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The major stock indices are closing lower on the day after stalling during a midday rally. Each of the 3 major indices stayed in in negative territory for the entire day. A snapshot of the closing levels shows: Dow industrial average -498.50 points or -1.07% at 46091.74. At session highs, the index was still down -207.32 pointsS&P index fell -55.09 point or -0.83% at 6617.32. At session highs the index was still down -5.70 points.NASDAQ index fell -275.23 points or -1.21% at 22432.85. At session highs the index was down -65.06 points.The good news is that although the price closed well off its highs for the day, they also closed well off the lows. At session lows: Dow industrial average was down -676 points. The S&P index was down -98.09 pointsNASDAQ index was down -476.93 pointsNvidia will announce their earnings after the close tomorrow. Shares fell $-5.24 or -2.81% to $181.37.Other losers today included:Home Depot: −6.00%Western Digital: −5.94%Micron: −5.56%Amazon.com: −4.43%AMD: −4.31%Box Inc: −3.71%CrowdStrike Holdings: −3.04%Arm: −2.97%SoFi Technologies: −2.96%Deutsche Bank AG: −2.95%Lam Research: −2.87%NVIDIA: −2.80%Microsoft: −2.70%Cadence Design: −2.60%Boston Scientific: −2.50%IBM: −2.42%Palantir: −2.29%Fortinet: −2.17%Block: −2.12%
This article was written by Greg Michalowski at investinglive.com.
💡 DMK Insight
The Dow’s drop of over 498 points signals a troubling trend for traders: market sentiment is shifting. With the index closing at 46091.74, the consistent negative territory throughout the day suggests that bullish momentum is faltering. This could be a reaction to rising interest rates or inflation fears, which often lead to increased volatility in equities. Traders should watch for potential support levels around 45800, as a breach could trigger further selling pressure. Additionally, the broader market context indicates that sectors like tech and consumer discretionary might face headwinds, impacting correlated assets like ETFs tracking these indices. But here’s the flip side: if the market finds support and rebounds, it could present a buying opportunity for swing traders looking to capitalize on a potential reversal. Keep an eye on the upcoming economic data releases, as they could provide the catalyst needed for a shift in sentiment. The next few days will be crucial in determining whether this is a temporary pullback or the start of a more significant downturn.
📮 Takeaway
Watch the Dow’s support at 45800; a break could lead to increased selling pressure, while a bounce might offer buying opportunities for swing traders.
