NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Pull Back From Session Highs As Traders Focus On Tariff News

SP500

SP500 pulled back from session highs as traders reacted to tariff news and focused on economic reports. A court ruling that blocked most of Trump’s tariffs puzzled markets, but it looks that traders believe that Trump administration will find a way to proceed with its tariff policy. Today, traders had a chance to take a look at the second estimate of the first-quarter GDP Growth Rate. The report showed that GDP Growth Rate was -0.2%, compared to analyst forecast of -0.3%. Initial Jobless Claims report indicated that 240,000 Americans filed for unemployment benefits in a week, compared to analyst forecast of 230,000. Pending Home Sales decreased by -6.3% month-over-month in April, while analysts expected that they would decline by just -0.9%. From a big picture point of view, traders used the better-than-expected GDP Growth Rate report as an opportunity to take profits off the table.

Currently, SP500 is trying to settle below the support level at 5910 – 5920. In case this attempt is successful, SP500 will move towards the next support level, which is located in the 5800 – 5810 range.

NASDAQ

NASDAQ gained some ground as NVIDIA  was up by 3.3%. However, the index did not manage to hold near session highs and pulled back towards the 50 MA at 21,277.

If NASDAQ settles below the 50 MA, it will move towards the support level at 20,950 – 21,000. RSI is in the moderate territory, so there is plenty of room to gain momentum in the near term.

Dow Jones

Dow Jones has recently made an attempt to settle above the resistance at 42,700 – 42,800 but lost momentum and pulled back towards the support level at 42,000 – 42,100.

In case Dow Jones settles below the 42,000 level, it will head towards the next support at 41,500 – 41,600.

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