On the day:

• S&P 500 -0.75% (down 31 points to 4348)
• Dow -0.7%
• Nasdaq -1.2%
• Russell 2000 -1.0%

The Nasdaq was down more than 2% oat the lows so there was a bit of a comeback. About an hour before the close it looked like the S&P 500 was about to go positive but it never got there and sagged again late. Monday is a holiday in the US.

On the week:

• S&P 500 -1.6%
• Dow -1.9%
• Nasdaq 1.8%

The major US stock indices snapped a three day losing streak. The gains were led by the NASDAQ and the Russell 2000. The Dow 30 lagged.

The snapshot of the closing levels shows:

• Dow industrial average +422.67 points or 1.22% at 34988.85
• S&P index up 69.4 points or 1.58% at 4471.06
• NASDAQ index up 348.85 points or 2.53% at 14139.77
• Russell 2000 up 55.68 points or 2.76% at 2076.46

Technical highlights:

• The S&P index closed above its 200 day moving average at 4454.62 (see green line in the chart below).
• The    NASDAQ  index closed back above its 100 hour moving average at 14037.83
• Dow industrial average tested its 100 hour moving average at 35038.77 but is closing below that level at 34992.95
• Russell 2000 based against its lower 100 hour moving average at 2020.58 before surging to the upside in cracking above its 200 hour moving average at 2067.62. The index is closing above its 200 hour moving average for the first time since early January.

The major indices are ending the day with modest losses.

The Dow was the worst performer of the majors, while the Nasdaq was the best performer.

The final numbers are showing:

• Dow -171.89 points or -0.49% at 34566
• S&P -16.99 points or -0.38% at 4401.66
• Nasdaq -0.23 points or 0.0% at 13790.93
• Russell 2000 -9.35 points or -0.46% at 2020.78

The S&P index closed below the 200 day MA for the 2nd consecutive day today. That MA comes in at 4453.23.

The Dow also closed below its 200 day MA for the 2nd consecutive day. That MA is at 35040.61.

The Nasdaq has now traded below its 200 day MA for 19 consecutive days. Back from March 9 to April 13, 2020, the price traded below the 200 day MA for 24 bars. The 200 day MA is currently at 14735.74. The price is at 13790.93.

In other markets:

• Gold is up $13.50 at $1871.70. The high for the day reached $1874.20 which was the highest level since November 16.
• Crude oil made another cycle high going back to September 2014. The price high reached $95.79. It is currently trading at $95.01 into the end of NY close
• Bitcoin is at $42239 after trading as high as $42871 and as low as $41575.

Oftentimes when everyone is expecting a big, market-moving economic data point the price action disappoints but that wasn’t the case today. A hot CPI reading set off a bloodbath in bonds. Partway through US trading though, dip buyers bought US stocks but later St Louis Fed President Jim Bullard delivered the coup-de-grace as he called for 100 bps in rate hikes by July 1.

• S&P 500 down 83 points to 4504, or 1.8%
• Nasdaq -2.1%
• DJIA -1.5%
• Russell 2000 -2.1%

As big as those moves were, they were much bigger in bonds. The rise in two-year yields was the most in a single day since 2009.

Treasuries:

• 2s +26 bps to 1.61%
• 5s +16 bps to 1.96%
• 10s +12 bps to 2.05%
• 30s +10 bps to 3.40%

2-year yields:

The major US    indices  are all closing higher on the day and near session highs.

• The Dow is up for the third consecutive day
• The Russell 2000 is up for the fourth consecutive day
• the Dow is closing 2.8% from its record high close
• S&P is closing 4.4% from its record high close(4.8% from its all-time intraday high)
•    NASDAQ  closes 9.8% from its record high close
• S&P closed above its 100 day moving average at 4571.93

The final numbers for the day are showing:

• Dow industrial average up 305.26 points or 0.86% at 35768.05
• S&P index up 65.64 points or 1.45% at 4587.19
• NASDAQ index up 295.93 points or 2.08% at 14490.38
• Russell 2000 up 38.12 points or 1.86% at 2083.49