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S&P 500 (SPY) Tests Support At 3635 As Dollar Moves Back To Yearly Highs

Jimmy Khan

Sep 28, 2022 15:09

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The S&P 500 tests annual lows

As traders continued to exit riskier assets, the S&P 500 lost momentum and reached fresh lows.


Near 3.98%, the yield on 10-year Treasury bonds reached fresh highs. The value of the US dollar increased as well, getting closer to its highs from yesterday. A strong dollar is detrimental to the stock market because it reduces multinational firms' profitability and deters overseas investors from buying equities.


Consumer-related equities including Keurig Dr. Pepper, Philip Morris, and Estee Lauder are among today's largest declines.


Since Treasury rates are approaching new highs, it is not unexpected that real estate equities are also declining. Due to their high levels of debt, REITs are vulnerable to fluctuations in yields.


In today's trading session, energy stocks advance as WTI oil recovers from recent lows. Over 2% gains have been made by Baker Hughes, Marathon Petroleum, and Valero Energy.


From a broad perspective, the market is still tense. The S&P 500 attempted to go higher today but was met with stiff resistance, indicating that traders are prepared to take advantage of upward movements to sell equities.


Currently, it seems that the market will keep falling if the U.S. dollar maintains reaching new highs. The main driving force in the near future will probably be the movement of the US dollar. When the American dollar retreats from highs, stocks may be able to recover.

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