Dow faces crucial support test ahead of PCE, Nvidia, Jackson Hole

US equity index futures rise slightly: Russell 2000 up ~0.8%

Euro STOXX 600 index up ~0.4%

Dollar slips; US crude turns red; gold rises >1%; bitcoin rallies >6%

US 10-year Treasury yield flat at ~4.70%

The Dow .DJI took a hit on Thursday, falling more than 1% to close at 52,759.21. The decline leaves the blue-chip average nearly 3% below its August 5 record close of 54,349.12 and about 3.6% below its record intraday high of 54,744.33 also reached that day.

The index is now on track for a second straight weekly loss. Through Thursday's close, the Dow was down 1.8% for the week, putting it on pace for its biggest weekly drop since mid-March. Even so, the bigger picture remains fairly constructive. The Dow is still up about 0.5% so far this month and remains on course for a fifth consecutive monthly gain.

From a technical perspective, the rally appears to have lost some steam after its early-August peak. The advance stalled near a pair of channel resistance lines drawn from the 2020 pandemic low and the April 2025 tariff-driven pullback.

Those resistance hurdles now come in around 54,375 and 55,075 on a weekly basis.

For now, however, traders are focused more on support than resistance. The rising 10-week moving average, which ended Thursday at 52,608, has acted as a reliable floor for the market. The Dow has not closed a week below that level since early April.

There are early signs of a rebound heading into Friday. E-mini Dow futures YMcv1 are up more than 300 points, suggesting the index could open in recovery mode after narrowly avoiding a close below its 10-week moving average this week.

Whether that support holds could be critical. A weekly close below the 10-week average could increase the risk of a deeper pullback just as investors head into a busy week featuring July PCE inflation data, Nvidia's NVDA.O earnings report and the Federal Reserve's Jackson Hole symposium.