Stocks Rebound as Falling Oil and Yields Lift Sentiment Following Fed Sell-Off
Major U.S. stock benchmarks staged a recovery today as falling crude oil prices and declining Treasury yields helped lift investor sentiment following the recent post-FOMC sell-off. The Dow Jones Industrial Average (DJIA) gained 316.28 points (+0.61%) to close at 51,778.18. Meanwhile, the S&P 500 jumped 85.95 points (+1.14%) to reach 7,637.76, while the tech-heavy Nasdaq Composite led the gains, surging 439.87 points (+1.69%) to finish at 26,418.30. Market participants welcomed the relief in energy and bond markets as equities attempted to reclaim lost ground.
Dow Jones Industrial Average
Dow Jones Industrial Average opened higher and maintained its position near opening levels throughout the session, bringing market sentiment to a near-neutral stance following the recent FOMC sell-off. Price action continues to hover right around the EMA 100 at 51,792.73 also belowthe primary ascending trendline. If buyers manage to sustain momentum and push above trendline, the index could reverse recent losses and initiate a new bullish leg.
Texas Instruments Incorporated (TXN)
Texas Instruments Incorporated (TXN) remain in a retracement sequence of the broader advance from $184.95 to $334.03. Price action has formed a classic falling wedge pattern on the daily chart, showing initial signs of a potential upside breakout near the EMA 100 at $268.53. If the bullish pattern is confirmed with a breakout above trendline resistance, prices could rally to target the swing high. Conversely, if the stock continues lower, traders will look for price action to test the key purple box support area near the EMA 200 at $250.74 and broken swing high at $231.32, where accumulation could take place.