NASDAQ Index, SP500, Dow Jones Forecasts – Major Indices Retreat As Healthcare Stocks Dive

SP500

SP500 pulls back as traders take profits near historic highs. The yield of 10-year Treasuries tested the 4.40% level in today’s trading session, putting additional pressure on SP500. Today, traders focused on JOLTs Job Openings report. The report indicated that JOLTs Job Openings remained unchanged at 8.75 million, in line with the analyst consensus. Factory Orders increased by 1.4% month-over-month in February, while analysts expected that they would grow by 1%. Today’s pullback was led by Humana, which was down by 13%. The stock suffered a sell-off as Medicare Advantage rates disappointed the market. Not surprisingly, other healthcare stocks have also found themselves under significant pressure. Energy was the only market sector that was moving higher today. WTI oil tested new highs while natural gas continued to rebound from recent lows, providing support to energy stocks.

The nearest support level for SP500 is located in the 5180 – 5190 range. In case SP500 declines below the 5180 level, it will head towards the next support at 5100 – 5110.

NASDAQ

NASDAQ pulled back as traders sold tech and healthcare stocks. Tesla , which was down by 5.3%, was the biggest loser in the NASDAQ index today. The stock pulled back towards yearly lows as Tesla’s first-quarter deliveries missed analyst expectations.

NASDAQ tested support at 18,000 – 18,050 but failed to develop sufficient downside momentum. If NASDAQ declines below the 18,000 level, it will head towards the next support at 17,450 – 17,500.

Dow Jones

Dow Jones moved lower due to the strong pullback in healthcare and consumer stocks. Currently, Dow Jones is trying to settle below the support at 39,250 – 39,300.

In case this attempt is successful, Dow Jones will move towards the next support level, which is located in the 38,500 – 38,550 range.

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