US stocks moving back to the upside

July 02, 2024 at 06:03PM
US broader indices are moving higher with the NASDAQ index leading the way with a gain of 0.31% at 17934.70. The high price reached earlier today extended up to 17950.82. Recall yesterday the NASDAQ index closed at a record level. At session lows, the NASDAQ index was down -77.06 points

Meanwhile the S&P is back into positive territory with a five-point gain or 0.09% at 5480.50. That is pushing the pair closer to its all-time high closing level at 5487.02. At session lows, the S&P index was down -16.67 points

Looking at the US debt market, the longer and yields are training at session highs as the yield curve continues to steepen:

2-year yield 4.734%, -3.7 basis points

5-year yield 4.403%, -3.7 basis points

10 year yield 4.453%, -2.6 basis points

30-year yield 4.633%, -1.0 basis points

looking at the yield spreads:

2– 10 year spread is down to -28 basis points

2- 30-year yield is a down to -10.2 basis points

Crude oil moved to a high of $84.38 today. That got within eight cents of the swing high target from April 26 at $84.46. The current price is trading at $83.50 up $0.12 or 0.14%. A temporary high may be in place as the seller’s lean against the target.

This article was written by Greg Michalowski at www.forexlive.com.

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