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Published: 19 August 2026,08:54
Daily Market Analysis New
Key Takeaways:
*U.S. equities declined broadly, with the Nasdaq Composite falling more than 300 points as heavy selling in semiconductor stocks weighed on the market.
*Micron Technology, Sandisk and other AI-related names suffered sharp losses, dragging the Philadelphia Semiconductor Index down more than 5%.
*Rising crude prices amid stalled U.S.-Iran talks and restricted Strait of Hormuz shipping have revived inflation concerns. Near-term sentiment remains cautious, with yields, oil prices and Middle East developments likely to determine whether the tech sell-off deepens.
U.S. equities closed lower across the board in the previous session, with the technology-heavy Nasdaq Composite leading the decline and falling more than 300 points. The broader market retreated as semiconductor stocks came under heavy selling pressure, weighing on the major indices and extending a period of recent caution following earlier record highs.
The session was dominated by a sharp pullback in chipmakers and AI-related names. Memory and semiconductor shares, including Micron Technology and Sandisk, posted steep losses, dragging the Philadelphia Semiconductor Index lower by more than 5%. Elevated Treasury yields, which remained near multi-year highs, reduced the appeal of high-valuation growth stocks, while rising oil prices—driven by ongoing stalemate in U.S.-Iran discussions and restricted shipping through the Strait of Hormuz—reinforced inflation concerns. These factors combined to pressure the technology sector, which had previously driven much of the market’s upside.
Looking ahead to the remainder of the week, market sentiment is expected to stay cautious. Further developments in the Middle East, movements in long-term bond yields, and any additional economic data will likely dictate direction. Sustained geopolitical uncertainty or continued yield pressure could limit upside and keep volatility elevated, particularly for the Nasdaq. Conversely, any signs of stabilisation in oil prices or a moderation in yields may offer relief. Investors will remain focused on whether the recent chip-led weakness represents a temporary pause or the start of a broader rotation away from high-growth technology names.
Technical Analysis
Nasdaq has broken below its previous low near 29,500, signaling that selling pressure is gaining traction and providing an early indication of a potential technical correction. Following the breakdown, the index has found support around 29,350, which has now become a critical short-term level to monitor.
Should Nasdaq successfully hold above 29,350, the current weakness could remain limited to a technical retracement, with buyers potentially attempting to stabilize the index and regain momentum.
However, a decisive break below 29,350 would significantly weaken the short-term bullish structure and could trigger a deeper correction. In such a scenario, selling pressure may accelerate and push Nasdaq toward the next key downside target near 28,400, where a notable liquidity zone is located.
Resistance Levels: 29,660.30, 30,186.00
Support Levels: 29,085.00, 28,478.60
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