Nasdaq is taking it on the chin again
The US major stock indices are open and they are showing declines once again. The NASDAQ is leading the way- to the downside that is — and it is having the worst month since January 2016.
A snapshot of the indices now shows:
- S&P index -15 points or -0.53% at 2865.22
- Nasdaq -67 points or -0.87% at 7671
- Dow -101 points or -0.40% at 26317
The Nasdaq yesterday (and Monday) pushed up toward the 100 day MA but could not muster much momentum above that key MA level. We trade near the lows from Monday now. The 200 day MA comes in at 7499.82. The price has not traded below that MA since July 2016.
US yields are higher with the 10 year and 30 year up 2.1 bps. The US treasury will auction off both 3 and 10 year notes today (at 11:30 AM ET and 1:00 PM ET respectively). That is a lot of supply to absorb.