The major indices are opening lower after Apple and Amazon disappointed with their earnings and guidance. The S&P and NASDAQ are on pace for their fourth negative week in a row.

A snapshot of the market seven minutes into the opening is showing:

• Dow industrial average -158.44 points or -0.47% at 33757.96
• S&P index -41.28 points or -0.96% at 4246.21
• NASDAQ index -118.17 points or -0.92% at 12753.36
• Russell 2000 is down 0.83 points or -0.04% 1917.11

Amazon shares are down $-326 or -11.23% at $2570. Apple shares have rebounded and trade near unchanged on the day

In other markets:

• Spot gold is trading up $9.42 or 0.50% at 1903.86
• Spot silver is trading down $0.11 or -0.51% at $23.01
• WTI crude oil is trading at $106.55. That’s up $1.19 or 1.13%
• the price of bitcoin is down $643 at $39,111.71

The US debt market, the yields are shooting higher after recent declines:

• 2 year yield is at 2.737%, up 11.6 basis points
• 5 year yield is at 2.946%, up 10.9 basis points
• 10 year yield is up 2.922%, up 9.6 basis points
• 30 year yield is up 2.98% up 8.4 basis points
• 2– 10 year spread is at +18.5 basis points

A snapshot of the forex market continues to show the  AUD  is the strongest while the USD is the weakest of the major  currencies  . However, the USD decline have seen some paring of the declines since the start of the North American session.

The employment cost index came in higher than expected at 1.4% versus 1.1% expected the core PCE was marginally lower than the expectations of 5.2% versus 5.3% expected. However, the rate remains well above Fed targets.

Canada GDP came in better than expected for February, but it’s February data.