Nasdaq Drops as 10-Year Yield Hits 19-Year High, Oil Rebounds Before Fed
IXIC sits 26% above its 52-week low of $20,690.249.
Summary
The Nasdaq fell 0.78% to 25,981.57 on Tuesday as the 10-year Treasury yield surged to 5.041%, its highest since 2007, and oil rebounded with Brent up nearly 3% to $108.75. This is the second straight session of declines for major indexes, with the Dow off 328 points and the S&P 500 down 0.45%. The move comes ahead of Wednesday's Fed decision, where futures price a 94% chance of a 25bp hike to 3.75%. Barclays warns that the 10-year yield approaching 5% marks a historically important inflection point that could become a persistent headwind for stocks. The yield spike and oil rebound reflect ongoing inflation concerns tied to the US-Iran war and hawkish central bank expectations.
At the time of this announcement, IXIC was trading at $25,981.57 on NASDAQ in the Finance sector. The 52-week trading range was $20,690.25 to $27,190.21. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Binance News.