US stocks sharply lower as yields push higher

<p>US stocks of gotten off to a weak start after the much stronger-than-expected ADP sent yields higher. The 2-year yield is now up around 10 basis points and the 10-year <a href="https://www.forexlive.com/terms/y/yield/">yield</a> is up around 9 basis points. If the Fed was worried about too strong employment which leads into <a href="https://www.forexlive.com/terms/i/inflation/">inflation</a>, the ADP report will not dissuade them from a more tightening bias.</p><p>A snapshot the market 6 minutes into the open shows:</p><ul><li>Dow Industrial Average -303.38 points or -0.88% at 33985.27</li><li>S&amp;P index -45.05 points or -1.01% at 4401.76</li><li>NASDAQ index -172.23 points or -1.25% at 13619.42</li></ul><p>The Russell 2000 index of a small cap stocks is down -24.47 points or -1.31%</p><p>Looking at the US yield curve:</p><ul><li>2 year yield 5.039% +9.0 basis points</li><li>10 year yield 4.019% +7.6 basis points</li></ul><p>Looking at other markets:</p><ul><li>Crude oil is now down $0.18 or -0.22% at $71.63</li><li>Gold is down $2.14 or -0.11% at $1912.50</li><li>Bitcoin is back below $31,000 at $30,549</li></ul>

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