NASDAQ and S&P close higher for the 2nd consecutive day

<p>The NASDAQ and S&amp;P closed higher for the 2nd consecutive day. Admittedly the S&amp;P index only rose marginally (0.02%) yesterday, but it still was a victory in the win column. Today, the gain was a little more respectable at 0.59%.</p><p>The final numbers for the major indices are showing:</p><ul><li>Dow industrial average +116.07 points or 0.35% at 33666.35</li><li>S&amp;P index up 25.17 points or 0.59% at 4299.69</li><li>NASDAQ index of 108.42 points or 0.83% at 13201.27</li></ul><p>Although higher, the broader indices are still on pace for their worst month in 2023 (since December)</p><ul><li>Dow industrial average is down -3.04%. Its worst month since May</li><li>S&amp;P index is down -4.61%. Its worst month since December</li><li>NASDAQ index is down -5.94%. Also its worst month since December.</li></ul><p>Yields in the US are closing near their lows which help to support prices:</p><ul><li>2 year yield 5.060%, -8.1 basis points</li><li>5 year yield 4.624%, -8.1 basis points</li><li>10 year yield 4.578% -4.7 basis points</li><li>30 year yield 4.706% -2.7 basis points</li></ul><p>The 2 – 10 year spread is trading at -48.5 basis points. The yield curve is still 50 basis points negative, but in 2023 it was as low as -109 basis points.</p><p>In the Forex market, the AUD is the strongest while the USD is the weakest. </p><p>Nike earnings after the close came in mixed.</p><ul><li>Revenues $12.94 billion versus $12.98 billion, a little light on revenues but not by much</li><li>Earnings-per-share came in much better than expected at $0.94 vs. $0.75 est.</li></ul><p>Nike shares are currently up about 1.87% in after hours trading. Shares for the company is down -23.4% this year. </p>

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