Major U.S. indexes slide; chips, FANGs hit harder All major S&P 500 sectors down; cons disc weakest group Euro STOXX 600 index falls ~1% Dollar up; gold, crude, bitcoin down U.S. 10-Year Treasury yield rises to ~1.80% Jan 10 - Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com U.S. STOCKS SLIDE AS RATE JITTERS BUILD (1002 EST/1502 GMT) Major U.S. indexes are sharply lower in early trade on Monday as heavyweight FANG and technology stocks dropped on expectations of a high interest rate environment. With this, the U.S. Treasury yields climbed to new two-year highs. Indeed, the U.S. 10-Year Treasury yield is pushing back over 1.80%. That said, the S&P 500 Banks index (.SPXBK) has now turned slightly red, and all major S&P 500 (.SPX) sectors are down on the day. Meanwhile, the Nasdaq Composite (.IXIC) has violated its rising 200-day moving average, which now resides around 14,688. The IXIC last closed below this long-term moving average on April 21, 2020. With its loss, the IXIC now stands down around 9% from its November-19 record close. Of note, the IXIC"s daily RSI has now fallen to its most oversold level since May 2021. Here is where markets stand in early trade: earlytrade01102021 earlytrade01102021 (Terence Gabriel) ***** NASDAQ COMPOSITE: YIELDING TO THE DOWNSIDE (0900 EST/1400 GMT) With CME e-mini Nasdaq 100 futures suggesting the Nasdaq 100 index (.NDX) is poised to fall more than 1% in early trade, it appears likely that the Nasdaq Composite (.IXIC) will violate its December lows. read more In so doing, the tech-laden Composite will be on track for a fifth-straight down day. The IXIC last fell five-straight days in late-September/early-October 2021. Meanwhile, tech (XLK.P) is quoted down ahead of the open, putting the S&P tech sector (.SPLRCT) also on track to fall for a fifth-day in a row, which would be its longest losing streak since a seven-day slide in late-April/early-May of last year. On the Composite, once its December lows give way, the next significant support can be the rising 200-day moving average, which ended Friday around 14,680. The Composite has not closed below this longer-term moving average since April 21, 2020: IXIC01102021 IXIC01102021 There is chart congestion in the 14,211/14,175 area that includes a number of significant 2021 highs and lows. The 23.6% Fibonacci retracement of the entire March 2020/November 2021 advance is at 13,951. Of note, the IXIC"s daily RSI ended Friday at its lowest level since the Composite"s October 4 low. That said, the rising U.S. 10-Year Treasury yield remains a drag on growth/tech shares, and, therefore, a thorn in the Composite"s side. The rolling 10-day correlation between tech and the 10-year yield is now -0.88, or a strong negative relationship. read more However, the 10-year yield is on track to rise for a seventh-straight day, which would be its longest such streak since an eight-day run of gains in April 2018. So, on the plus side for Nasdaq bulls, at least shorter-term, just as the IXIC may be getting stretched to the downside, yield may be getting stretched to the upside. (Terence Gabriel) ***** FOR MONDAY"S LIVE MARKETS" POSTS PRIOR TO 0900 EST/1400 GMT - CLICK HERE: read more