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Published: 7 August 2026,10:59
Daily Market Analysis New
Key Takeaways:
*Wall Street ended slightly lower as investors paused after a strong weekly rally
*Rising oil prices and caution ahead of the US jobs report weighed on sentiment
*Nasdaq remained supported by the broader recovery in technology shares
*Earnings reactions pressured selected AI-linked hardware and software stocks
U.S. equities retreated slightly on Thursday as investors took profit following a strong rally earlier in the week. Market participants also turned more cautious ahead of the upcoming U.S. employment report, which could provide fresh signals on the Federal Reserve’s policy outlook.
The Dow Jones Industrial Average declined 0.85%, while the S&P 500 and Nasdaq slipped 0.18% and 0.06%, respectively. Despite the pullback, major indexes remained on track for solid weekly gains, with the Nasdaq leading the recovery as technology shares rebounded from July’s selloff.
Rising oil prices also added some pressure to risk sentiment. Higher energy prices have revived concerns over inflation and could complicate the Fed’s policy path if price pressures remain persistent. As a result, investors were less willing to extend equity exposure aggressively before the Nonfarm Payrolls release.
At the same time, earnings results created fresh volatility within the technology sector. Data storage company Western Digital fell 18.5%, while memory chip maker Sandisk dropped 11.3% in early trading. Both stocks had surged strongly earlier this year on optimism over AI-driven demand, but investors appeared to take profit despite both companies forecasting quarterly revenue above expectations.
Software stocks also came under pressure, with names such as Atlassian, Salesforce, Adobe, and Zscaler trading lower following earnings updates across the sector. The weakness suggests that investors are becoming more selective, especially after the strong year-to-date rally in AI and technology-related shares.
Overall, the pullback in U.S. equities appears more like a pause after a strong weekly rebound rather than a clear shift in trend. However, rising oil prices, upcoming jobs data, and more earnings results could continue to drive short-term volatility across Wall Street.
Technical Analysis
NASDAQ, H4:
Nasdaq is trading higher after breaking above the previous 28,555.00 resistance level, reinforcing the broader bullish structure.
If bullish momentum persists, the index could extend gains toward the next resistance level at 30,415.00, followed by 31,565.00 if upside momentum strengthens.
However, momentum indicators suggest some caution. The MACD is showing diminishing bullish momentum, while the RSI at 59 is retreating from overbought territory, indicating the possibility of a short-term technical correction.
If bullish momentum fails to sustain, Nasdaq may retrace and retest the 28,555.00 support level, followed by 27,220.00 if selling pressure increases.
Resistance Levels: 30415.00, 31565.00
Support Levels: 28555.00, 27220.00
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