Lower start for the major indices but some meme stocks still outperform

The US major indices are opening lower with declines led by the NASDAQ index which is trading down around 1.5%. Microsoft which rose as high as $247 in after-hours trading after announcing their strong earnings, is higher but trading at around $237, up about $5 on the day. Other meme stocks are higher as well with GME up around $300 (*over 100% on the day).  AMC is up 230%, but off its premarket levels in early trading.

A snapshot of the market currently shows:

  • S&P index -55 points or -1.44% 3793.16
  • NASDAQ index -233 points or -1.7% 13391
  • Dow industrial average -398 points or -1.29% at 30546

Volatile, volatile trading.

In other markets:

  • Spot gold is trading down $14 or -0.75% at $1837.
  • Spot silver is down $-0.66 -2.67% $24.80
  • WTI crude oil futures are down $0.35 -0.67% $52.24

in the US debt market yields are moving lower with the 10 year down -3.2 basis points:

  • 2 year 0.113%, -0.7 basis points
  • 5 year 0.400%, -0.8 basis points
  • 10 year 1.00%, -3.3 basis points
  • 30 year 1.760% sent, -3.0 basis points

In the forex, the USD is extending sharply higher on the stock selling. The NZD and the AUD are the weakest of the majors. 

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