NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Pull Back From Session Highs Amid Tariff Worries

SP500

SP500 pulled back from recent highs as traders focused on the August 1 deadline for trade deals. At this point, most countries do not have a trade deal with the U.S. Today, traders also focused on economic data. PCE Price index increased from 2.4% in May to 2.6% in June, compared to analyst forecast of 2.5%. Personal income increased by +0.3% month-over-month in June, compared to analyst consensus of +0.2%. Personal Spending has also increased by +0.3%, missing the analyst estimate of +0.4%. Initial Jobless Claims report indicated that 218,000 Americans filed for unemployment benefits in a week. The report showed that job market remained in good shape. Most market sectors moved lower in today’s trading session. Healthcare stocks were among the biggest losers as U.S. President Trump asked major pharmaceutical companies to cut drug prices.

In case SP500 settles below the 6370 level, it will head towards the nearest support, which is located in the 6340 – 6350 range.

NASDAQ

NASDAQ has also pulled back from session highs amid tariff worries. Meta, which was up by 12%, was the biggest gainer in the NASDAQ index today. The stock rallied as traders reacted to the strong quarterly report.

The nearest support level for NASDAQ is located in the 23,150 – 23,200 range. A move below the 23,150 level will push NASDAQ towards the next support at 22,850 – 22,900.

Dow Jones

Dow Jones moved lower amid pullback in healthcare stocks. Unitedhealth Group and Merck found themselves under strong pressure as traders focused on Trump’s idea to cut drug prices.

In case Dow Jones stays below the 44,400 level, it will head towards the nearest support at 43,900 – 44,000. On the upside, a move above the 44,400 level will push Dow Jones towards the resistance, which is located in the 44,600 – 44,700 range.

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