US stocks move to new lows led by the Nasdaq index

The major US stock indices are moving to new lows led by the Dow Industrial Average average on the NASDAQ index which are both down by about -0.82%.

A snapshot of the market currently shows:

Dow Industrial Average average -320.44 points or -0.83% at 38065.66S&P index -38.79 points or -0.70% at 5080.37NASDAQ index -130.12 points or -0.81% at 15852.97.

The NASDAQ index is moving back down toward its falling 100-hour moving average at 15829. The high price reached yesterday fell short of its 200-hour moving out at 16077.85. With the price trading between the two hourly moving averages, it will take a break outside the MAs to either increase the bearish bias (below 100 hour MA), or increase the bullish bias (above the 200 hour MA).

The small-cap Russell 2000 is actually fairing the worst as rates move higher. It is currently down -25.51 points or -1.27% at 1990.50.

In the US debt market, yields are higher but off the highest levels:

2-year yield 5.01%, +3.7 basis points5-year yield 4.63%, +5.1 basis points10 year yield 4.661%, +4.9 basis points30-year yield 4.771%, +3.3 basis points

Higher-than-expected ECI data for Q1 have helped to hurt stocks and bonds.

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