Nasdaq falls for third day as chip stocks weigh on market

U.S. stocks continued to move lower as the recent sell-off in technology shares gained momentum. The Dow Jones Industrial Average dropped 484 points (-0.98%) to 49,017.29, while the S&P 500 fell 67.24 points (-0.98%) to 6,815.48. The Nasdaq Composite declined 286.40 points (-1.25%) to 22,618.18, marking a third consecutive day of losses. Weakness in semiconductor and large-cap tech stocks remains the primary drag on the market, as investors react to earnings guidance and valuation concerns. Ongoing uncertainty surrounding U.S. trade policy and global growth expectations continues to limit risk appetite, keeping markets in a short-term corrective phase.

Dow Jones Industrial Average (INDU)

DJIA index turn lower again but mostly sideways inside range below the 50,000 handle. The index might attempt to move lower to target the 48,459 swing low. Under current situation, it is better to wait until the index form new higher swing high or lower swing low to confirm the next direction.

Akamai Technologies, Inc (AKAM)

AKAM share prices is in bullish trend and now making a correction. It has room lower to target the trend line and the 78.6% Fibonacci Retracement level. For now, traders will wait until the bearish pressure subside and the share prices stabilizes. When there is strong bullish reactions, traders could consider entering long positions.