The stock market in the US is currently experiencing a downward trend, with major indices hitting daily lows. The Dow industrial average is leading the decline with a decrease of -1%. This decline is being driven by companies like Travelers, Amazon, and Walt Disney. The lowest point of the day so far has been 41891.81, which is below the 100-hour moving average of 42071.77. The next target is the low from last week at 41837.07.
Similarly, the S&P index is also seeing a decrease, currently down -0.76% at 5707.41. This drop has pushed the price below its 100-hour moving average of 5712.14. Staying below this moving average could indicate a short-term bias towards sellers. The next target for the index is the low from last week at 5673.99. The lowest price today has been 5699.52.
The NASDAQ index is also showing a downward trend, briefly falling below its 100-hour moving average of 17987.51. It reached a low of 17970.59 but is currently bouncing back slightly. The index is down by -144 points or 0.79% at 17995.70.
Some of the major companies contributing to this decline include Meta Platforms (-1.49%), Apple (-1.53%), Microsoft (-1.09%), Alphabet (-1.94%), Amazon (-2.97%), and Tesla (-3.09%).
This downward movement in the stock market is indicative of a shift in investor sentiment, possibly due to a variety of factors such as economic indicators, global events, or company-specific news. It is essential for investors to closely monitor these developments and adjust their investment strategies accordingly to navigate the changing market conditions. By staying informed and proactive, investors can make well-informed decisions to protect and grow their portfolios.
