A 5.27% yield leans on the open, quantum names hold the Nasdaq up

Right now New York sits at S&P 500 7,734.56 (+0.15%) and Nasdaq 27,329.47 (+0.51%). It's just after the open and the market is still catching its breath, but against the last brief (04:40) the S&P 500 is down 0.64%p and the Nasdaq down 0.72%p. I don't like telling the same story every hour, so today I'm holding onto that shaved-off gap.

A 5.27% yield pressed down, and quantum names propped things up

I put the blame on rates. Every pre-market preview tied futures in a knot with the 5.27% Treasury yield and high oil, and Jim Cramer warned that the Q3 earnings party is over because of rate hikes. Still, the Nasdaq outran the S&P 500 thanks to quantum computing and cybersecurity2, while communications and financials lagged. The dollar index slipped to 101.93 (-0.17%), yet the won weakened anyway to 1,360.59 per dollar (+0.28%).

The last Korean session (10/2 close) ended with KOSPI +0.46% and KOSDAQ -0.11%, a settled fact. The US picked up some of that warmth, but with a smaller margin. My public holdings show Hanwha... correction: Poongsan +9.8%, KT&G +1.5%, HD Hyundai Electric -13.8% and Orion -12.9% in unrealized P&L, a record that has nothing to do with today's moves.

Six hours and twenty minutes to the close. I'm watching whether the 5.27% yield keeps its grip, and whether the Nasdaq holds its +0.51% inside such a lopsided sector tape. With Korea on holiday and this the only stage running, I'll also keep an eye on the won around the 1,360 level.