The major US stock indices are trading to new session highs and in what has been a volatile trading day. The snapshot of the market currently shows:
- Dow industrial average up 201 points or 0.61% at 33013.44
- S&P index up 47.41 points or 1.15% at 4148.13
- NASDAQ index up 242 points or 2.02% at 12236.75
- Russell 2000 is up 35.52 points or 1.92% at 1890.35
All 3 major stock indices have been trading above and below their 200 hour moving average over the last few days. The 200 hour moving averages for the indices come in at:
- Dow 32628.59
- S&P 4080.31
- NASDAQ 12011.84
Each of the indices are moving away from those moving averages increasing the bullish bias for each.
Of course tomorrow much will depend on the US jobs report. Today the ADP national employment for May came in weaker at 128K vs. 300 K estimate. The nonfarm payroll estimate is for a gain of 320K when released tomorrow at 8:30 AM ET. The latest flows into stocks have favored weaker data = stronger stocks as it put a lid on Fed policy.
Fed’s Brainard meanwhile was more hawkish as she refused to say a September pause might be appropriate.