The Dow Jones Industrial Average is on track for a fourth straight losing week, down 0.6%, even as futures barely moved Friday morning. Treasury yields hit multiyear highs on hawkish Fed comments and rising energy costs, while the Nasdaq 100's rebound has stalled near its June peak.
Dow futures added just 3 points, or 0.01%, in early Friday trading, a muted open for an index that is still nursing a fourth consecutive weekly decline. The Dow is down 0.6% for the week, while the S&P 500 and Nasdaq are pulling in the opposite direction: the S&P is on track for a 0.7% weekly advance and the Nasdaq is up 1.6% week to date. S&P 500 futures slipped 0.05% Friday, and Nasdaq-100 futures inched higher.
Treasury yields climb to multiyear highs
The 10-year Treasury yield climbed to 5.225% late Thursday, its highest since 2007, while the 30-year yield reached 5.502%. Hawkish comments from Federal Reserve Governor Michael Barr, persistently high energy prices tied to the Iran war, and a hot purchasing managers' report all fed the move.
As a result, Fed funds futures now price a roughly 68% likelihood of an October rate hike, according to the CME FedWatch tool.
Higher yields are also feeding through to consumers: the 30-year fixed mortgage rate rose to 7.45%, its highest level since 2024.
Nasdaq 100 stalls just below its June peak
The Nasdaq 100 has climbed strongly off its late-July low, but the advance has run into resistance. NDX stalled near 30,760-30,770, close to its June peak, before ending September 24 at about 30,479. According to investingLive's technical analysis, the near-term balance is slightly tilted toward a retest lower, toward the 29,750-29,900 area, before any durable advance — a conditional lean rather than a confirmed forecast.
Buyers defended the 30,200-30,230 zone on September 24, but sellers stalled the recovery near 30,500-30,530. Reclaiming and holding that level would improve the short-term picture; losing the 30,350-30,400 pivot after another rejection would put the September 24 low back in focus.
Traders now turn to Friday's University of Michigan consumer sentiment report and durable goods data for the next directional cue.
Sources: US Top News and Analysis, Investinglive RSS Breaking News Feed
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