The Dow Jones Industrial Average plunged more than 600 points by mid-morning Wednesday, with selling pressure intensifying sharply across Wall Street. The S&P 500 dropped about 0.4%, while the Nasdaq Composite fell 0.8%, marking a more pronounced decline than the opening suggested. At 10:18 a.m. ET, the Nasdaq stood at 24,667 not far from its monthly lows.

Initially, the Dow dipped only 73 points at the session’s start and the S&P 500 opened down just 0.14%, but losses quickly accelerated. A 30-minute E-mini Dow futures chart revealed a rapid selloff, with futures sliding from near 52,800 down to about 52,138, confirming intensified selling momentum. Procter & Gamble and Sherwin-Williams were major drags, at one point accounting for nearly 94 points of the Dow’s decline, alongside notable falls in Goldman Sachs, Caterpillar, and Boeing. This retracement wiped out part of the Dow’s 537-point gain from Tuesday.

S&P 500 Nears key Support at 7,400

The S&P 500 chart shows the index hovering around a key technical level near 7,400. After failing to build on its June rally, the index is testing this rising support line. A drop below 7,400 on a daily close would threaten the pattern and could open the door to deeper losses, while a recovery above 7,500 may ease the immediate selling pressure.

The Nasdaq’s retreat adds to a tough month for tech stocks, now down nearly 4.5% over the last month. Semiconductor shares continue to struggle amid doubts about AI spending and steep declines in Asian chip stocks. South Korea’s Kospi index plunged 6%, with SK Hynix falling nearly 9.4% and Samsung Electronics down 4.8%. Meanwhile, volatility is creeping higher, reflected by the VIX rising to 19.23 from Tuesday’s 18.21, signaling growing demand for short-term market protection.

Interest rate concerns have also added pressure as investors factor in geopolitical issues and corporate weaknesses, creating a cocktail of risks that shifted sentiment toward defense.

This content is for informational purposes only and does not constitute financial advice.