US stocks are targeting a lower open

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The major US stock indices are targeting a lower opening with the NASDAQ index leading the way. A snapshot of the implied openings from the futures shows:

  • Dow industrial average -40 points after yesterday’s rise of a 203.76 points or 0.58%
  • S&P down -10.50 points versus yesterday’s gain of 33.36 points or 0.74%
  • NASDAQ -64 points versus the gain yesterday of 159.05 points or 1.13%

Lowe’s and Best Buy shares are lower after Q3 revenues missed and lower guidance.

  • Lowes shares are down $-7.44 or -3.64%
  • Best Buy shares are down $-2.71 or -3.98%

Yesterday both Microsoft and Nvidia closed at record levels. Both are lower in premarket trading.

  • Microsoft shares are trading down $-2.44 or -0.65%
  • Nvidia is trading down $-2.63 or -0.52%

Nvidia will now to earnings after the close.

US yields are mixed with the five-year down -1.3 basis points, the 10-year yield is down -0.4 basis points but the 30-year is up 0.2 basis points.

Gold is up 1.1% or $21.83 at just under $2000 an ounce.

Crude oil is down -$0.47 at $77.38 after rising 4% on Friday and 2.25% yesterday.

At 10 AM US existing home sales will be released with expectations of 3.90 million annualized rate versus 3.96 million last month. At 2 PM today, the Federal Reserve will announce its meeting minutes. The expectations are that the meeting minutes will be a little bit more hawkish than what the market is discounting after the US CPI report from last week lessened expectations for inflation going forward.