European traders have headed for the exits with mixed results in the major stock indices. France CAC was the worst performer with a decline of -0.63% after their election results ended in a political stalemate. Neither the right nor the left can likely for me coalition government. Investors are not very happy.
The final numbers are showing:
- German DAX, -0.02%
- France CAC, -0.63%
- UK FTSE 100, -0.13%
- Spain’s Ibex, -0.01%
- Italy’s FTSE MIB, +0.17%
Meanwhile in the US, the major indices have turned back to the downside. The S&P index and the Dow Industrial Average average is now lower on the day. Tomorrow Fed Chair Powell speaks. The U.S. Treasury starts there coupon auctions which include 3/10/30-year issues. Finally US CPI will be released on Thursday and PPI on Friday.
The snapshot of the market at 12:30 PM ET shows:
- Dow Industrial Average average -51.41 points or -0.13%
- S&P index -2.13 points or -0.04% at 5565
- NASDAQ and neck steps 17.10 points or 0.09% at 18370
The small-cap Russell 2000 is up 11.75 points or 0.58% at 2038.40.
Looking at the US debt market, yields higher but off their highest levels:
- 2-year yield 4.626%, +2.7 basis points
- 5-year yield 4.239%, +2.1 basis points
- 10 year yield 4.282%, +0.9 basis points
- 30-year yield 4.470%, +0.1 basis points
