Dow Futures Fall as Nasdaq Hits 2-Year Low; Treasury Yield Approaches 4%

In the autumn of 2022, American financial markets continued their long reckoning with the consequences of easy money and rising inflation, as the Nasdaq sank to its lowest point in two years — a quiet but consequential marker of how much wealth and confidence had eroded since the pandemic-era highs. The Federal Reserve's campaign to cool prices by raising interest rates was reshaping the landscape for stocks, bonds, and borrowing alike, reminding investors that what rises swiftly can fall slowly and painfully. Earnings season was arriving as both a test and a potential turning point, with majo