U.S. stocks probably can’t resume their rally from the lows of last October until the recent sharp rise in longer-dated Treasury yields reverses, according to Robert Sluymer, technical strategist at RBC Wealth Management.
“Rising interest rates and a rising U.S. dollar DXY remain major headwinds for equities that will need to reverse for equities to bottom,” Sluymer wrote, in a Tuesday client note.rates, a move above 4.5%-5% by the U.S. 10-year yield has proven to be an important headwind for the secular uptrend for equities.
The Dow on Tuesday skidded 1.3%, posting its worst daily drop since the March banking crisis, cementing its lowest close since late May at 33,002, and erasing its gains for 2023, according to Dow Jones Market Data.
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