Wall Street Drops as Geopolitical Tensions Escalate; Dow Falls Over 450 Points
U.S. stock benchmarks tumbled today following news of escalating geopolitical conflicts. The Dow Jones Industrial Average (DJIA) dropped 456.22 points (-0.86%) to close at 52,729.68. Meanwhile, the S&P 500 fell 56.14 points (-0.73%) to 7,630.00. The Nasdaq Composite also declined, losing 259.62 points (-0.98%) to finish at 26,111.27. Crude oil prices and Treasury yields surged following reports of confirmed U.S. strikes on Iran targets.
Dow Jones Industrial Average
Dow Jones Industrial Average continued its downward movement today. Price action now looks set to target the lower ascending trendline for technical support. Traders will monitor the index closely for now and wait until price reaches key support levels and shows clear signs of bottoming before entering new positions.
Prudential Financial, Inc. (PRU)
Shares of Prudential Financial, Inc. (PRU) extended their bearish pullback today. The stock might target key Fibonacci retracement levels that coincide with both the 100 EMA ($113.04) and 200 EMA ($109.64). Traders could wait for clear bullish reactions around these technical support zones before accumulating long positions.