Nasdaq underperforms major benchmarks

Nasdaq 100 ended flat on Wednesday and S&P 500 Futures printed mild losses, while Dow Jones bettered its position by 0.25%.

As the US Treasury yields rallied the most in three weeks limiting the appeal of tech plays, Nasdaq 100 closed flat finishing at 16,491. Investors speculate that Nasdaq 100 may continue to take back foot in the earlier part of 2022, retreating towards somewhere around 16,200.

S&P 500 Futures bears could not capitalize on the favourable position to strike earlier on Wednesday but yet succeeded in pushing the price down. Dow Jones closed on a record high for the blue-chip index, rising 0.25% to 36,488.

Last week the market witnessed aggressive interventions by Turkish government to prop up the Lira; however, the currency still remains down and the crisis is far from over. Currently trading above 12.50, USD/TRY bulls are aiming 21-DMA at 13.38. USD/TRY bears’ refusal to give up would make it a challenging task for the bulls to reach the 15.00 psychological mark. Surging inflations and unorthodox monetary policies of the Central Bank of Republic of Turkey (CBRT) are considered the major factors for the struggle of Lira.