NASDAQ index up over 1%

The major US stock indices are higher. The Dow industrial average is the laggard with a gain of 0.26%. The broader S&P index is up 0.62%, and the NASDAQ index is up 1.15%.

The economic calendar is like with the employment trends index the only release today. It dipped to 108.35 from 109.23 last month.

US yields are trading near lows of the day with the 2-year down -2.3 basis points at 4.2559%. The 10 year yield is down -2.1 basis points or 4.466%.

Crude oil is up $0.76 at $71.73.

Gold continues its advance and its run toward the $3000 level. It currently is trading up $47.97 or 1.68% at $2908. The new all-time high price reached $2911.23.

This week in the US Fed Chair Powell will testify on Capitol Hill on Tuesday and again on Wednesday. The Federal Reserve kept rates unchanged at their last meeting and are not expected to cut rates again until midyear. Below is the calendar of key economic releases and events in the US this week.

Tuesday, February 11

• 10:00 AM: Federal Reserve Chair Powell testifies.

Wednesday, February 12

• 8:30 AM: Release of key inflation data:
  • Core CPI m/m (expected: 0.3%, prior: 0.2%).
  • CPI m/m (expected: 0.3%, prior: 0.4%).
  • CPI y/y (expected: 2.9%, prior: 2.9%).
• 10:00 AM: Federal Reserve Chair Powell testifies again.
• 10:30 AM: Crude Oil Inventories (forecast: 8.7M barrels).
• 5:05 PM: Federal Open Market Committee (FOMC) Member Waller speaks.

Thursday, February 13

• 8:30 AM: Release of producer price data:
  • Core PPI m/m (expected: 0.3%, prior: 0.0%).
  • PPI m/m (expected: 0.2%, prior: 0.2%).
• 8:30 AM: Weekly Unemployment Claims (expected: 221K, prior: 219K).

Friday, February 14

• 8:30 AM: Retail data release:
  • Core Retail Sales m/m (expected: 0.3%, prior: 0.4%).
  • Retail Sales m/m (expected: 0.0%, prior: 0.4%).

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