Rebound. Stocks higher after getting smashed after Powell comments

<p>Rebound.</p><p>The major stock indices are rebounding higher in early US trading after getting smashed yesterday on the Powell comment that the base case is not for a March rate cut. Analysts have adjusted their expectations to the May/June area as a result. Yesterday the broader indices fell the most since September for the S&amp;P index, and October for the NASDAQ index.</p><p>A step so the market currently shows:</p><ul><li>Dow Industrial Average is trading up 68.32 points or 0.18% at 38218.63</li><li>S&amp;P index is up 23.12 points or 0.48% at 4868.78</li><li>NASDAQ index is up 110.94 points or 0.73% at 15274.95</li></ul><p>Apple, Amazon and Meta will report earnings after the close. Apple shares are currently up 0.3%, Amazon shares are up 1.64%, and Meta shares are up 2.45%.</p><p>Looking at the US debt market, yields are lower after initial jobless claims showed a weakening of the labor market. Unit labor costs also were lower than expectations indicative of a weakening employment picture:</p><ul><li>2-year 4.204%, -2.4 basis points</li><li>5-year 3.821% -5.9 basis points</li><li>10-year 3.897% -6.8 basis points</li><li>30-year 4.146% -6.9 basis points</li></ul><p>Crude oil is trading up $0.89 at $76.75. Gold is trading up $10.40 or 0.51% at $2049.50. Bitcoin is trading at $42,486. The low price reached $41,859. The high price reached $42,641.</p>

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