Dow falls by around 600 points due to dismal jobs data

Aug 1, 2025 5:55 PM ISTUS Stock Market LIVE Updates: BTIG Warns of Near-Term Market PullbackDespite record intraday highs for both the S&P 500 and Nasdaq Composite on Thursday, BTIG is cautioning that the market’s next significant move could be lower.
Jonathan Krinsky, the firm’s chief market technician, pointed out that while the large-cap indices have held above their 20-day moving averages for the longest stretch since the late 1990s, there are now early signs of weakness elsewhere.
“With the S&P and Nasdaq riding their longest streaks above their [20-DMAs] since the late ’90s, it’s notable that we now have equal-weight S&P and [Nasdaq-100] as well as small and mid-caps all below their respective 20-DMAs,” Krinsky said in a Thursday note.
He added, “We continue to think the next meaningful move near-term is lower, with a re-test of the Feb. highs (6100) as a reasonable target.”

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