ES Range Continues to Tighten, Interest Rates At a Key Level for Tech
Rates need to cool off for the Nasdaq to regain its footing.
Our View
The day was dominated by tech. At the low, the ES was down 0.42% from the prior settlement, while the Nasdaq futures (NQ) were down 356 points or 2.16%.
10-year rates soared higher on Monday, which is odd that growth and tech stocks ignored this move. We mentioned it in yesterday’s Opening Print and while the market didn’t seem to care on Monday…