Stocks Fall Intraday as Yields Rise and Markets Assess Broader Backdrop
U.S. stock indices are broadly lower in intraday trading as rising yields pressure equities and investors evaluate the overall market situation. The Nasdaq Composite has retreated from its recent record, dropping 306.476 points (-1.13%) to 26,937.801. The S&P 500 is trading down 54.91 points (-0.71%) at 7,709.73, while the Dow Jones Industrial Average (DJIA) has fallen 284.14 points (-0.55%) to 51,579.55
Dow Jones Industrial Average
The Dow Jones Industrial Average is accelerating lower after facing rejection at its ascending trendline. During the current session, the index has broken below its daily 100 EMA at 51,791.98, trading near 51,554.64. If the index continues this downward trajectory and prints a new lower swing low, the next major downside target could be a drop to test the 200 EMA at 50,283.69.
Hecla Mining Company (HL)
Shares of Hecla Mining Company (HL) are currently trading lower at $18.19, reflecting an intraday drop of 4.41%. Previously, the stock had fallen below both the 100 and 200 EMAs before successfully reclaiming them and rallying higher. Currently, the share price is finding support near its 100 EMA at $18.04 and continues to trade within an $18.00 to $21.00 range. From this level, HL might attempt to bounce upward and resume its bullish move. Alternatively, if support fails, the stock could push further down to test the 200 EMA at $17.21 before attempting another bounce.