Broad Markets Fall Slightly Amid Rate Pressures
The U.S. stock market indices posted minor losses today, with the broader market trading off its worst levels of the session as rate and oil pressures eased a bit. The Dow Jones Industrial Average (DJIA) slipped 110.52 points, or 0.21%, to 52,462.77. The S&P 500 dropped 22.67 points, or 0.30%, to settle at 7,634.31, while the tech-heavy NASDAQ Composite declined 62.79 points, or 0.24%, closing at 26,270.24.
Dow Jones Industrial Average
DJIA index managed to bounce from the upward trendline last Friday but is currently under pressure again before the Federal Open Market Committee (FOMC) meeting this week. It is a make-it-or-break-it situation where the index might make a definitive directional move after the FOMC meeting results are out. A breakdown below the trendline could invite deeper bearish corrections, while a successful defense might propel the index back toward its recent highs.
Akamai Technologies, Inc. (AKAM)
AKAM share prices are holding out near the trendline support and attempting to bounce upward. Currently, there is no bullish confirmation yet. Until strong momentum enters the market, the share prices might continue to consolidate near the current level. Traders will likely wait for a clear breakout or bounce confirmation before establishing new positions.