U.S. bond yields soared, and the stock market trend ushered in new variables: Who is leading the rise? Who falls behind? 🫣
U.S. bond yields moved higher again, with the 10-year yield rising 5 basis points. After the stock market fell late last Friday, the SPX rebounded by about 1% yesterday, led by Google (+2.6%), Meta (+1.9%) and NVDA (+1.5%) led gains, while Apple (-1.5%) and TSLA (-2.1%) underperformed. Tesla shares were hurt by the unexpected resignation of CFO Zachary Kirkhorn, who was originally considered to have a chance to succeed Elon as the future CEO.
From a technical perspective, the sudden drop in the stock market last Friday also led to some worrying signs in different technical chart patterns. Both SPX and Nasdaq were close to forming a bearish outer weekly pattern, and the stock VIX also had the opportunity to complete a double bottom pattern. At the same time, don't forget that we are entering September-November, which historical data is not very friendly to the stock market.
