Major US stock indices little changed. Risk of sell-the-fact after tamer CPI.

The major US stock indices are opening up a little changed. Given the weaker than expected US CPI data, there may be a “sell-the-fact” reaction. Be aware.

A snapshot of the market eight minutes into the open is currently showing:

• Dow Industrial Average average -90.55 points or -0.23% at 39630.82
• S&P index +0.47 points or 0.01% at 5634.39
• NASDAQ index was 14.74 points or 0.03% at 18662.19

The small-cap Russell 2000 is the biggest mover with a gain of 38.07 points or 1.86% at 2089.82.

At risk is the sixth day streak of record high closes for the S&P and the seventh day streak of record high closes for the NASDAQ index.

Some of the big cap names:

• Apple, -0.66% (7 day up streak in jeopardy)
• Tesla is working on an 11 day upstreak and is up 0.20%
• Meta Platform -0.31%
• Amazon -0.08%
• Nvidia -0.59%
• Microsoft -0.60%

The US yields have moved sharply lower after the CPI data:

• 2-year yield 4.515%, -11.8 basis points
• 5-year yield 4.130%, -10.9 basis points
• 10 year yield 4.194%, -8.5 basis points
• 30-year yield 4.408%, -6.1 basis points

In the forex market the JPY has moved sharply higher after the US CPI. The US dollar is now the weakest of the majors. Trading ranges which were less than 30 pips are now much higher . The USDJPY is the biggest mover with a trading range now at 433 pips. Wow.

This article was written by Greg Michalowski at www.forexlive.com.