US stocks hit new session lows as European traders seek exit

Major US stock indices are trading at session lows as European traders begin looking for exits for the week.

The NASDAQ index is now down about 1.3%. The S&P index is down -0.89%.

All major indexes are back below their 50-day moving averages after closing above those moving averages yesterday. Staying below these moving averages returns the short-term technical bias to the downside.

A market overview currently shows:

• The Dow industrial average is down -192 points or -0.55% at 34717.94. Its 50-day moving averages at 34833.65
• The S&P index is down -42 points or 0.94% at 4463.06. Its 50-day moving averages at 4482.78
• The NASDAQ index is down minus 187.49.2 -1.35% at 13737.25. This is a 50-day moving average at 138801.45.

For the trading week:

• The Dow Jones industrial average is up 0.39%
• The S&P index is up 0.11%
• The NASDAQ index is now down -0.21%.

American yields remain ever higher:

• 2 years 5.026% +1.2 basis points
• 10-year yield 4.318% +2.8 basis points
• 30-year yield 4.403% +1.8 basis points

The US 10-year yield returns to its highest levels of the year, rising to 4.362%. This high surpassed the October 2022 high of 4.335%, but only by a few basis points. The 10-year yield today reached 4.336%.

Data released today for the United States is as follows:

• New York Fed Manufacturing: The current index is at 1.90, which represents a significant improvement from -19.00 in the previous period, when it was expected at -10.00.

• MM import price: Monthly import prices increased by 0.5%, exceeding the forecast 0.3% and the previous month’s 0.4%.

• MM export price: Export prices for the month increased by 1.3%, which was higher than the expected 0.4% and the previous 0.7%.

• MM Industrial Production: Industrial production increased by 0.4% monthly, which was higher than the expected 0.1% and the previous 1.0%.

• SA capacity utilization: The capacity utilization rate is 79.7%, slightly higher than the 79.3% forecast and corresponding to the rate of the previous period.

• MM manufacturing output: Manufacturing production for the month is at 0.1%, in line with forecasts and slightly lower than the previous 0.5%.

• Industrial production over one year: Industrial production over one year is at 0.25%, down from the previous -0.23%.

• U Mich Preliminary feeling: The University of Michigan’s preliminary confidence index is 67.7, lower than the expected 69.1 and the previous 71.2.

• U Mich Preliminary Requirements: The conditions index stands at 69.8, compared to 75.3 expected and 77.4 previously.

• U Mich Preliminary Expectations: The expectations index is at 66.3, slightly above the forecast 66.0 and below the previous 67.3.

• UMich 1 year Inf Prelim: Expected inflation over one year is 3.1%, down from the previous 3.3%. The 5 Yr Inf Prelim is down to 2.7% from 2.9% last year.

In summary, the United States saw a mix of data, with some indicators like the New York Fed’s manufacturing and import prices showing positive momentum, while others, like the New York Fed’s confidence indexes. the University of Michigan, indicated a more cautious outlook.