U.S. Stocks Slide as Chip Weakness and Bank Earnings Weigh on Markets
Major U.S. stock indices exhibited divergent performance during the session as investors weighed a raft of quarterly bank earnings alongside ongoing weakness across semiconductor and tech holdings. The DJIA fell 157.95 points (-0.30%) to trade near 51,692.60. Meanwhile, the S&P 500 slid 1.17 points (-0.01%) to 7,806.07, and the tech-heavy Nasdaq Composite declined 43.231 points (-0.16%) to 27,202.672.
Dow Jones Industrial Average
Dow Jones Industrial Average initially opened higher during the session but slowly lost ground and is currently trading below its opening level. If bearish pressure continues to mount and forces an extended leg lower, key structural downside targets include the 50,500 psychological mark and the major ascending trendline support resting below.
Franklin Resources, Inc. (BEN)
Shares of Franklin Resources, Inc. (BEN) traded mostly lower during the session, steadily approaching a test of their daily EMA 200 ($30.32). The stock may extend its downward movement in the short term while market participants await a clear bottoming process to unfold. If strong bullish price reactions materialize near the daily EMA 200, traders can look for confirmation signals to evaluate long positions.