NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Are Mostly Flat As Trump Unveils A New 50% Tariff On Copper

SP500

SP500 is mostly flat as traders react to tariff announcements. U.S. President Donald Trump said that U.S. will not provide extensions to the August deadline for reciprocal tariffs. He also noted that U.S. will impose a 50% tariff on copper. The metal rallied as traders reacted to the news. Treasury yields continued to move higher as bond traders reduced bets on dovish Fed. The yield of 2-year Treasuries moved above the 3.90% level, while the yield of 10-year Treasuries settled above 4.40%. Rising Treasury yields put some pressure on stocks in today’s trading session. Energy stocks were among the biggest winners in the SP500 index today as traders focused on rising oil markets.

In case SP500 settles below the 50 MA at 6216, it will move towards the support level at 6185 – 6195. A move below this level will open the way to the test of the next support at 6090 – 6100.

NASDAQ

NASDAQ is also flat as traders evaluate the impact of tariffs. At this point, it looks that traders believe that U.S. will ultimately reach trade deals with most countries.

In case NASDAQ settles above the 22,700 level, it will head towards the nearest resistance at 22,850 – 22,900. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.

Dow Jones

Dow Jones is losing some ground in choppy trading. Nike, which is down by 3.5%, is the worst performer in the Dow Jones index today.

Currently, Dow Jones is trying to settle below the 50 MA at 44,214. In case this attempt is successful, Dow Jones will gain additional downside momentum and move towards the next support level at 43,900 – 44,000.

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