With that in mind, Seaport Research Partners Victor Cossel shared a few technical charts that could offer some clues about the timing of a potential turnaround. But the upshot — at least for now — is that there’s likely more pain ahead, unless the relentless march higher in Treasury yields and the U.S. dollar ends.
The “Magnificent Seven” is a group of megacap technology stocks that have seen the biggest boost from the artificial-intelligence craze. It includes Nvidia Corp. NVDA, -0.74%, Microsoft Corp MSFT, -1.70%. , Apple Inc. AAPL, -2.34%, Meta Platforms Inc. META, -0.62%, Tesla Inc. TSLA, -1.16%, Amazon.com Inc. AMZN, -4.03% and Alphabet Inc.’s Class A GOOGL, -1.94% and Class C GOOG, -2.06% shares.
A break below 4,200 could spell more trouble for stocks ahead, since traders would likely see such a break as a signal that momentum is accelerating to the downside. The central bank’s plans for interest rates unveiled after the close of its September policy meeting have been widely blamed for driving recent moves in Treasury yields and the dollar.
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