Rising Yields and $100 Crude Oil Weigh on Major U.S. Benchmarks
Wall Street benchmarks traded lower today as surging Treasury yields and crude oil climbing above $100 per barrel weighed on investor sentiment. Currently, the Dow Jones Industrial Average (DJIA) is down 294.68 points (-0.56%) at 52,491.39. The S&P 500 slipped 29.18 points (-0.38%) to 7,644.34, while the Nasdaq Composite fell 154.467 points (-0.59%) to trade at 26,266.945.
Dow Jones Industrial Average
DJIA index is extending its bearish move and is currently approaching its primary ascending trendline support. Traders should stay on the sidelines for now and closely monitor the index’s reaction near this trendline. If price action stalls and bounces cleanly off the trendline, it could present an opportunity to enter long positions. However, with the upcoming FOMC meeting around the corner, the market faces a potential break-or-bounce scenario. Conservative traders may want to wait until after the FOMC decision or begin building long positions with small lot sizes.
Hasbro, Inc. (HAS)
Hasbro, Inc. (HAS) remain on a path lower after breaking below the dynamic EMA 100 ($90.08). Price action is currently drifting toward the EMA 200 support line near $87.62, which aligns closely with the 50% Fibonacci retracement level ($88.24). If share prices can bottom out and stabilize near the EMA 200, HAS is expected to resume its broader upward movement. Traders looking for long accumulation opportunities should watch for bullish reversal signals around the EMA 200 support zone before taking new positions.