⚖️🇺🇸Nasdaq Relieved On Recent Yield Pullback: Cable FX Macro

• The U.S. 30-year Treasury yield has surged to levels not seen in nearly two decades. It briefly topped 5.20% on May 19 — the highest since July 2007 — before easing slightly to around 5.11–5.17%. This sharp move higher in long-term yields is putting immediate pressure on the Nasdaq Composite, the tech-heavy benchmark that has powered much of the U.S. equity rally in recent years.

• The Nasdaq had shown resilience earlier in 2026 thanks to strong tech earnings (double-digit beats), but the May yield spike has reversed some of those gains and heightened volatility. The correlation between rising long-term yields and Nasdaq weakness is well-established. The index often underperforms during bond selloffs, as seen in previous inflation scares.