Key Takeaways
- U.S. stock markets opened lower on Thursday, with the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all experiencing declines after the market open.
- Amazon (AMZN) shares bucked the downward trend, recording a notable 2.5% increase.
- Concerns are emerging in the cryptocurrency market, with analysts highlighting a potential double top formation in Ethereum (ETH-USD) and cautioning against unsustainable parabolic price movements.
U.S. equity markets began Thursday's trading session on a bearish note, with major indices registering losses. The S&P 500 (^GSPC) fell by 19.56 points, or 0.30 percent, to trade at 6,447.02 shortly after the market opened. The Dow Jones Industrial Average (^DJI) also saw a significant dip, down 198.80 points, or 0.44 percent, to reach 44,723.47. The technology-heavy Nasdaq Composite (^IXIC) followed suit, declining by 73.80 points, or 0.34 percent, to 21,639.34.
Despite the broader market downturn, Amazon (AMZN) shares showed resilience, climbing by 2.5%. This positive movement for the e-commerce and cloud computing giant stood out against the general market weakness.
Meanwhile, the cryptocurrency market is drawing attention, particularly concerning Ethereum (ETH-USD). Analysts are advising vigilance for a potential double top technical pattern in Ethereum's price action. Such parabolic moves are often considered unhealthy and are rarely sustained over the long term, prompting caution among investors.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.