NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Retreats As Netflix Dives 9.6%

SP500

SP500 is losing ground as traders focus on a recent report which indicated that U.S. considered curbs on exports to China that were made using U.S. software. The potential move is a retaliation against China’s export controls on rare earths. Not surprisingly, tech stocks were among the biggest losers in the SP500 index today. Traders worry that U.S. and China will not reach a deal by November 1, which may lead to high tariffs and put significant pressure on trade between the world’s biggest economies. Consumer defensive stocks gained ground as demand for safe-haven assets increased. Energy stocks have also managed to gain upside momentum as traders focused on the rally in the oil markets, which was triggered by the bullish EIA report.

SP500 moved below the support level at 6700 – 6710 and is trying to settle below the 50 MA at 6677. In case this attempt is successful, SP500 will head towards the next support, which is located in the 6610 – 6620 range.

NASDAQ

NASDAQ is under pressure as traders react to the strong sell-off in Netflix stock. Netflix is down by 9.6% as traders focus on the quarterly earnings report. The report missed analyst estimates as the company recorded a significant one-time expense related to a tax dispute in Brazil.

Currently, NASDAQ is trying to settle below the support at 24,750 – 24,800. In case this attempt is successful, NASDAQ will head towards the next support level at 24,350 – 24,400.

Dow Jones

Dow Jones is losing ground amid broad pullback in the equity markets. Apple, which is down by 2.4%, is the worst performer in the Dow Jones index today. The stock is losing ground as traders focus on U.S. – China tensions.

If Dow Jones settles below the 46,500 level, it will head towards the support at 46,100 – 46,200.

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