S&P 500 and Nasdaq Composite face tests of 50-day moving averages amid Monday’s stock-market rout

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The S&P 500 and the Nasdaq Composite indexes on Monday were struggling to hold above their short-term trading averages amid a sharp downturn in equities. The S&P 500 index
SPX,
-1.42%
was trading off 1.7% at 4,253, with its 50-day moving average at 4,240.02, according to FactSet. Market technicians tend to use moving averages as a gauge of short and long-term momentum in an asset. A breach below the 50-day could be seen as short-term shift away from bullishness for the broad-market benchmark. Meanwhile, the Nasdaq Composite
COMP,
-0.82%
was 1.4% lower on the session at 14,232, holding above its 50-day moving average at 14,015.21. The Dow Jones Industrial Average
DJIA,
-2.01%,
however, was off 2.1% at 33,958, with its 50-day MA at 34,383.56, FactSet data show. The decline in stocks comes as investors were seen worrying about the economic outlook as the spread of the delta variant of COVID-19 intensified.

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