Commodities
Nasdaq 100 Slumps Below 30,000 Amid Rising Oil Prices and Bond Yields
The Nasdaq 100 has fallen below 30,000 due to rising oil prices and bond yields, which are causing investors to take profits after three consecutive daily declines.
US index futures were flat by midday London, a day after taking a noticeable dip. The persistent Middle East tensions, elevated energy prices, and rising long-term yields could turn the current pullback into a deeper correction if the macro pressure continues.
The overcrowded AI trade is losing momentum as yields press higher. If the rally in oil or bond yields is not stopped, a period of market turmoil cannot be ruled out, even if the odds of a September rate cut have fallen with the release of weaker US data lately.