Wall Street's technology-heavy Nasdaq led a sharp selloff across U.S. stock indices, dropping 2.65% to 25,012 as investors cut exposure to technology shares. The S&P 500 fell 1.5% to 7,388, with both benchmarks testing key technical support while bond yields climbed.
The Nasdaq slid 2.65% to 25,012, leading the broader retreat as traders pulled back from technology stocks. The S&P 500 dropped 1.5% to 7,388 alongside it, and both indices are now testing key technical support levels.
S&P 500 tests trendline support
The S&P 500 is testing a trendline on the hourly chart that connects the June 9 and June 26 lows near 7,380. The index briefly broke below it to a session low of 7,376 before rebounding to around 7,392. If sellers force a hold under the trendline, the next downside target sits between 7,321 and 7,341.
Meanwhile, the Nasdaq has already fallen into a support zone between 24,913 and 25,109, with the session low reaching 24,954.77. A sustained break below that floor would strengthen the bearish bias and shift focus toward the 38.2% retracement of the rally from the late-March low at 24,707. Just beneath sits the rising 100-day moving average at 24,686.40, the next major support for traders to watch.
Rising yields pressure equities
Climbing bond yields added to the strain on equities. The two-year yield rose 5.56 basis points to 4.3576%. The 10-year gained 4.6 basis points to 4.701%. Crude oil moved the other way, trading up 5.8% at $91.89.
Source: InvestingLive
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