Tech Stocks Lead Market Rally as Investors Bet on Iran Peace Talks

Wall Street experienced a noticeably mixed trading session today. Specifically, the broader market surged significantly higher. This rally happened because investors are aggressively betting on Iran peace talks restarting soon. Furthermore, soaring Intel shares heavily boosted the entire tech sector. As a result, the S&P 500 climbed 50.18 points (+0.71%) to reach 7,158.58. Similarly, the tech-heavy Nasdaq jumped 372.54 points (+1.52%) to close at 24,811.05. Meanwhile, the Dow Jones Industrial Average (DJIA) lagged behind its peers. It dropped slightly by 124.43 points (-0.25%) to finish at 49,185.89.

Dow Jones Industrial Average (INDU)

The Dow Jones Industrial Average (DJIA) pushed slightly lower during today’s session. However, the price is currently moving entirely inside the previous day’s trading range. Because of this tight inside-bar formation, the market is not showing any clear confirmation of direction yet. Consequently, traders are dealing with a temporary pause in overall momentum. Therefore, they will wait patiently for a definitive breakout to occur. Once the index breaks out of this narrow range, the next major directional move will finally begin.

Avis Budget Group, Inc. (CAR)

Avis Budget Group (CAR) suffered a very sharp decline over the past two days. Furthermore, there is still noticeable bearish pressure in the market today. However, the price seems highly hesitant to continue its downward movement. Specifically, it is currently trading right near a previously broken structural high. We are actively looking for potential long positions around this crucial pivot area. Nevertheless, we absolutely need the price to start a clear bottoming process first. If there are no definitive bullish reactions, the price might easily continue lower. In that bearish scenario, it will confidently target the daily EMA 100 and EMA 200.