The major US Stock indices are moving to the upside after the better-than-expected US CPI data. The gains in the three major indices are led by the NASDAQ index up 1.3%.
The small-cap Russell 2000 is surging by 2.60%.
A snapshot of the market 10 minutes into the open is is showing:
- Dow Industrial Average average up 299 points or 0.76% at 39049. The record high close for the Dow is at 40,003. So the index is still 1000 points away from record high levels.
- S&P index is up 51.44 points or 0.96% at 5427. Yesterday the S&P closed at a record level. Today, if gains can be maintained would be another.
- The NASDAQ index is also extending to a new record high with a gain of 239 points or 1.38% at 17582.
The small-cap Russell 2000 is trading up 54.01 points or 2.67% at 2078.60.
Looking at some of the large-cap stocks:
- Apple shares are up another 2.44% and trades and another record.
- Nvidia shares are up 2.89%.
- Microsoft is trading up 0.90%. It is fighting with Apple now as the largest capitalized stock near $3.25T. Nvidia which overtook Apple last week but now lags behind at $3.06T
- Meta Platforms is up 0.35%
- Alphabet is up 1.33%
- Amazon is up 0.09%
- Tesla is up 2.5%.
US yields are sharply lower ahead of the FOMC rate decision:
- 2-year yield 4.680%, -15.4 basis points
- 5-year yield 4.259%, -15.8 basis points
- 10 year yield 4.277% -12.5 basis points
- 30-year yield 4.453%, -8.1 basis points.
Crude oil prices are up $1.30 at $79.19 ahead of the EIA inventory data at 10:30 AM ET.
The expectations is for a drawdown of -1.025M barrels for oil inventories. Gasoline inventories are expected to show a build of 0.891 million barrels. The private inventory data showed crude and gasoline both showing larger than expected drawdowns:
Bitcoin is trading higher today at $69,453 after trading as low as $66,011 yesterday. Ethereum is trading at $3617.70. After trading as low as $3431 yesterday.
Gold is trading up $11 or 0.47% at $2327 as it reacts to lower rates/lower dollar. Silver is trading up $0.55 or 1.92% at $29.81.