Nasdaq Skids as 10-Year Treasury Yields Spike

The Nasdaq 100 Index falls 189  points (-1.36%) at market open today after 10-year treasury bond yields soar to 1.74%

The Dow Jones Index (DJI) opens to a modest gain of 40 points up to 33,059 (+0.17%), making another intraday high record. The S&P 500 followed suit with the Nasdaq, dropping 20 points to 3,954 (-0.49%). 

Yields for the 10-Year Treasury note are up to 1.74% this morning, spiking 10 basis points from 1.644% yesterday. The Philadelphia Fed’s factory gauge, a measure of business conditions for manufacturing plants, is at its highest levels in 50 years.

Crytpocurrencies have maintained their rebound from Wednesday, holding steady while US markets remain tenuous. Bitcoin (BTC) is holding at $57,800 while Ethereum (ETH) has fallen $27 in this morning’s market to $1,790 (-1.49%). 

Crypto markets have been volatile of late, in part due to proposed legislation out of India that could ban digital currencies in the world’s seventh largest economy. Analysts are mostly split on the future of crypto, with some fearing a crash, while others predict a potential spike to over $100,000 in Bitcoin’s value.

European markets are trending mostly up, with the Stoxx 600 posting 0.85 points to 425.79 (+0.24%). London’s FTSE 100 rallied by 12 points today to 6,774 (+0.16%), while the DAX rose 114 points today 14,711 (+0.77%).

Asian markets reversed course from yesterdays slump, trending up across the board. The Shanghai Composite Index (SHCOMP) posted a gain of 17 points to 3,463 (+0.51%) while the Hang Sang Index (HSI) spiked 371 points before close to 29,405 (+1.28%). Japan’s Nikkei soared along with the HSI, climbing 302 points to 30,216.

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