NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Tests New Lows As Take-Two Interactive Software Dives 8.3%

SP500

SP500 is losing ground as traders react to the weaker-than-expected Michigan Consumer Sentiment report. The report showed that Michigan Consumer Sentiment declined from 53.6 in October to 50.3 in November, compared to analyst consensus of 53.2. Year-ahead inflation expectations increased from 4.6% to 4.7%, while long-run inflation expectations decreased from 3.9% to 3.6%. Worries about the continuation of the government shutdown put additional pressure on major indices. Tech stocks were among the biggest losers in the SP500 index. Consumer defensive stocks moved higher amid rising demand for safe-haven assets.

Currently, SP500 is trying to settle below the support at 6680 – 6690. In case this attempt is successful, it will move towards the next support level, which is located in the 6590 – 6600 range.

NASDAQ

NASDAQ suffered a sell-off as traders continued to take profits in tech stocks. Take-Two Interactive Software, which was down by 8.3%, was the biggest loser in the NASDAQ index today. The stock found itself under strong pressure as the company delayed the release of the “Grand Theft Auto 6” game. The GTA series has a cult following, so the delay is a major setback for the company.

A successful test of the support at 24,700 – 24,800 will open the way to the test of the next support level at 24,300 – 24,350.

Dow Jones

Dow Jones moved lower amid broad pullback in the equity markets. However, rising demand for consumer defensive stocks provided some support to the Dow Jones index today. Coca-Cola, which was up by 2%, was the biggest gainer in the index.

Dow Jones pulled back below the support at 46,900 – 47,000 and is trying to settle below the 46,600 level. In case this attempt is successful, Dow Jones will head towards the next support level, which is located in the 46,400 – 46,500 range.

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