Dow Jones

Key insight

51,350 close confirms two-day rejection of 51,780 intraday high — bond rout, Boeing implosion, and Iran-Strait risk combine to cap any recovery until 10yr yield retreats below 5%.

30-year Treasury yield at 24-year high drags Dow to back-to-back losses; Boeing −6% FAA shock and consumer confidence at 2014 low add index-specific headwinds.

Main risk

10-Year Treasury Yield at Multi-Year High

Yields at 24-year highs invert the equity risk premium; every Dow dividend payer reprices lower until NFP or Fed commentary breaks the rout.