US stocks move to new lows led by the Nasdaq index

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The major US stock indices are moving to new lows led by the Dow Industrial Average average on the NASDAQ index which are both down by about -0.82%.

A snapshot of the market currently shows:

  • Dow Industrial Average average -320.44 points or -0.83% at 38065.66
  • S&P index -38.79 points or -0.70% at 5080.37
  • NASDAQ index -130.12 points or -0.81% at 15852.97.

The NASDAQ index is moving back down toward its falling 100-hour moving average at 15829. The high price reached yesterday fell short of its 200-hour moving out at 16077.85. With the price trading between the two hourly moving averages, it will take a break outside the MAs to either increase the bearish bias (below 100 hour MA), or increase the bullish bias (above the 200 hour MA).

The small-cap Russell 2000 is actually fairing the worst as rates move higher. It is currently down -25.51 points or -1.27% at 1990.50.

In the US debt market, yields are higher but off the highest levels:

  • 2-year yield 5.01%, +3.7 basis points
  • 5-year yield 4.63%, +5.1 basis points
  • 10 year yield 4.661%, +4.9 basis points
  • 30-year yield 4.771%, +3.3 basis points

Higher-than-expected ECI data for Q1 have helped to hurt stocks and bonds.

This article was written by Greg Michalowski at

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