While the tech sector plunge took most of the attention Monday it ended up being more of a rotational day between sectors as the deep dives of 3.1% for the NASDAQ and 1.5% for the S&P were partly offset by a 0.6% gain for the Dow Industrials. Today US index futures have stabilized trading between flat for Dow Futures and a gain of 0.2% for NASDAQ futures. European markets are climbing today with the Dax up 0.7% and the FTSE up 0.8%.
The US 10-year treasury note yield has crept up slightly to 4.55% ahead of tomorrows Federal Reserve Board and Bank of Canada meetings. US durable goods orders for December (-2.2% vs street 0.8%, previous revised down to -2.0% from -1.2%) were terrible.
The US Dollar is rallying against other majors with gains of 0.2% against the Loonie, 0.5% against the Pound and 0.6% against the Euro. Alternative currencies are doing even better today with Gold up 0.5%, Silver up 0.9% and Bitcoin up 2.0%. Commodity action is mixed today. Natural Gas is down another 4.4% as temperatures normalize. Crude Oil is up 1.2% and Copper is up 0.6%.
Overnight earnings reports were mixed. Steelmaker Nucor ($1.22 vs street $0.64), and automaker General Motors ($1.92 vs street $1.85) beat expectations, but Boeing (-$5.90 vs street -$3.22) lost even more money than feared. Starbucks reports after the close. Tomorrow, Microsoft, Meta, Tesla and IBM are among the headliners.