{"id":20635,"date":"2023-06-08T07:01:49","date_gmt":"2023-06-08T07:01:49","guid":{"rendered":"https:\/\/www.xtreamforex.com\/?p=20635"},"modified":"2023-06-08T07:01:49","modified_gmt":"2023-06-08T07:01:49","slug":"dow-jones-versus-the-nasdaq-100-amid-rising-government-bond-yields","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/US\/dow-jones-versus-the-nasdaq-100-amid-rising-government-bond-yields\/","title":{"rendered":"Dow Jones Versus the Nasdaq 100 Amid Rising Government Bond Yields"},"content":{"rendered":"<h1>Dow Jones Versus the Nasdaq 100 Amid Rising Government Bond Yields<\/h1>\n<p>The blue-chip-oriented Dow Jones gained cautiously on Wednesday while the tech-heavy Nasdaq 100 sank 1.75% in the worst single-day drop since April 25th. In fact, the Nasdaq\/Dow ratio plunged 2.02%, marking the worst 24-hour period since October 27th, which was over 7 months ago. What explains this divergent dynamic and is it a concern for sentiment going forward?<\/p>\n<p>Tech\u2019s underperformance coincided with a strong day for developed countries\u2019 10-year government bond yields. An average of key nations (such as the United States, Canada, and Australia) soared 3.78% on Wednesday. That was the best single-day gain since December 20th. As we were reminded last year, growth-oriented companies face increasingly difficult challenges in a rising rate climate.<\/p>\n<p>The surge in government bond yields follows two key events that are related: unexpected interest rate hikes from the Reserve Bank of Australia and Bank of Canada. The former was earlier this week while the latter occurred over the past 24 hours. These events served as not just a reminder that the fight against inflation is not done, but that other major central banks, such as the Fed, could yet follow.<\/p>\n<p>With that in mind, the mostly pessimistic sentiment tone set by Wall Street leaves the door open to follow-through during Thursday\u2019s Asia-Pacific trading session. That could place regional <a href=\"https:\/\/www.xtrememarkets.com\/US\/indices\/\"><strong>indices<\/strong><\/a>, such as Australia\u2019s ASX 200 and Hong Kong\u2019s Hang Seng Index vulnerable. Sentiment may thus remain in the driver\u2019s seat given a light economic docket over the remaining 24 hours.<\/p>\n<p><strong>Nasdaq 100 Technical Analysis<\/strong><\/p>\n<p>On the daily chart, the Nasdaq 100 has fallen back to the 100% Fibonacci extension level at 14271. The index remains in a clear uptrend, with the 20-day Simple Moving Average and January trendline guiding prices higher. Reversing the uptrend would thus require meaningful follow-through lower from here. Key resistance is the 123.6% level at 14852 before 15768 comes into focus.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dow Jones Versus the Nasdaq 100 Amid Rising Government Bond Yields The blue-chip-oriented Dow Jones gained cautiously on Wednesday while the tech-heavy Nasdaq 100 sank 1.75% in the worst single-day drop since April 25th. In fact, the Nasdaq\/Dow ratio plunged 2.02%, marking the worst 24-hour period since October 27th, which was over 7 months ago.<\/p>\n... <a href=\"https:\/\/www.xtrememarkets.com\/US\/dow-jones-versus-the-nasdaq-100-amid-rising-government-bond-yields\/\">continue reading<\/a>.","protected":false},"author":3,"featured_media":20636,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[15],"tags":[94,265,19,35,270,293,355,201],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v16.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Dow Jones Versus the Nasdaq 100 Amid Rising Government Bond Yields<\/title>\r\n<meta name=\"description\" content=\"The blue-chip-oriented Dow Jones gained cautiously on Wednesday while the tech-heavy Nasdaq 100 sank 1.75% in the worst single-day drop since April 25th.\" \/>\r\n<link rel=\"canonical\" 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