WBD - Nasdaq S&P 500 Set For Nervous Start To Week As Bond Yields Move North: Why This Analyst Says Market Is 'Down But Not Out' | Benzinga
The market remains lackluster, with index futures slightly in the red. The 10-year Treasury yield is approaching 5%, dampening sentiment. Concerns in the Chinese property market are affecting global markets, creating a negative mood that might spread. Unless there’s significant positive news, the market is likely to remain in this subdued state unless bargain hunting provides support.
Cues From Last Week’s Trading:
A hawkish Federal Reserve impacted the market negatively in the week ending in September. Rising bond yields added pressure to stocks. Inflation concerns were exacerbated by surging crude oil prices. The major averages closed lower in four out of five sessions, with the Nasdaq Composite and the S&P 500 hitting their lowest levels in 3.5 months. The Dow Industrials saw its lowest level since July 10, and the Russell 2,000 Index, comprised of small-cap stocks, hit a four-month low.
US Index Performance For Week Ended Sept. 22
Index Performance (+/-) Value
Nasdaq Composite -3.62% 13,211.81
S&P 500 Index -2.93% 4,320.06
Dow Industrials -1.89% 33,963.84
Russell 2000 -3.82% 1,776.50
Analyst Color:
The S&P 500 is down nearly 4% on the month, and technical damage is beginning to mount, said LPL Financial’s Chief Technical Strategist Adam Turnquist. “While weak September seasonality is capturing the blame, selling pressure has primarily been driven by a jump in interest ...