Global stocks hit hard as JOLTS catalyze interest rate fears

<p>Over the past week, the US equity market has been surprisingly immune to the run higher in bond yields but today's move might have cracked that sentiment.</p><p>10-year Treasury yields are up 6 bps to 4.74% and it's come with a fundamental backing this time as the JOLTS report showed a jump in US job openings, suggesting that wage inflation may be back on the agenda. If so, the Fed hiking cycle could extend into 2024 and that would require a broad repricing of asset markets.</p><p>In terms of support, the low last week in the S&amp;P 500 was 4238, which is only a hiccup away now. Watch out for stops if that's broken but note that the lows have already given way in S&amp;P 500 futures.</p><p>After yesterday's impressive outperformance in the Nasdaq led by the megacap names, today it's the opposite with the Nasdaq down 1.4% compared to the 1.1% decline in the SPX.</p>

This article was written by Adam Button at www.forexlive.com.