Surprise. Surprise. The S&P and NASDAQ index trade to new record levels

Surprise. Surprise. The broader S&P and NASDAQ indices are trading at new record levels. For the S&P it is working on its fifth consecutive record close. For the NASDAQ index it is working on its sixth consecutive record close. The Dow Industrial Average average lags and trades above and below unchanged in early US trading.

A snapshot of the market currently shows (9:44 AM ET):

• Dow Industrial Average average -28.57 points or -0.07% at 39263.41
• S&P index up 12.13 points or 0.22% at 5589.10.
• NASDAQ index of 93.57 points or 0.51% at 18522.86.

The small-cap Russell 2000 is trading up 8.34 points or 0.41% at 2037.82.

Some large-cap winners and losers today include:

• Nvidia shares are trading up $2.42 or 1.85%.
• Apple is trading up $1.93 or 0.5%
• Meta Platforms is trading near unchanged at $529.86
• Amazon is up 0.12%
• Microsoft is up $1.21 or 0.27%.
• Tesla is up for its 11th consecutive day with a gain of $1.75 or 0.67%
• Alphabet is trading up $1.34 or 0.71%

In the US debt market, the U.S. Treasury will auction off tenure notes at 1 PM ET:

• 2-year yield 4.62%, -0.8 basis points
• 5-year yield 4.237%, -1.1 basis points
• 10 year yield 4.291%, -0.8 basis points
• 30-year yield 4.489%, -0.7 basis points

in other markets:

• Crude oil is down for its fourth consecutive day. Prices are trading down $-0.36 at $81.04.
• Gold is up $18.63 or 0.79% at 2382.24
• Bitcoin is now down on the day and trades at $57,630. The high-priced air reached $59,459

Fed Chair Powell continues his visit to Capitol Hill. This time he testifies in the House of Representatives. That will begin at 10 AM ET.

At 10:30 AM, the weekly oil inventory data will be released. Yesterday the private data showed a crude oil drawdown of -1.9 to 3 million barrels:

The market estimates are for:

• Crude oil drawdown of -1.333M estimate
• Gasoline drawdown of -0.600M estimate.
• Distilates build up 0.833M estimate

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