NASDAQ Index, SP500, Dow Jones Forecasts – SP500 Tests Historic Highs As Palantir Soars 30%

SP500 Rallies As Traders Bet On Iran Deal

SP500 soared as traders focused on the potential temporary deal between U.S. and Iran. Oil markets are down by -5% as traders bet that the Strait of Hormuz would be reopened soon.

Treasury yields moved lower as bond traders focused on the strong sell-off in the oil markets. The yield of 2-year Treasuries pulled back below the 4.20% level, while the yield of 10-year Treasuries settled below 4.63%. Falling Treasury yields provided additional support to SP500.

Today, traders also focused on JOLTs Job Openings report. The report indicated that JOLTs Job Openings were 7.359 million in June, compared to analyst forecast of 7.4 million.

Factory Orders decreased by -0.3% month-over-month in June, compared to analyst consensus of +0.2%. The weaker-than-expected reports did not have a major impact on SP500 dynamics as market sentiment was extremely bullish.

Tech stocks gained strong upside momentum in today’s trading session. Basic materials stocks moved higher as traders focused on the rally in precious metals markets. Not surprisingly, energy stocks were among the biggest losers amid sell-off in the oil markets.

Currently, SP500 is trying to settle above the 7750 level. In case this attempt is successful, SP500 will move towards the 7800 level. RSI is in the overbought territory, so the risks of a pullback are increasing.

NASDAQ Tests Resistance At 29,850 – 29,900 As Traders Rush To Buy Tech Stocks

NASDAQ soared amid strong demand for tech stocks. Palantir, which was up by +30%, was the biggest gainer in the NASDAQ index today. The stock rallied as traders focused on the strong earnings report. The report highlighted rising demand for Palantir’s products as revenue surged 93%.

Analysts rushed to upgrade the stock, providing additional support to Palantir shares. The company’s strong report and encouraging guidance served as key bullish catalysts for AI stocks in today’s trading session. Traders rushed to buy AI-related stocks as Palantir’s report showed that demand for AI products continued to grow at a robust pace.

NASDAQ settled above the previous resistance at 29,200 – 29,250 and moved towards the resistance level at 29,850 – 29,900. In case NASDAQ manages to settle above the 29,900 level, it will head towards the next resistance at 30,350 – 30,400. Traders should note that the risks of a pullback are rising as RSI is in the overbought territory.

Dow Jones Tests Historic Highs As Rally Continues

Dow Jones tested historic highs amid broad rally in the equity markets. Caterpillar, which was up by +7%, was the biggest gainer in the Dow Jones index today. The stock rallied as the company beat estimates on both earnings and revenue. Caterpillar has also raised its 2026 growth and margin outlook.

Currently, Dow Jones is trying to settle above the 54,200 level. In case this attempt is successful, Dow Jones will head towards the 55,000 level. On the support side, a move below the 53,900 level will push Dow Jones back towards the 53,400 level.

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