NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Tests New Highs As Marvell Technology Soars 29%

SP500 Gains Ground As JOLTs Job Openings Exceed Estimates

SP500 moves higher as traders stay bullish amid geopolitical uncertainty. Oil prices gained ground as traders reduced bets on Iran deal.

President Trump has recently said that he expected that memorandum of understanding with Iran would be ready over the next week. The MoU with Iran is required to reopen the Strait of Hormuz.

Iranian media claimed that negotiations were suspended due to Israel’s operation against Hezbollah in Lebanon, but Trump said that talks continued.

Today, traders also focused on JOLTs Job Openings report. The report indicated that JOLTs Job Openings increased from 6.887 million in March to 7.618 million in April, compared to analyst forecast of 6.88 million. The report highlighted the strength of the job market despite worries about the impact of high oil prices.

Utilities stocks were among the biggest gainers today. Energy stocks have also managed to gain strong momentum as traders focused on rising oil markets. Healthcare stocks found themselves under significant pressure in today’s trading session.

SP500 climbed back above the resistance at 7590 – 7600 and is trying to settle above the 7620 level. In case this attempt is successful, SP500 will head towards the 7650 level.

On the support side, a move below the 7570 level will push SP500 towards the 50 MA at 7543. In case SP500 declines below the 50 MA, it will head towards the support level at 7515 – 7525.

NASDAQ Moves Higher As NVIDIA’s Huang Calls The Next Trillion Dollar Company

NASDAQ tests new highs amid strong demand for tech stocks. Marvell Technology, which is up by 29%, is the biggest gainer in the NASDAQ index today.

The stock rallied as NVIDIA’s CEO Jensen Huang said that Marvell Technology would be the next chip company to reach a $1 trillion valuation. According to Huang, rising demand for AI infrastructure would boost demand for Marvell’s products.

Marvell Technology’s market capitalization is around $250 billion after today’s rally, so there’s plenty of upside potential in case Huang’s call is correct.

Currently, NASDAQ is trying to settle above the 30,600 level. In case this attempt is successful, NASDAQ will head towards the 31,000 level. It should be noted that RSI remains in the moderate territory despite the strong bullish trend. NASDAQ has been moving higher for the tenth trading session in a row.

Dow Jones Tests Historic Highs

Dow Jones gained ground, supported by rising demand for technology and financial stocks. Cisco, which was up by 5.4%, was the biggest gainer in the Dow Jones index today. The stock rallied after the company launched tools to protect systems from AI-powered attacks.

From the technical point of view, Dow Jones climbed above the resistance at 51,000 – 51,100 and is trying to settle above the 51,300 level. In case this attempt is successful, Dow Jones will get to the test of the 51,500 level. A move above 51,500 will open the way to the test of the 52,000 level. RSI is close to overbought territory, but there is enough room to gain additional upside momentum in the near term.

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