NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Retreats As AI Stocks Fall

SP500

SP500 is losing ground as the pullback in the tech sector continues. Industrials and utilities stocks have also found themselves under pressure in today’s trading session. Energy stocks gained ground as traders focused on the rally in the oil markets, which was triggered by the U.S. decision to initiate blockade of sanctioned Venezuelan oil tankers. Basic materials stocks have also gained upside momentum as silver markets tested historic highs while platinum climbed above the $1900 level. Fed’s Waller signaled that Fed had room to cut rates due to weakened job growth and falling inflation risks. However, his comments did not provide support to major indices as traders focused on the weakness of AI-related stocks.

Currently, SP500 is trying to settle below the support at 6750 – 6760. In case this attempt is successful, SP500 will move towards the next support level, which is located in the 6665 – 6675 range.

NASDAQ

NASDAQ pulled back as tech stocks declined. Arm Holdings, Broadcom, and Advanced Micro Devices were among the biggest losers in the NASDAQ index today. AI-related stocks found themselves under pressure amid valuation concerns.

In case NASDAQ manages to settle below the support at 24,800 – 24,850, it will move towards the next support level, which is located in the 24,400 – 24,450 range. RSI close to the oversold territory, but there is enough room to gain additional downside momentum in case the right catalysts emerge.

Dow Jones

Dow Jones moved lower amid broad pullback in the equity markets. Caterpillar, which was down by 4.8%, was the worst performer in the Dow Jones index today.

From the technical point of view, Dow Jones is trying to settle below the support at 47,900 – 48,000. A move below the 47,900 level will open the way to the test of the next support at 47,100 – 47,200.

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