Stocks have been receding for the past three weeks. At the same time, there has been a surge in Treasury yields. This is the highest surge since June. The 30-year Treasury rate closed at the highest level since 2014. Today, the Federal Reserve is expected to give it’s summary on the condition of the economy.

Futures tied to the Dow Jones Industrial Average were lower by 115 points. S&P 500 futures edged slightly lower by 0.37% and Nasdaq 100 futures were also 0.31% lower.

Stocks added to their three-week slide in regular trading. The Dow fell about 173 points or 0.5%, and the S&P 500 slid 0.4%. The Nasdaq Composite dropped 0.7% to notch its first seven-day losing streak since 2016.

Investors are split on how to approach the market entering the first post-Labor Day week in September, a notoriously cruel month for stocks. All eyes are on the 3,900 level on the S&P 500. Some see the index falling to even lower lows, while others are optimistic about a year-end rally.

“It is the battleground,” NewEdge Wealth’s chief investment officer Cameron Dawson, said on CNBC’s “Closing Bell: Overtime.” “It was resistance and support, and anytime you have these places where you have a lot of consolidation of resistance and support, we’re going to see a lot of fighting to see where we push either above or below it.”

“If we hold 3,900, that is a bullish signal,” she added. “That means the market is sniffing out some change in liquidity, willing to put a higher multiple on things on a sustainable basis… If we don’t, then that 3,600 is in play in short order.”

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