NASDAQ is now down over -400 points or -2.05%

Although yields have stabilized with the 10 year up 4.7 basis points, stocks continue to come under pressure with the NASDAQ index now down -400 points or -2.05%. The S&P index meanwhile is down -93 point or -1.57%. The small-cap Russell 2000 is also lower by -2.10%.

With 10 year yields up from 3.60% to 4.78%, that has a really impact on the economy regardless of the fact that the Fed cut rates by 100 basis points. The dollar moving higher is also a headwind.

• Crude oil remains supported as the market reacts to winter weather. It is currently up $2.90 at $76.83.
• Gold is up $21.40
• Bitcoin has given up most of its gains and currently trades at $93,000 after reaching a high of $95,238

The USDJPY started to move lower with the price breaking below its 200-hour moving average at 157.665. The price had tested that moving average on three separate days this week.

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