Major stock indices are lower (and give up premarket gains) to start the trading week

<p>US stocks are trading marginally lower in early US trading after giving up premarket gains. The NASDAQ is leading the way</p><p>A snapshot of the market currently shows:</p><ul><li>Dow industrial average -13.57 points or -0.04% at 35267.84</li><li>S&amp;P index -3.84 points or -0.09% at 4460.20</li><li>NASDAQ index -18.52 points or -0.14% at 13626.33</li></ul><p>Of note is the KRE index of regional banks is trading down -2.05%. Recall from last week, Moody's downgraded a number of regional banks as the spread between cost for deposits rises sharply. Fears of bank runs are surfacing.</p><p>Yields are moving higher which is helping to give stock buyers some cause for pause:</p><ul><li>2 year yield 4.964%, +7 basis points and looks toward the 5.00% level. The last time the 2 year yield traded above 5% was back on July 7.</li><li>5 year yield 4.370% +6.3 basis points</li><li>10 year yield 4.201% +3.3 basis points</li><li>30 year yield 4.285% +1.3 basis points</li></ul><p>The USD continues to move higher&gt;</p><ul><li>EURUSD currently tests the 61.8% retracement of the move up from the May 31 low at 1.0880. Will below that level opens the door for further selling with target around 1.0842 – 46</li><li>GBPUSD is moving closer to its sewing area between 1.2590 and 1.2624. Within that area is it's 100 day moving average 1.26112. The low price just reached 1.2626 (that is also the 61.8% retracement of the move up from the May 25 low).</li><li>USDJPY is trading at its highest level since November 2022. The paired trades within a swing area on the daily chart between 144.984 and 145.90. Break above 145.90 would be more bullish technically</li></ul>

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