Stocks are getting hammered in pre-market trading
Looking at the ranges and changes, the USD is starting the session near highs vs the major currencies with the largest declines vs the NZD (-66 pips) and the AUD (-56 pips). The GBPUSD is also near lows at -42 pips on the day.
In other markets….
- Spot gold is trading down $8.17 or -0.44% $1861.35 as it reacts to the higher dollar.
- Spot silver is down $0.46 or -1.66% at $27.71.
- WTI crude oil futures are trading down -$1.40 or -2.12% at $64.10. The market is eyeing the potential nuclear reduction deal with Iran. A deal could lead to removal of sanctions against the country, which would increase global oil supply
- Bitcoin is down $-4760 or -11% at $38,520. Ethereum is also getting hammered and is trading down -$718 or -20.85% at $2715. The price traded at a high of $4380 on May 12 (-38% from May 12)
The premarket for US stocks the major indices faced their third day of losses led by the NASDAQ. The futures are currently implying:
- Dow industrial average -271 points after yesterday's decline of -267 points
- S&P index -39.5 points after yesterday's decline of -35.46 points
- NASDAQ index -181 points after yesterday's decline of -75.41 points.
In the European equity markets, the major issues also sharply lower:
- German DAX, -1.72%
- France's CAC, -1.6%
- UK's FTSE 100, -1.52%
- Spain's Ibex, -1.1%
- Italy's FTSE MIB, -1.7%
In the US debt market, yields are mostly higher with the yield curve steepening. The 2– 10 year spread is up to 150.5 point basis points from 148.78 basis points of the close yesterday.