NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains 1.1% As Tesla Soars
- Morgan Stanley’s bullish upgrade on Tesla provides an adrenaline shot to the S&P 500, raising the possibility of breaching the 4500 mark.
- NASDAQ enjoys a 1.1% lift, driven primarily by robust performances from Tesla, Meta, and Amazon, even as Treasury yields rise.
- Dow Jones is marching upwards but lacks a blockbuster component, with Chevron as the only standout loser amid energy-sector profit-taking.
SP500 is trying to climb above the 4500 as Tesla stock is up by 10% after an upgrade from Morgan Stanley. In its upgrade, Morgan Stanley noted that Dojo supercomputer could boost Tesla’s market capitalization by about $600 billion. There are no important economic reports scheduled to be released today, so traders focused on the dynamics of Tesla stock. Most market segments are moving higher today. However, energy stocks are under pressure as traders take some profits off the table near multi-week highs.
In case SP500 manages to settle above the 4500 level, it will head towards the next resistance, which is located in the 4575 – 4600 range. RSI is in the moderate territory, and there is plenty of room to gain additional momentum.
NASDAQ gained more than 1% due to the strong performance of Tesla stock. Meta and Amazon have also enjoyed strong support today. Treasury yields were moving higher today, but traders focused on rising demand for big tech stocks.
NASDAQ may face some resistance near the 15,600 level. This level has been tested in early September and proved its strength. A move above 15,600 will push NASDAQ towards the resistance at 15,900 – 16,000.
Dow Jones is also gaining ground in today’s trading session. Most Dow Jones components are moving higher, but there are no big gainers in the index today. Chevron is the only notable loser amid profit-taking in the energy sector.
Currently, Dow Jones is trying to climb above the 50 MA at 34,700. If Dow Jones settles above this level, it will head towards the next resistance at 35,000 – 35,100.
For a look at all of today’s economic events, check out our economic calendar.