US stock indices end winning streaks, Fed Chair Powell expresses doubt

<p>The major US stock indices are closing lower. In doing so, both the S&amp;P and the NASDAQ index snapped winning streaks of 9 and 8 days respectively. Nevertheless, those were the longest streaks going back to 2021. It wasn't a bad run.</p><p>A snapshot of the closing levels shows:</p><ul><li>Dow industrial average -220.61 points or -0.65% at 33891.67</li><li>S&amp;P index -35.48 points or -0.81% at 4347.31. The high price reached 4393.40. That got within 9 points of its 100-day moving average of 4402.05</li><li>NASDAQ index -128.98 points or -0.94% at 13521.44. The price closed back below its 100-day moving average at 13615.12. The index closed above that moving average for 2 days, but could not extend above the high price from October 12 at 13714.14</li></ul><p>Fed chair Powell poured cold water on the notion that the Fed has done enough. More specifically he said:</p><ul><li>We are not confident that we we achieved sufficiently restrictive policy</li></ul><p>The comments sent yields further to the upside. They were already higher thanks to a horrible 30 year bond auction. A snapshot of the levels currently shows:</p><ul><li>2-year yield 5.041% +10.5 basis points</li><li>5-year yield 4.659% +13.4 basis points</li><li>10-year yield 4.639% +13.2 basis points</li><li>30-year 4.776% +12.0 basis points.</li></ul><p>The USD is ending the day as the strongest of the major currencies. The AUD is the weakest (risk off). </p><p>In other markets, </p><ul><li>Crude oil is trading up $0.21 or 0.28% at $75.55</li><li>Gold is up $8.19% or 0.42% at $1957.76</li><li>Silver is up $0.07 or 0.32% at $22.59</li><li>Bitcoin moved got close to $38,000 at $37,978 but came off and is trading at $36,708 currently. </li></ul>

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