Wall Street Slumps as Netflix and Chip Stocks Slide
Wall Street indices fell on Friday, putting the major benchmarks on track for a losing week. A sharp decline in Netflix and persistent weakness across chipmakers dragged markets lower throughout the day. Currently, the Dow Jones Industrial Average (DJIA) is down 188.32 points (-0.36%) at 52,364.65. The S&P 500 has dropped 49.20 points (-0.65%) to 7,484.57, while the Nasdaq Composite has slumped 270.145 points (-1.04%) to 25,611.801.
Dow Jones Industrial Average (INDU)
DJIA index opened lower today but recovered slightly toward its opening level as the session progressed. Prices are currently testing the psychological 52,000 level, which serves as immediate short-term support. On the larger chart, the index remains locked in a horizontal range between 52,000 and 53,000 since early this month. Traders are now waiting for a clear catalyst to spark the next major breakout.
Western Digital Corporation (WDC)
The downward correction in Western Digital Corporation has reached a significant technical confluence zone. The price hit the dynamic EMA 100 and the 61.8% Fibonacci level near $459.47. Currently, the price action shows initial signs of a response and might attempt to stabilize here. However, if broader market weakness pushes share prices lower, traders should shift focus to deeper defensive targets. Keep an eye on the EMA 200 near $354.28 and the 78.6% Fibonacci level at $366.93.