US stocks open higher reversing premarket losses held by better US employment cost data

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The better US employment cost data gave hope to buyers and that led to a reversal of the premarket declines in the US stock market . The major indices are modestly higher in early trading with the NASDAQ up 0.4% leading the way. A snapshot of the market currently shows:

• Dow Industrial Average of 27.99 points or 0.08% at 33745.09
• S&P index up 10.05 points or 0.25% at 4027.81
• NASDAQ index up 44.56 points or 0.39% at 11438.38
• Russell 2000 up 8.63 points or 0.46% at 1894.35

For the NASDAQ index, it’s a 200 day moving averages at 11486.17. On Friday, the price moved above and close above that level for the first time since January 13, 2022. However, the move back below the level (and close below the level) disappointed the buyers and tilt the bias back to the downside on the failed break. It would take move back above them moving average level to erase the negative/bearish bias going forward.