Nasdaq giving up some gains
Dr. Jeremy Siegel (Wharton Business school) is on CNBC and speaking bearishly on interest rates, money supply, the stock market, and his comments are spooking the markets a bit.
The Dow has moved to a new low and traded down -400 points (trades -1.12% now). The S&P is also hitting a new low as well (down -0.56%). The Nasdaq is still up, but has given up a lot of the gains (was up 1.11% and is up 0.23% now).
Financials are getting hammered as yields fall.
The yields fall has now seen the 30 year down close to 15 basis points. The 10 year is down -10 basis points. The shorter end is not as in demand. The 2-10 year spread is down to 126.93 from 137.02 at the close yesterday.
- Gold is down -$40.
- Crude oil is down over -$2.00 and is now trading below $70
- The USD continues to move higher despite the sharp fall in yields. HMMMM.