10-YEAR YIELD JUMPS TO 14-MONTH HIGH -- WEAK TECH STOCKS WEIGH ON REST OF MARKET -- QQQ LOSES ITS 50-DAY AVERAGE
10-YEAR YIELD SPIKES HIGER... Bond yields continue to spike higher. Chart 1 shows the 10-Year Treasury yield jumping 9 basis points to 1.73% which is the highest level in fourteen months. That's helping lift financial shares, but weighing heavily on technology stocks. As a result, the Nasdaq market is under heavy selling pressure.
QQQ LOSES 50-DAY LINE...Chart 2 shows the Invesco QQQ Trust losing -2.7% today and weighing on the rest of the market. The chart also shows the QQQ trading back below its 50-day moving average. Chart 3 shows the Technology SPDR (XLK) in a similar situation. Financial shares which benefit from higher yields are the day's strongest sector. Energy and technology are the day's two weakest sectors. A big drop in the price of crude is weighing on energy shares. The Dow and S&P 500 are losing ground heading into the last hour of trading.
