QQQ - S&P 500 Nasdaq Set To Rebound Despite Soaring Bond Yields: Analyst Warns Of Volatility Persisting Through Year-End | Benzinga
Battered stocks could leave behind the ravages seen in Tuesday’s session and strive to stage a rebound, although Treasury yield and economic data could be overriding influences on the market. Crude oil prices are heading northward, and persistently high prices has the potential to aggravate inflation worries, given the Federal Reserve’s hawkish stance. Traders could also take cues from the durable goods orders report due ahead of the market open.
Cues From Tuesday’s Trading:
Stocks ended Tuesday’s session notably lower as interest rate worries and elevated bond yields generated selling pressure. Minneapolis Fed President Neel Kashkari set off worries by hinting at more rate hikes down the line, while economic data on the housing market and consumer confidence came in a touch soft.
The averages opened lower and continued to languish below the unchanged line throughout the session before ending with losses of over 1% each.
The tech-heavy Nasdaq Composite Index settled at a four-month low, while the S&P 500 Index and the Dow Industrials ended at their lowest levels since early June.
The market witnessed broad-based weakness, with utility and consumer discretionary stocks getting battered in the session.
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