The USD is mixed to start the North American session. The EURUSD is the biggest mover with a gain (lower USD) of 0.59%.
- The GBPUSD is also higher (lower USD) by 0.44%).
- The USDCHF, AUDUSD and NZDUSD are all within 0.11% of the close from yesterday with the USD higher vs the CHF, but lower (marginally) vs the AUD and NZD.
- The USDCAD is lower by -0.21% and the
- USDJPY is higher by 0.29%.
The US stock market futures are implying a higher open for the major indices after yesterday’s plunge that saw the Nasdaq fall -4.0% and the S&P fall -2.7% on US recession fears. The S&P closed below its 200-day MA for the first time since November 2023.
Overnight, the NFIB Business Optimism index fell -2.1 points to 100.7, marking the 4th consecutive month above the 51 year average of 98
- Current level is 4.4 points below the recent peak of 105.1 in December.
- Uncertainty Index rose 4 points to 104, the second-highest reading on record.
On the economic calendar today, the January JOLTS report is expected to show job openings rising to 7.65 million from 7.6 million in December, which had marked the largest drop in 14 months. The ratio of job openings per unemployed person declined to 1.1 from 1.5 in November, signaling a cooling labor market. Meanwhile, February saw an increase in job growth, though unemployment edged higher, with trade policy and federal workforce cuts adding uncertainty.
Yields are modestly higher after falling sharply yesterday on US recession fears:. The 10 year yield yesterday fell -8.7 basis points. The two year yield was down -11.5 basis points. A snapshot market currently shows:
- 2-year at 3.916%, +2.4 basis points
- 5-year at 4.003%, +2.9 basis points
- 10-year at 4.241%, +2.9 basis points
- 30-year at 4.557%, +1 point basis points
US stocks are rebounding higher after yesterday’s sharp declines :
- Dow + 163 points after falling minus 890.01 points or -2.08% yesterday
- S&P +78 points after tumbling -155.64 points or -2.7% yesterday
- Nasdaq +101 points after yesterday’s -727.904-4.0% decline
European stock indices are also mostly lower after yesterday’s sharp falls. The German DAX is trading above or below unchanged:
- France’s CAC, -0.46%
- German DAX, unchanged
- UK’s FTSE 100 -0.47%
- Spain’s Ibex -0.70%
- Italy’s FTSE MIB -0.35%
In other markets:
- Crude oil is trading up $0.82 or 1.24% at $66.85
- Gold is up $24.97 or 0.87% at $2913.30
- Silver is up $0.48 or 1.49% at $32.52
- Biitcoin is up $3092 and $81,653 after trading as low as $76,600. It lowest level since November 10, 2024
