European indices close with gains across the board

The major European indices are all closing higher on the day with the gains led by the Spain’s Ibex and Germans DAX indices. A snapshot of the closing levels shows:

• German DAX +0.85%
• France’s CAC, +0.43%
• UK’s FTSE 100 +0.19%
• Spain’s Ibex, +0.97%
• Italy’s FTSE MIB +0.32%

As London/European traders head for the exits, the major US stock indices are mixed/little changed.

• Dow industrial average -10.86 points or -0.03% at 47870.
• S&P index +7.49 points or 0.11% and 6857.32.
• The NASDAQ index +45.52 points or 0.19% at 23497.

Looking at the US debt market, yields are higher after the stronger-than-expected initial jobless claims data (lowest level since 2022):

• 2 year yield 3.526%, +4.1 basis points
• 5 year yield 3.674%, +5.0 basis points
• 10 year yield 4.100%, +4.2 basis points.
• 30 year yield 4.755%, +3.1 basis points.

Although yields are higher and the employment status remains solid, the Fed is still expected to cut rates by 25 basis points when they meet next Wednesday.

Looking at other markets:

• Crude oil is up $0.95 or 1.61% at $59.90
• Gold is up $13 or 0.31% at $4215.46
• Silver is down $1.34 or -2.28% at $57.12.
• Bitcoin is down $1000 or -1.10% and $92,440

This article was written by Greg Michalowski at investinglive.com.