NASDAQ Index, SP500, Dow Jones Forecasts – Traders Shrug Off Shutdown Fears

SP500

SP500 is mostly flat as traders focus on JOLTs data and wait for the potential U.S. government shutdown. JOLTs Job Openings improved from 7.208 million (revised from 7.18 million) to 7.227 million, compared to analyst forecast of 7.2 million. Today, traders also had a chance to take a look at the CB Consumer Confidence report for September. The report indicated that CB Consumer Confidence declined from 97.8 (revised from 97.4) to 94.2, compared to analyst consensus of 96. Chicago PMI pulled back from 41.5 in August to 40.6 in September, while analysts expected that it would rise to 43. From a big picture point of view, the reports were mostly neutral for stocks, so traders focused on the potential shutdown. It should be noted that government shutdowns have not had a material negative impact on stocks in the past. Healthcare stocks are among the biggest gainers in the SP500 index today. Energy stocks are losing ground as oil markets pull back amid reports indicating that OPEC+ plans to raise production by 500,000 bpd.

Currently, SP500 is trying to settle above the 6675 level. In case this attempt is successful, SP500 will move towards the resistance, which is located in the 6700 – 6710 range.

NASDAQ

NASDAQ is swinging between gains and losses as traders take some profits off the table at the end of the quarter. NVIDIA, which is up by 2.3%, is among the biggest gainers in the NASDAQ index today.

If NASDAQ manages to settle above the 24,600 level, it will head towards the resistance at 24,750 – 24,800.

Dow Jones

Dow Jones continues its attempts to settle below the support at 46,100 – 46,200 as traders wait for additional catalysts.

If Dow Jones settles below the 46,100 level, it will head towards the next support level at 45,700 – 45,800.

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