Dow Jones Takes Hit on Rate Hike Fears, But Amazon Bucks Trend

The Dow Jones Industrial Average took a hit after Federal Reserve Chairman Warsh signaled a potential rate hike in September, causing industrial stocks to decline. The Dow's main trend is still up, but its minor trend is down, leaving momentum weak in either direction.

A move through 54,744.33 will signal a resumption of the uptrend, while a trade through 52,754.90 will change the main trend to down. Despite this, the Dow managed to close flat, thanks to gains from technology and consumer names such as Amazon, Microsoft, and Apple.

Amazon bucked the broader market trend with a 3.97% gain, reaching $266.43 after Evercore ISI raised its price target to $355 citing evidence of AI-generated purchases within the retail business. This move came just above the 50-day moving average support at $251.66.