BREAKING: US30 plunges to its lowest level since November 2020

4:34 PM September 27, 2022

Major Wall Street indices failed to uphold early bullish momentum and resumed downward move in the evening. S&P 500 and the Nasdaq fell 0.7% and 0.6%, respectively, while Dow Jones fell 0.65% and reached lowest level since November 2020 despite climbing more than 300 pts earlier in the session as the 2-year Treasury yield pared back its losses and the benchmark 10-year yield jumped to 3.97% after earlier decline. Also investors also digested a slew of hawkish speeches, especially from Fed Evans and Bullard who believe that more rate hikes are necessary. On top of that, a slew of upbeat economic releases supported the Fed's aggressive stance. New orders for US-manufactured capital goods rose more than expected in August, home sales unexpectedly rebounded last month, while the US Conference Board Consumer Confidence index increased more than expected.

US30 broke below major support  at 29615 pts, where June lows are located and is currently trading at level not seen since November 2020.If current sentiment prevails, downward move may accelerate towards 28700 pts, where high from October 2020 are located. Source: xStation5

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