Nasdaq weak, Dow Jones rolling

lmportant news this week:

• Wed, 29th Jul, 03:30 CET AU Consumer Price Index.
• Wed, 29th Jul, 20:00 CET US FOMC Interest Rate Decision.
• Thu, 30th Jul, 13:00 CET UK BoE Interest Rate Decision.
• Thu, 30th Jul, 14:30 CET US PCE Price Index.
• Fri, 31st Jul, tentative JP BoJ Interest Rate Decision.

Dollar strength fuels rotation away from tech

The US Dollar is strengthening again, adding pressure across risk assets and accelerating a rotation within equity markets. Technology stocks have started to underperform, with the Nasdaq turning lower after its recent rally. The S&P 500 is also losing momentum, while the Dow Jones continues to outperform as investors rotate into more defensive and industrial sectors. European markets remain relatively resilient, with the DAX benefiting from stronger industrial and export-oriented companies.
The current market environment suggests capital is rotating away from high-growth AI and technology names toward more traditional sectors. A stronger Dollar is adding to the pressure by tightening financial conditions and weighing on global liquidity. Precious metals have also turned lower, as Dollar strength offsets safe-haven demand. In cryptocurrencies, the weakness in technology shares is spilling over into digital assets. Bitcoin has slipped back below the $65,000 level, Ethereum is holding relatively firm above $1,870, while XRP is approaching the important $1.00 support area. A break below this level could trigger additional downside momentum across the broader altcoin market.

Market talk

Sector rotation has become the dominant theme. Rather than broad market selling, investors are reallocating capital from AI and growth stocks into industrials, value shares, and defensive sectors. If the US Dollar continues to strengthen, this rotation could intensify and place further pressure on technology stocks, cryptocurrencies, and precious metals. Traders will be watching whether the Nasdaq breaks additional technical support levels, as this could accelerate selling across other risk-sensitive assets.

Tendencies in the markets

• Equities correcting, USD stronger, crypto weak, oil sideways, Silver weak, Gold weak.