Stocks lower as the market digests the data and the Fed

The US major indices are trading lower after mixed data. Yields are mixed with the shorter end now lower and the longer end higher. The US treasury will auction off 30 year bonds later today to complete what has been a sloppy coupon auction calendar this week.

A snapshot of the major indices are showing:

• Dow industrial average -109.66 points or -0.26% at 42402.34
• S&P index -17.90 points or -0.31% at 5774.14
• NASDAQ index 975.67 points on -0.41% at 18215.95

Both the S&P and NASDAQ index closed at record levels yesterday. The NASDAQ index was within about 1.8% of its record high close level at the close yesterday.

Looking at the US debt market: two year

• 2 year yield 3.980%, -3.7 basis points
• 5 year yield 3.902%, -0.3 basis points
• 10 year yield 4.084%, +1.7 basis points
• 30 year yield 4.380%, +4.3 basis points

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