NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Rebounds As AMD Rallies 9%

SP500 Gains Ground As CB Consumer Confidence Beats Estimates

SP500 is moving higher as traders focus on the better-than-expected CB Consumer Confidence report. The report indicated that CB Consumer Confidence improved from 89.0 (revised from 84.5) in January to 91.2 in February, compared to analyst forecast of 87.

The Present Situation Index declined from 121.8 in January to 120.0 in February, while the Expectations index increased from 67.2 to 72.0. According to the report, consumers’ 12-month inflation expectations were little changed.

Today, traders also had a chance to take a look at the Case-Shiller Home Price Index report for December. The report showed that home prices grew by 1.4%, in line with analyst expectations.

Tech stocks were among the biggest gainers today as traders rushed to buy the dip.

Consumer cyclical stocks gained upside momentum as traders bet that Trump’s tariff policy would not deal a serious blow to the business of such companies. The current global tariff rate is set at 10%. Earlier, President Trump said that he would raise it to 15%.

Currently, SP500 is trying to settle back above the resistance level at 6870 – 6880. In case this attempt is successful, SP500 will head towards the next resistance level, which is located in the 6940 – 6950 range. RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

NASDAQ Rebounds As Traders Rush To Buy The Dip

NASDAQ rebounds as traders shrug off AI-related worries and buy the dip. Advanced Micro Devices, which was up by 9%, was among the biggest gainers in the NASDAQ index today.

The stock rallied as Advanced Micro Devices reached a deal with Meta. Meta will buy AI chips from AMD for five years, starting from the second half of 2026. AMD CEO Lisa Su said that the deal is worth “double-digit billions” of dollars per gigawatt. Meta will deploy as much as 6 gigawatts.

Meta stock was mostly unchanged as traders reacted to the news. Traders remain worried that hyperscalers spend too much on AI.

The market has also started to recover from the sell-off in the software sector, whcih was caused by new functions of the Claude chatbot from Anthropic.

Most likely, this tool will remain an important driver for stocks from the software sector in the upcoming months as traders are worried that Claude and similar tools would destroy businesses of software companies.

NASDAQ settled above the support at 24,700 – 24,750 and is trying to settle above the 25,000 level. In case this attempt is successful, NASDAQ will move towards the nearest resistance level at 25,200 – 25,250.

Dow Jones Moves Higher As IBM Rebounds After Sell-Off

Dow Jones moved higher amid broad rebound in the equity markets. The rebound was led by Salesforce, which was up by 4.4%.

IBM  gained 2.9% as some traders were ready to buy the dip. Yesterday, the stock was decimated after Anthropic revealed that Claude could automate COBOL code modernization.

COBOL is a legacy programming language that is run on IBM computers. Modernizing COBOL systems has always been a challenging and expensive task. Claude’s new features could put significant pressure on IBM’s revenue from COBOL modernization programs.

Dow Jones received support int he 48,700 – 48,800 range and climbed above the 49,000 level. In case Dow Jones stays above 49,000, it will head towards the resistance level at 49,500 – 49,600.

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