The Nasdaq Index drops to 26,404.16, nearing key technical levels that could determine near-term market direction.
US equities extended losses into the close, with the Nasdaq Index falling to a session low of 26,404.16. The decline brings the index within reach of its 100-hour moving average at 26,380.94, a critical support level for traders.
The 200-hour moving average at 26,298.71 lies just below, forming a key technical cluster. A break below these levels could signal further downside, while holding above may support a bullish bias. The QQQ ETF, down 1.50%, mirrors the Nasdaq’s decline.
Top holdings in the QQQ showed mixed performance, with Micron Technology (MU) and Advanced Micro Devices (AMD) leading losses at -4.42% and -5.53%, respectively. NVIDIA (NVDA) and Microsoft (MSFT) also weighed on the index, down 1.66% and 1.65%.