{"id":69463,"date":"2026-10-05T08:20:37","date_gmt":"2026-10-05T06:20:37","guid":{"rendered":"https:\/\/www.captrader.com\/?post_type=analyse&p=69463"},"modified":"2026-10-05T08:20:39","modified_gmt":"2026-10-05T06:20:39","slug":"dow-jones-is-lagging-behind-financial-assets-and-rising-yields-are-weighing-on-it","status":"publish","type":"analyse","link":"https:\/\/www.captrader.com\/en\/analyse\/dow-jones-hinkt-hinterher-finanzwerte-und-steigende-renditen-belasten\/","title":{"rendered":"The Dow Jones is lagging behind: Financial assets and rising yields weigh down"},"content":{"rendered":"

Dear traders, dear stock market friends.<\/p>\n\n\n\n

With a weekly loss of around 1.3 percent, the Dow Jones was once again significantly weaker than the S&P 500 and the Nasdaq 100 in the past trading week. While the S&P 500 only lost around 0.3 percent and continues to be just slightly below its all-time high, the Nasdaq 100 even managed to gain slightly.<\/p>\n\n\n\n

This continued the underperformance of the Dow Jones that has been observed for several weeks already. Since its record high in early August, the index has lost significantly in value. Last Thursday, the Dow was between 7.5 percent and 10 percent below its all-time high, while large technology stocks in particular continue to support the S&P 500 and the Nasdaq 100.<\/p>\n\n\n\n

The Dow was burdened last week primarily by weak financial and health-care data as well as a further sharp rise in bond yields.<\/p>\n\n\n\n

Financial and health stocks weigh on the Dow Jones<\/strong><\/h2>\n\n\n\n

The weakness in the Dow affected a large portion of the 30 stocks included in the index. As of the end of the week, 22 of the 30 stocks lost value, while there were only 8 winners. Among the stocks with the greatest negative impact on the Dow were Goldman Sachs, JPMorgan, Johnson & Johnson, and Amgen. Boeing also came under heavy pressure at the start of the week after the certification of the 737 MAX 10 was further delayed due to a software problem.<\/p>\n\n\n\n

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Dow Jones daily chart<\/figcaption><\/figure>\n\n\n\n

At the same time, strong price gains for individual technology and industrial stocks only partially compensated for the losses. Nvidia gained nearly 4 percent over the course of the week, while Caterpillar also managed to make significant gains.<\/p>\n\n\n\n

Here we see yet another peculiarity of the Dow Jones: Unlike the S&P 500 and the Nasdaq 100, the index is not weighted by market capitalization but by share price. High-priced stocks like Goldman Sachs and Caterpillar therefore move the index significantly more than companies with a lower share price, which also explains part of the recent strong divergence. While the ongoing AI euphoria is pushing the heavyweights from the tech sector in the S&P 500 and Nasdaq higher, the Dow benefits significantly less from this.<\/p>\n\n\n\n

Higher bond yields on a multi-year basis increase the pressure<\/strong><\/h2>\n\n\n\n

Additional headwinds came once again from the bond market. The yield on ten-year US government bonds rose to over 5.3 percent, reaching its highest level since 2007. For 30-year government bonds, even the highest yields since 2002 were reached.<\/p>\n\n\n\n

The trigger was once again the high oil prices and the associated inflation concerns. Therefore, at the beginning of the week, the market still expected a high probability of another interest rate hike by the US central bank in October.<\/p>\n\n\n\n

However, the picture changed over the following weeks. The PCE price index rose in August by 3.4 percent, less strongly than expected. On Friday, a surprisingly weak US labor market report followed. In September, only 29,000 new jobs were created, while around 90,000 were expected. At the same time, the unemployment rate rose to 4.2 percent.<\/p>\n\n\n\n

This significantly reduced the likelihood of another interest rate hike as early as October. Although the Dow reacted with gains on Friday, it was unable to fully make up for the losses of the previous trading days.<\/p>\n\n\n\n

Dow Jones defends support at 50,500 points<\/strong><\/h2>\n\n\n\n

Charttechnically, the Dow Jones Index is currently in a correction; however, the long-term upward trend remains intact. An important support level is located in the range of 50,000 \u2013 50,500 points. A long-term upward trend line as well as a horizontal support area run through this price range. Additionally, the weekly EMA 50 and the daily EMA 200 support this price zone.<\/p>\n\n\n\n

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Dow Jones weekly chart<\/figcaption><\/figure>\n\n\n\n

Fed policy and oil prices in focus<\/strong><\/h2>\n\n\n\n

In the new trading week, attention is likely to turn again to monetary policy. Already on Monday, the ISM Service Index will provide new insights into the state of the US economy.<\/p>\n\n\n\n

What will be even more important, however, is Wednesday. On that day, the US central bank will release the minutes of its September meeting, at which the Fed raised the key interest rate by 25 basis points. Following the most recently weaker inflation and labor market data, particular attention will be paid to how strong the willingness within the Fed is actually to further raise interest rates.<\/p>\n\n\n\n

In addition, oil prices remain an important risk factor. Brent crude oil continues to trade above $100. On the weekend, OPEC+, which decided to leave the production targets for November unchanged, decided to keep the situation around the Strait of Hormuz tense. On Sunday, Iran declared that it did not intend to fully reopen the strait as long as certain conditions were not met with respect to the United States.<\/p>\n\n\n\n

The crucial question now is whether falling interest rate expectations will enable a sustainable recovery, or whether high bond yields and oil prices will further prolong the recent underperformance.<\/p>\n\n\n\n

Author: Tobias Schmid
<\/a>Date: 05.10.2026<\/p>","protected":false},"excerpt":{"rendered":"

Liebe Trader, liebe B\u00f6rsenfreunde. Mit einem Wochenverlust von rund 1,3 Prozent war der Dow Jones in der vergangenen Handelswoche erneut deutlich schw\u00e4cher als der S&P 500 und der Nasdaq 100. W\u00e4hrend der S&P 500 lediglich rund 0,3 Prozent verlor und weiterhin nur knapp unter seinem Allzeithoch notiert, konnte der Nasdaq 100 sogar leicht zulegen. Damit […]<\/p>\n","protected":false},"author":44,"featured_media":69466,"template":"","analysen-kategorie":[857,849],"class_list":["post-69463","analyse","type-analyse","status-publish","has-post-thumbnail","hentry","analysen-kategorie-dow-jones","analysen-kategorie-index"],"acf":{"blog_summary":"","blog_faq_schalter":"nein","faq_uberschrift":"","blog_faq_loop":null},"_links":{"self":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/analyse\/69463","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/analyse"}],"about":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/types\/analyse"}],"author":[{"embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/users\/44"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/media\/69466"}],"wp:attachment":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/media?parent=69463"}],"wp:term":[{"taxonomy":"analysen-kategorie","embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/analysen-kategorie?post=69463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}