US stocks are higher in early trading. Yields steepen across the curve. Dollar lower.

Major US stock indices are marginally higher in early US trading. Yesterday the NASDAQ tumbled lower by about 1.8%, but the small-cap Russell 2000 surged by over 3%.

A snapshot of the market nine minutes into the open is showing:

• Dow Industrial Average average up 156.41 points or 0.39% at 39910.17.
• S&P index up 11.70 points or 0.21% at 5596.25.
• NASDAQ and 35.67 points or 0.20% at 18319.08.

The small-cap Russell 2000 rose 24.18 points or 1.14% at 2149.22.

Looking at the Magnificent 7:

• Meta Platforms -2.62%
• Amazon -0.18%
• Nvidia +0.92%
• Alphabet +0.32%
• Apple +1.09%
• Microsoft -0.35%
• Tesla +0.17%

Some banks announced earnings this morning including J.P. Morgan. Despite the shares are lower in trading today:

Looking at the US debt market, yields are mixed with the shorter and lower than the longer end higher as the market prepares for cuts by the Fed (?). The 2-10 year spread is at its highest level since May 3, while the 2-30 year spread is at its highest level since February 1.

• 2-year yield 4.491%, -1.8 basis points.
• 5-year yield 4.131%, +0.9 basis points
• 10 year yield 4.210%, +1.7 basis points
• 30-year yield 4.423%, +2.0 basis points

In other markets,

• Crude oil is coming off its highs but still trading up $0.40 at $83.00. The high price today reached $83.74
• Gold is trading down $14.39 or -0.60% at $2400.50
• Bitcoin is trading at $57,576 little changed on the day

The US dollar has moved lower after rising after the PPI data, but is volatile.

• The USDJPY bounced for the second time this week (Yesterday the price action did the same) off its 61.8% retracement of its move up from the June low to the June high at 157.36.
• The EURUSD moved up to retest its high price from yesterday near 1.0900 (the high reached 1.08985 yesterday). The high price today just extended to 1.08974 just short of that level. The current price trades at 1.0893.

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