Tech Shares Lead Intraday Pressure as Markets Assess Tech Backdrop; DJIA Consolidates

Major U.S. stock indices experienced mixed performance during intraday trading, with tech shares coming under pressure amid a retreat in AI-related momentum. The tech-heavy Nasdaq Composite fell 360.032 points (-1.31%) to 27,178.659, while the broader S&P 500 declined 40.72 points (-0.52%) to 7,761.05. In contrast, the Dow Jones Industrial Average (DJIA) demonstrated relative resilience, edging up 20.10 points (+0.04%) to trade near 51,199.97.

Dow Jones Industrial Average

Dow Jones Industrial Average came under initial pressure during the session but slowly climbed back toward its opening levels. Near term, the index may consolidate between its daily EMA 100 near 51,690.39 and EMA 200 near 50,387.22. However, if bearish momentum resumes and forces a breakdown below dynamic support, the major ascending trendline below will serve as the primary target for traders to watch.

Bristol-Myers Squibb Company (BMY)

Shares of Bristol-Myers Squibb Company (BMY) are currently holding around a major confluence area that includes its daily EMA 200 at $59.17, an ascending trendline, and the key $60.00 psychological level. The stock is trading near $59.80 as buyers attempt to defend this support zone. If share prices can establish a clear bottom near this region, traders may look for confirmation signals to enter long positions.

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