S&P sitting on the excessive all-time shut to begin the buying and selling day.Dow trades to a brand new report

The S&P index is open, larger and buying and selling above and under the all-time highest shut ever at 4796.57 The beneficial properties are modest. Yesterday, the S&P did transfer above that degree once more and backed off. Is at the moment the day?

A snapshot of the market at present reveals:

• Dow Industrial Common up 77.90 factors or 0.21% at 37790
• S&P index up 16.55 factors or 0.35% at 4796.57
• NASDAQ index of 35.45 factors or 0.24% at 15008.84

The small-cap Russell 2000 is taking part at the moment with a acquire of 21.20 factors or 1.09% at 1976.74

By the way in which the Dow Industrial Common can be buying and selling to a brand new all-time excessive of 37825.27.

US yields are decrease after the PPI information got here in weakening expectations. Will that translate into decrease inflation to the patron?

• 2 yr yield 4.129%, -13.1 foundation factors
• 5-year yield 3.818% -7.5 foundation factors
• 10-year yield 3.935% -4.0 foundation factors
• 30-year yield 4.173% -0.7 foundation factors

Crude oil is larger as tensions within the Mideast elevated as US and UK carried out airstrikes in opposition to Houthi insurgent targets in Yemen.

Gold is surging at the moment. It is worth up $31.80 or 1.57% at $2060.39.

The EURUSD has almost reversed the total decline seen in buying and selling at the moment. The Asian session excessive reached 1.0985. The excessive worth simply ticked as much as 1.09825. The low worth at the moment reached simply earlier than the PPI dat reached 1.0952 earlier than bouncing larger.

The excessive worth for the week – reached yesterday -stalled close to the excessive worth from final Friday at 1.09984. Get above that degree and the 50% midpoint of the transfer down from the December cover to the January low is available in at 1.10078.

PS The market is now pricing in 170 foundation factors of cuts in 2024 (vs 150 bps). The prospect of a 25 foundation level lower in March is now as much as 90% versus 70% earlier than PPI information. HMMM.