Nasdaq below 50-day moving average as U.S. stocks retreat early Tuesday

The Nasdaq Composite traded solidly lower early Tuesday, with the slump in the technology-laden index pushing it beneath its 50-day moving average. The Nasdaq was down 1% at 8,011, or down 76 points, in recent action and had touched an intrday low at 8,001.68. The index‘s 50-day moving average, viewed by technical analysts as a gauge of short-term momentum in an asset, stands at 8,054.51, according to FactSet data. Market watchers tend to view moving averages as the demarcation line between bullish and bearish momentum in an asset. The broader market, meanwhile, was seeing a slightly less brisk tilt lower, with the S&P 500 index off 0.6% at 2,960, while the Dow Jones Industrial Average slipped 0.2% in Tuesday action.

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