Nasdaq 100 tests key resistance at 11700 before retreating. US Treasury yields continue to climb ahead of NFP Friday. Equities continue to test Fed on a potential policy pivot.
The Nasdaq 100 Index continues to chop around late in the New York session as traders cast an eye to Friday’s key nonfarm payrolls report. Markets are following data releases closely as the Fed continues to look for a softening in the labor market. The 2-year Treasury yield traded back through 4.20% early in today’s session, which initially pressured equities following the opening bell.
Recent routs in the FX and rates markets now have investors asking questions about financial stability, and whether the global economy can survive a higher rate regime given the amount of leverage. But with inflation showing little to no progress of returning to the Fed’s 2% target, equity markets may just have to stomach a period of higher rates, lower valuations, and weaker earnings.Following the opening bell, Nasdaq 100 futures bounced into key resistance at 11700.
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