Market Overview
Major indices are retreating from historic highs as concerns grow about the worsening job market. Treasury yields declined, reflecting traders’ expectations that the Fed may cut rates amid labor market weakness. The market pullback is broad, with most sectors losing value during today’s session.
S&P 500 Performance
The S&P 500 fell below its support zone at 6765–6775 and tested the 6700 level. If the index closes below 6700, it could move down to the next support between 6680 and 6690. The Relative Strength Index (RSI) remains moderate, suggesting room for momentum if favorable catalysts appear. Consumer cyclical stocks were among the largest decliners, while energy stocks gained on the natural gas rally.
NASDAQ Movement
NASDAQ declined as investors sold off tech stocks amid valuation concerns. Notably, Advanced Micro Devices (AMD) and NVIDIA were among the biggest losers. Strategy stocks dropped 4.6% due to continued pressure on Bitcoin. The nearest NASDAQ support lies between 25,150 and 25,200; falling below this range could push it towards 24,700–24,750.
Dow Jones Update
Dow Jones hit new lows amid the widespread market pullback. Most components faced selling pressure, with IBM and Merck standing out as the only notable gainers.
"SP500 moved below the support at 6765 – 6775 and made an attempt to settle below the 6700 level."
"NASDAQ pulled back as traders rushed to sell tech stocks amid valuation concerns."
"Dow Jones tested new lows amid broad pullback in the equity markets."
Author's Summary
The major US indices face broad declines driven by labor market worries and valuation concerns, with key support levels now critical for short-term market direction.