NASDAQ 100–Nerves Remain Ahead of PMI on Tuesday as Stocks Start the Week Choppy
MarketPulse | Oct 23, 2023 04:13PM ET
- US 10-year yield above 5% for the first time since 2007
- Economic fears mounting
- NASDAQ 100 survives the test of key support
It’s been a jittery start to the week, with the continued rise in US Yields making investors very nervous about what challenges lie ahead for the economy.
We’ve heard a lot about the resilience of the US economy and the evidence has been there for all to see. But that resilience has for a long time been paired with a belief that rates won’t stay at the peak for long, a view that has been gradually fading as rate cuts have been pushed back further and further into the future.
Ultimately, there’s only so much the economy can withstand and recent moves in yields suggest bond investors are coming around to the Fed’s way of thinking.
Whether that will remain the case, I’m less convinced, but as things stand there’s clearly a growing view that the economy will be pushed over the edge sooner or later, at which point the discussion around rate cuts can take hold.
Major support holds firm again
From a technical perspective, the Nasdaq 100 is looking vulnerable although once more it has survived the earlier scare.
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