Wall Street Wobbles: Dow and Nasdaq Retreat Amid Tech Turbulence

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Wall Street took a step back today, February 10, 2025, primarily influenced by dips in technology and consumer discretionary stocks.

The Dow Jones Industrial Average (DJI) shed 1%, closing at 44,303.40, with a clear majority of its components ending the day in the red. Mirroring this trend, the tech-heavy Nasdaq Composite decreased by 1.4%, settling at 19,523.40.

The broader S&P 500 also felt the pressure, dropping 1% to close at 6,025.99, with all its major sectors finishing the session with losses.

Dow Jones Industrial Average (DJI) Analysis

The Dow Jones Industrial Average (DJI) opened at 44,762.57 and closed at 44,303.40, marking a 0.99% decrease or a loss of 444.23 points. The index’s trading range spanned from a high of 44,857.11 to a low of 44,279.78.

• Moving Averages: The DJI is currently trading below its 10-day EMA (44,488.69) but remains above its 50-day EMA (43,712.14) and 200-day EMA (41,684.26), suggesting short-term weakness amidst an overall medium to long-term bullish sentiment.
• MACD: The Moving Average Convergence Divergence (MACD) is positive at 375.25, sitting above the signal line of 354.40, indicating short-term bullish momentum.
• RSI: The Relative Strength Index (RSI) for the DJI is at 54.08, reflecting neutral market momentum.

NASDAQ Composite Analysis

The NASDAQ Composite opened at 19,774.87, reaching a high of 19,862.54 and a low of 19,489.36, before closing at 19,523.40. This represents a decrease of 268.59 points or 1.36%.

• Moving Averages: The NASDAQ Composite closed below its 10-day EMA (19,635.29) and 20-day EMA (19,620.91), signaling short-term bearish momentum. However, it’s still positioned above its 50-day EMA of 19,461.33, suggesting a potential support level.
• MACD: The MACD line is at 29.59, below the MACD Signal line at 39.33, suggesting a bearish trend.
• RSI: The RSI for the NASDAQ Composite is at 48.44, indicating neutral momentum in the market.

Additional Factors

• The CBOE Volatility Index (VIX), a gauge of market fear, climbed by 6.7% to 16.54.
• Trading volume surpassed the average, with 15.1 billion shares traded compared to the 20-session average of 14.9 billion.
• Declining issues outnumbered advancing issues by a ratio of 2.79-to-1 on the NYSE and 2.53-to-1 on the Nasdaq Composite.
• President Trump’s announcement of reciprocal tariffs on many countries seemed to weigh on market proceedings.
• Economic data revealed that Nonfarm Payrolls increased by 143,000 for January, while the Unemployment Rate decreased to 4%.

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