NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Gain Ground As Trump Denies Plans To Fire Powell

SP500

SP500 is moving higher as traders react to Producer Prices data and focus on the fate of Fed Chair Powell. PPI remained unchanged on a month-over-month basis in June, compared to analyst forecast of +0.2%. Core PPI was also unchanged, while analysts expected that it would increase by +0.2%. Recent reports indicated that Trump planned to fire Powell. These reports put significant pressure on U.S. dollar and Treasury yields, as Powell’s successor is expected to be extremely dovish. However, Trump said that he did not plan to fire Powell. SP500 rebounded after President’s comments as Fed independence is extremely important for the stock market and economy in general. Most market sectors moved higher in today’s trading session. Energy stocks found themselves under pressure as traders reacted to the pullback in the oil markets.

The technical picture remains unchanged as SP500 is stuck below the key resistance level at 6280 – 6290. If SP500 manages to settle above the 6290 level, it will gain additional upside momentum and head towards the 6350 level.

NASDAQ

NASDAQ rebounded from session lows and moved higher after Trump denied he planned to fire Powell. ASML, which was down by 8%, was the worst performer in the NASDAQ index today. The stock suffered a sell-off as the company cut 2026 growth outlook due to tariffs.

A move above the 22,900 level will push the NASDAQ index towards the 23,500 level. RSI remains in the moderate territory, and there is plenty of room to gain momentum in the near term.

Dow Jones

Dow Jones rebounded from recent lows despite worries about Fed independence. Johnson & Johnson, which was up by 5.9%, was the biggest gainer in the Dow Jones index today. The stock rallied as traders reacted to the strong quarterly report.

If Dow Jones settles above the 50 MA at 44,351, it will head towards the resistance level at 44,600 – 44,700.

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