Nasdaq Logs a Fourth Straight Weekly Loss as Treasury Yields Hold Near 4.9%

The Nasdaq Composite finished the week of 2 to 6 November down roughly 3.4%, its fourth consecutive weekly loss. The S&P 500 fell about 2.7% over the same period, while the Dow lost less. The pattern is consistent: the market's leadership has been fading for weeks, and the post-midterm rally that began in early November has not held.

What happened

Three things drove the week. First, the AI-linked chip trade sold off hard on Thursday. Second, the October jobs report was much stronger than expected, which pushed Treasury yields higher. Third, US dollar strength after the data gave gold and other assets a headwind. The 10-year yield near 4.86% is the number most traders are watching, because it sets the discount rate for long-dated earnings.

Why it matters for traders

• A four-week losing streak in the Nasdaq is unusual for a market that was rallying into the election. It suggests investors are repricing the growth story, not just reacting to one headline.
• Rising yields and a losing streak together make rallies harder to trust. Short squeezes can still happen, but they tend to fade without fresh earnings support.
• Value and defensive sectors outperformed high-beta tech for the week. Keep an eye on whether that rotation continues or reverses.
• If you hold concentrated tech positions, stop-loss levels set far below the recent swing highs can trigger in a choppy tape like this.

What to watch

Watch the 10-year yield more than the Nasdaq itself. A sustained move above 4.9% would keep pressure on growth names. Monitor whether the Nasdaq can reclaim its recent highs, and whether the sell-off in semiconductors stabilises. The CPI report on 10 November is the next catalyst for both the bond and equity markets.

Educational content, not investment advice. Practise managing a losing-streak market risk-free in the Trading Titans paper trading app.