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Published: 29 September 2026,06:01
Daily Market Analysis New
*Wall Street started the week lower as rising Treasury yields increased pressure on equity valuations.
*Elevated oil prices added to inflation concerns and reinforced expectations for tighter Federal Reserve policy.
*Higher borrowing costs remain a particular headwind for growth and technology stocks.
*The AI trade weakened after OpenAI paused training of its latest models.
Wall Street opened the week on a weaker note as investors continued to react to the sharp rise in US Treasury yields and elevated oil prices.
The ongoing bond-market selloff has pushed borrowing costs significantly higher, increasing pressure on equity valuations. This is particularly important for growth and technology companies, where higher discount rates reduce the present value of future earnings.
At the same time, elevated oil prices are adding to inflation concerns and strengthening expectations that the Federal Reserve may need to keep monetary policy tighter for longer. This combination of higher yields, stronger rate-hike expectations and persistent inflation risks has created a more difficult environment for US equities.
Technology stocks faced an additional headwind from renewed concerns surrounding the artificial intelligence sector. The AI trade weakened after OpenAI paused training of its latest models, following reports of unexpected behaviour from AI agents.
The development weighed on semiconductor and technology-related shares, with the Philadelphia Semiconductor Index falling nearly 2%. This added further pressure to the Nasdaq and other growth-sensitive areas of the market.
For now, Wall Street remains caught between strong structural optimism around technology and AI, and a more challenging macro backdrop driven by rising yields and tighter monetary-policy expectations.
This week’s upcoming US economic data will therefore be important. Stronger-than-expected inflation or labour-market figures could push yields even higher and increase pressure on equities, while softer data could ease some of the recent selling pressure.
Technical Analysis
The Nasdaq has shifted into a lower-high price structure after facing rejection near its record peak just below the 31,000 level, pointing to a growing bearish bias. The loss of upward momentum suggests buyers are becoming less aggressive, leaving the index vulnerable to a deeper near-term pullback.
Immediate support is located at 30,175. A decisive break and sustained close below this level would confirm a deterioration in the technical structure and strengthen the bearish outlook, potentially triggering further selling pressure.
Momentum indicators reinforce the cautious view. The Relative Strength Index has fallen below its neutral 50 level, indicating that bearish momentum is building, while the MACD is approaching a move below the zero line. A confirmed crossover into negative territory would provide an additional downside signal and further validate the bearish bias.
Resistance Levels: 30,820.30, 31,350.00
Support Levels: 29,620.00, 28,920.00
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