US stocks jump on the opening but will it last?

Well, unsurprisingly the US stock markets all opened higher a short while ago and it was the Nasdaq 100 that led the way. The index pushed above 18,100 on the opening and that helped the S+P 500 above 5,250. The Dow Jones has lagged both of those, but still opened higher today. The gains in the stock markets on the opening is alongside further dollar strength, especially versus the Yen. The USD/JPY has now pressed closed to the 147.50 level and the EUR/USD is still struggling nears the lows of the day as it drifts towards 1.0890. The dollar is also being supported by a sizeable move higher in US yields right now. The 10 year note is now back above 4% and that is the driver. So, what we immediately have is a shift out of bonds and into stocks. As to how long that lasts on the back of this one piece of rather spurious jobless claims data remains to be seen. The Nasdaq 100 is now backing off and dropping back towards 18,075