NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Dives As Traders Sell NVIDIA Stock Despite Strong Earnings Report

SP500

SP500 is under strong pressure as traders react to job market data and focus on NVIDIA’s earnings report. Non Farm Payrolls report indicated that the economy added 119,000 jobs in September, compared to analyst forecast of 50,000. Unemployment Rate increased from 4.3% in August to 4.4% in September, while analysts expected that it would remain unchanged. The better-than-expected Non Farm Payrolls report put pressure on SP500 as traders worried that Fed will not cut rates in the near term. Comments from Fed’s Hammack served as an additional bearish catalyst for stocks. She said that the current level of interest rates was “barely restrictive” and suggested that the federal funds rate was “around a neutral rate”. The pullback was broad, and most market sectors moved lower in today’s trading session. Consumer defensive stocks were among the gainers in the SP500 index amid rising demand for safe-haven assets.

Currently, SP500 is trying to settle below the support at 6570 – 6580. In case this attempt is successful, SP500 will head towards the next support level, which is located in the 6500 – 6510 range.

NASDAQ

NASDAQ is under strong pressure as traders sell tech stocks after NVIDIA’s report. NVIDIA beat analyst estimates and presented strong outlook, but traders used the news as an opportunity to take profits off the table.

In case NASDAQ settles below the support at 24,250 – 24,300, it will head towards the next support level at 23,950 – 24,000.

Dow Jones

Dow Jones moved lower amid broad pullback in the equity markets. Boeing, which was down by 3.4%, was the worst performer in the Dow Jones index today.

A successful test of the support at 45,800 – 45,900 will open the way to the test of the next support level, which is located in the 45,100 – 45,200 range.

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