Major US stock indices open lower

The major US stock indices are opening lower but off their lows from premarket trading.

• Dow Industrial Average was is trading down -8.9 points or -0.03% at 39149.60
• S&P index is down -11.33 points despite -0.21% at 5463.90
• NASDAQ index is down -55 points or -0.30% at 17827.70

The small-cap Russell 2000’s is reacting to lower rates with a gain of 1.61 points or 0.08% at 2031.48. Looking at the US yield curve:

• 2 year yield 4.734%, -3.7 basis points
• 5-year yield 4.388%, -5.1 basis points
• 10 year yield 4.425%, -5.3 basis points
• 30-year yield 4.595%, -4.7 basis points

Fed Chair Powell and ECB Pres. Lagarde have started their panel discussion in Portugal. Powell comments that disinflation trend shows signs of resuming but labor market remains strong in his initial comments. The US dollar has moved lower off of those comments with yields also ticking lower

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