Dow Jones

Key insight

51,511 Wednesday close now flipped to resistance; Dow has shed ~2,300 pts from 53,686 Sept peak as hot PMI (58.4) and weak Treasury auction drove yields to multi-decade highs. Hold below 51,700 keeps bears in control.

51,385 sits below Sept 21 high of 52,048 — Fed rate hike cycle resuming, 10-yr yield at 5.11% (highest since 2007) crushing rate-sensitive Dow components.

Main risk

Fed further rate hike signal

Gov. Barr hawkish comments + 5.11% 10-yr yield raise probability of a second hike; a confirmed signal would accelerate Dow selling toward 50,000.