Stocks have taken a turn back to the downside

The US stock have taken a turn to the downside with the NASDAQ index leading the way. The NASDAQ index is now down -0.64% at 19590. The low price just reached 19579.77.

On the downside, the price of the NASDAQ is approaching its 200 hour moving average at 19569.54. (Green line on the chart below). Moving below that level would tilt the technical bias more to the downside.

I can’t say that any comments from Powell contributed to the decline. Earlier today, however, Pres. Trump announced tariffs on steel and aluminum and implied there could be additional tariffs on cars, pharmaceuticals and Chips

Nvidia shares are down -1.36%, but AMD shares are up 0.64% and Broadcom, which has been a big move or of late is down -0.58%

tariffs on cars, pharmaceuticals and ships

For the S&P index, it is still off of it low for the day. The low came in at 6042.34. The current prices trading at 6051.17.

The Dow industrial average is still in positive territory but only barely. The index is up four points or 0.01%.

This article was written by Greg Michalowski at www.forexlive.com.