Middle East Escalation Sends 30-Year Yield to 20-Year High, Nasdaq Futures Down 1%
NDX sits 31% above its 52-week low of $22,841.417.
Summary
Renewed Middle East tensions are hitting markets hard. The 30-year Treasury yield jumped to 5.3264%, its highest in almost 20 years, as inflation fears resurfaced. Nasdaq 100 futures fell 1.05%, and Brent crude climbed for a third day to its highest since late last month. Traders now see a 36.6% chance of a Fed hike in September, down from 48.4% a week ago, but strategists warn a mid-cycle adjustment may be needed if the conflict escalates. This follows a period of relative calm after soft U.S. data had eased rate-hike jitters. Watch for the Fed minutes on Wednesday and the Jackson Hole symposium next week for policy signals.
At the time of this announcement, NDX was trading at $29,995.38 on NASDAQ in the Finance sector. The 52-week trading range was $22,841.42 to $30,762.20. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.