Stocks off to a lower start to the trading week as higher rates weigh on growth prospects

The major US stock indices are off to a lower start to the trading week. Higher rates and slower growth continue to weigh on the major indices.

A snapshot of the market currently shows:

• Dow industrial average is down -54 points or -0.15% at 34671
• S&P is down -28.68 points or -0.64% at 4460
• NASDAQ index is down -182 points or -1.32% at 13536
• Russell 2000 is down -10.18 points or -0.51% at 1984.27

The  NASDAQ  index closed near its 200 hour moving average on Friday (green line), and is gapping below that level in trading today. The price also moved below the 50% midpoint of the move up from the March 14 low. That level comes in at 13601.13. Stay below those levels tilt the bias more to the downside.

This week,  earnings  season begins with traditionally the major financial institutions. J.P. Morgan, Goldman Sachs, Morgan Stanley, Citibank, Wells Fargo, PNC, are all scheduled to report this week starting on Wednesday.

US yields remain elevated which are hurting equities:

• 2 year 2.539%, +1.7 basis points
• 10 year 2.744%, +3.8 basis points
• 30 year 2.772%, +4.9 basis points

Also a negative influences China’s continued lockdown. The implications could impact supply chains and global growth prospects as well.