Nasdaq Slips as $98 Brent and 4.8% Treasury Yield Reignite Rate-Hike Fears
NDX sits 30% above its 52-week low of $22,841.417.
Summary
The Nasdaq 100 fell 0.4% to 29,418.83 as Brent crude held above $97 and the 10-year Treasury yield topped 4.8% for the first time since October 2023, reviving fears of a Fed rate hike next week. Traders now see a 58% chance of a 25bp hike at the upcoming FOMC meeting. The Dow dropped 1.1% to 52,836.34, dragged by Amgen's 9.6% plunge after Novartis' rival drug failed a Phase 3 trial. Tech internals were mixed: Tesla rose 3.8%, Nvidia added 2%, and Apple gained 1.4% ahead of its iPhone event, while software and biotech names sold off. This follows a volatile summer for the index, which entered correction territory in late July before rebounding. Producer prices land Thursday and CPI on Friday, with headline CPI seen holding at 3.4%.
At the time of this announcement, NDX was trading at $29,589.48 on NASDAQ in the Technology 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 7 out of 10. Source: Benzinga.