NASDAQ Index, SP500, Dow Jones Forecasts – Major Indices Gain Ground Amid Rising Demand For Chip Stocks

SP500

SP500 gains ground as traders focus on the better-than-expected JOLTs Job Openings report. The report showed that JOLTs Job Openings increased from 7.20 million in March to 7.391 million in April, compared to analyst forecast of 7.10 million. The job market remains strong despite tariff uncertainty, which is bullish for stocks. Today, traders also focused on Factory Orders report for April. The report indicated that Factory Orders declined by -3.7% month-over-month, compared to analyst forecast of -3%. Most market sectors moved higher in today’s trading session as the appetite for risk increased. Consumer defensive stocks were among the biggest losers in the index as demand for safe-haven assets declined.

The nearest resistance level for SP500 is located in the 6000 – 6010 range. A move above the 6010 level will push SP500 towards the next resistance at 6090 – 6100. RSI is in the moderate territory, and there is enough room to gain momentum in case the right catalysts emerge.

NASDAQ

NASDAQ moved higher amid rising demand for semiconductor stocks. ON Semiconductor, Microchip Technology, and Micron were among the biggest gainers in the NASDAQ index today.

NASDAQ climbed above the previous resistance at 21,450 – 21,500 and is trying to settle above the 21,700 level. In case this attempt is successful, NASDAQ will head towards the resistance at 21,950 – 22,000.

Dow Jones

Dow Jones has also tested new highs as NVIDIA  gained 2.9%. Most stocks in the Dow Jones index moved higher as traders remained bullish despite tariff worries.

Currently, Dow Jones is trying to settle above the 42,500 level. If Dow Jones settles above this level, it will head towards the nearest resistance at 42,700 – 42,800. A move above the 42,800 level will open the way to the test of the next resistance level at 43,200 – 43,300.

For a look at all of today’s economic events, check out our economic calendar.