The post Wall Street’s sell-off deepens on economic uncertainty, tariffs, and technical breakdowns appeared on BitcoinEthereumNews.com.

Wall street faces declines as consumer confidence drops and key support levels fail Market overview: Another day of losses for US futures US futures, including the Nasdaq, S&P 500, Dow, and Russell 2000, have experienced a significant decline for the second consecutive day. This downturn follows a series of unsuccessful attempts to maintain critical levels, highlighting the market’s current volatility and uncertainty. Economic data and policy risks weigh on sentiment Beyond technical factors, recent economic data has painted a grim picture of slowing growth. The University of Michigan’s consumer sentiment index plunged 10% to 64.7, reflecting mounting pessimism, while home sales dropped by 4.9% in January. Inflation expectations have also surged, adding to market concerns. Investors are also reacting to trade policy uncertainty. President Donald Trump’s announcement of potential tariffs on autos, semiconductors, and pharmaceuticals has sparked fears of rising costs and disrupted supply chains. Meanwhile, a Department of Justice investigation into UnitedHealth Group triggered a sell-off in healthcare stocks, further weighing on the broader market. Nasdaq futures struggle at 22,313 resistance The attached chart illustrates that the E-mini Nasdaq faced considerable resistance at the 22,313 zone at the beginning of the week. This failure to break through prompted a sharp sell-off that gained momentum over the past two days. By the close of trading on Friday, the Nasdaq index had dropped more than 2%, highlighting investors’ hesitance amid declining confidence. Nasdaq Futures combined daily and monthly price chart. S&P 500 Futures unable to hold above 6,171 Similarly, the E-mini S&P 500 encountered major obstacles at key resistance levels, mirroring the struggles seen in Nasdaq Futures. Despite a push by bullish traders to surpass the critical 6,171 zone earlier in the week, the Index failed to sustain momentum. It closed down 1.75% on Friday as caution took hold and external economic concerns…

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Filed under: News - @ February 23, 2025 11:06 pm