Dow Jones

Key insight

51,350 prior-session low now acts as immediate resistance — hold above 51,000 round number is the only near-term bull case; failure opens 50,200 200-day MA.

4-session losing streak extends as 10-yr yield above 5% hammers cyclicals; Dow off ~2,400 pts from 53,686 Sep 3 high with Fed Chair Warsh signalling further hikes.

Main risk

Fed hike cycle re-acceleration

Hot Sep PMI + Aug NFP 162k beat lock in further Fed tightening; 10-yr at 5.006% — highest since July 2007 — compresses Dow multiples.