--- title: "ATFX: Nasdaq Index Falls for Three Consecutive Weeks on the Weekly Chart, Are Tech Stocks No Longer Attractive?" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/43032278.md" description: "ATFX Market Review: Since July 12, the Nasdaq 100 Index has experienced three consecutive weekly declines, with market quotes dropping from a high of 29,860.2 to a low of 27,448.6, a decrease of 1.92%, marking a new low in nearly three months. The long-term bull market in tech stocks has always been a typical representative of the US stock market. Why has it frequently encountered severe selling pressure in recent weeks? Are tech stocks no longer attractive? Figure 1, overlaying the US Nasdaq 100 Index and the US 10-year Treasury yield curve - ATFX Most market trends can find matching economic data indicators..." datetime: "2026-07-29T10:29:28.000Z" locales: - [en](https://longbridge.com/en/topics/43032278.md) - [zh-CN](https://longbridge.com/zh-CN/topics/43032278.md) - [zh-HK](https://longbridge.com/zh-HK/topics/43032278.md) author: "[交易员说](https://longbridge.com/en/profiles/25527811.md)" --- # ATFX: Nasdaq Index Falls for Three Consecutive Weeks on the Weekly Chart, Are Tech Stocks No Longer Attractive? ATFX Market Review: Since July 12, the Nasdaq 100 Index has experienced three consecutive weekly declines. The market price dropped from a high of 29,860.2 to a low of 27,448.6, a decrease of 1.92%, reaching a new low in nearly three months. The long-term bull market in tech stocks has always been a typical representative of the US stock market. Why has it frequently encountered severe selling pressure in recent weeks? Are tech stocks no longer attractive? Figure 1: Superimposition of the US Nasdaq 100 Index and the US 10-Year Treasury Yield Curve - ATFX The market trends of most markets can find matching economic data indicators. For the Nasdaq 100 Index, the economic data with the best resonance is the US 10-Year Treasury Yield. The logic behind this is that tech stocks rely on large amounts of capital for R&D and technological iteration. The high-debt model makes them extremely sensitive to the interest rate environment. When the Federal Reserve raises the benchmark interest rate, causing the 10-year Treasury yield to rise, the interest expenses of tech companies increase, and their intrinsic value calculated using the discounted cash flow method decreases, putting pressure on stock prices. Simply put, if the Treasury yield rises, the Nasdaq 100 Index may fall; if the Treasury yield falls, the Nasdaq 100 Index may rise. In addition to changes in the fundamentals of tech-related listed companies, the Federal Reserve's monetary policy is also an important factor influencing the three-week consecutive decline of the Nasdaq 100 Index. From mid-July to now, during the period when the Nasdaq 100 Index fell, the most watched news in the international market was the renewed intense conflict between the United States and Iran, the re-blocking of the Strait of Hormuz, and the rise in international energy prices. Facing the risk of high inflation, the Fed might start raising interest rates earlier than expected. Affected by this, there are signs of rising yields on US 10-year Treasury bonds, which naturally suppresses the US stock market. Figure 2: Superimposition of the 10-Year Treasury Yield and the Nasdaq 100 Index trend over the past six months - ATFX Although there is a strong correlation between the general Nasdaq index and the 10-year Treasury yield, there is a lag in their fluctuations. As shown in the figure above, the Treasury yield had already reached an extreme high point on July 23, while the Nasdaq index had just begun to fall. Since July 23, the 10-year Treasury yield has clearly retreated, but the Nasdaq 100 Index continues to undergo a deep correction. Based on this judgment, the Nasdaq Index is highly likely to stop falling and rebound in the coming weeks, with the core basis being the decline in Treasury yields. Figure 3: Components of the Nasdaq 100 Index - ATFX Looking at individual stocks, the top five listed companies by total market capitalization in the Nasdaq 100 Index are: Apple Inc., NVIDIA, Alphabet (Google A/C), and Microsoft. Apple's stock has continuously hit all-time highs without dragging down the Nasdaq index; NVIDIA's stock price dropped from $213 to $192 during the same period, which is an important drag on the Nasdaq index; Google's stock saw the most significant decline over the past three weeks, while Microsoft's stock maintained a sideways consolidation trend. For NVIDIA, its plan to provide approximately $250 billion in financing guarantees to OpenAI has severely impacted market confidence. For Google, although the Q2 earnings report showed decent performance, the substantial upward revision of capital expenditure guidance (approximately $15 billion) led to negative free cash flow for the first time in a single quarter, similarly impacting market confidence. It needs to be reminded that the impact of individual stocks' business and earnings performance is limited. The medium-to-long-term trend of the Nasdaq 100 Index still depends on the degree of liquidity easing/tightening in the United States. Especially for listed companies like NVIDIA and Google that are rapidly expanding AI computing infrastructure and raising huge amounts of capital, changes in interest rates have a very significant impact on stock prices. **ATFX Risk Warning, Disclaimer, Special Statement:** There are risks in the market, and investment requires caution. The above content only represents the personal views of the analyst and does not constitute any operational advice. Please do not regard this report as the sole reference. 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