Stocks proceed to hunch. NASDAQ now down 1.09% and under 50-week MA

The S&P 500 and NASDAQ are both down nearly 1% on the day, hitting new session lows.

• The NASDAQ has dropped -196.47 points (-1.09%) to 17,872,
• The S&P 500 is down -53.5 points (-0.94%) at 5,685.

The S&P 500 is now pulling further away from its 200-day moving average at 5,732.70, signaling growing downside momentum. Meanwhile, the NASDAQ is on track to close below its 50-week moving average for the first time since March 2023, adding to technical concerns.

This marks the third consecutive weekly decline for the NASDAQ after falling -2.51% two weeks ago and -3.47% last week. Currently, the index is down -5.15% for the week, its worst performance since September 2024, when it dropped -5.77%.

The S&P index has also closed lower 3-weeks in a row. The index fell -1.66% 2-weeks ago, and -0.98% last week. This week the index is down -4.61%, its worst week which equals it’s worst decline since September 2024.