ index now down -400 points or -2.05%. Meanwhile the S&P index is down -93 points or -1.57%. The small cap Russell 2000 is also lower by -2.10%.
With the 10 year yield up from 3.60% to 4.78%, that has a real impact on the economy regardless of how much the Fed cut rates by 100 basis points. The dollar moving higher is also a destination.
- Crude oil remains supported as the market reacts to winter weather. today stands at 76.83 $.
- 21.40 gold went into the US dollar
- Bitcoin has given up most of its gains and is currently trading at $93,000 after reaching a high of $95,238
The USDJPY started to move lower with the price breaking below its 200-hour moving average at 157.665. The price had tested that moving average on three separate days this week.
