US stocks extend to the downside. S&P index now down 1.3%

Major US stock indices have extended the declines to the downside with the S&P index down -1.3%. The NASDAQ index is down -0.85% and the Dow industrial average is down -1.6%. The small-cap Russell 2000 is also lower with a decline of -1.40%.

US yields have moved back higher with the two year now down only -0.9 basis points at 3.60%. The 10 year note is down -1.9 basis points at 3.625%.

Crude oil is trading up $0.69 and $66.42. Although higher, that is coming off its highest levels for the day. The high price reached $67.58. The low price extended to $65.91. Yesterday the low price reached $65.27.

THE EIA weekly inventory data will be released at the bottom of the hour:

• Crude oil is expected and build up 0.987M
• Gasoline is expecting and drawdown of -0.109M
• Distillates are expecting a build of 0.313M

The private data showed another drawdown in crude stocks.

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