Dow Jones

Key insight

53,463 was Aug 19 swing high — Dow is capped just below it. Nvidia earnings due this week are the binary catalyst that could break the tech/DOW divergence either way.

Holds near 53,445 — just above Aug 19 close of 53,463, but 10-year yields rebounding and Bessent's Iran sanctions add cross-current risk to any extension.

Main risk

10-Year Treasury Yield Rebound

Yields reversed above pre-buyback levels after Treasury's $4bn operation proved short-lived; sustained move above 5% threatens equity multiples.