NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Retreat As Treasury Yields Rise Ahead Of Fed Decision

SP500

SP500 is losing ground as traders cut their risks ahead of the Fed Interest Rate Decision, which will be released tomorrow. Today, traders had a chance to take a look at CB Consumer Confidence report, which indicated that Consumer Confidence declined from 103.1 in March to 97.0 in April, compared to analyst consensus of 104.0. Chicago PMI decreased from 41.4 in March to 37.9 in April, while analysts expected that it would increase to 45. Case-Shiller Home Price Index increased by 0.9% month-over-month in February, compared to analyst consensus of +0.6%. Energy and basic materials stocks were among the biggest losers in SP500 today as traders reacted to the strong sell-off in commodities markets. The yield of 2-year Treasuries moved towards the 5.05% level, while the yield of 10-year Treasuries settled near 4.69%, which was bearish for stocks.

SP500 failed to settle above the resistance at 5100 – 5110 and moved towards the 5070 level. If SP500 settles below 5070, it will head towards the nearest support, which is located in the 5035 – 5050 range.

NASDAQ

NASDAQ is under pressure as demand for tech stocks declined ahead of the Fed decision. Tesla was among the biggest losers in the NASDAQ index today. The stock was down by 5.00% as traders took profits after the recent rebound from yearly lows.

If NASDAQ settles below the 17,600 level, it will get to the test of the nearest support at 17,450 – 17,500.

Dow Jones

Dow Jones pulls back amid a broad sell-off in the equity markets. The pullback is led by Caterpillar, which is down by 4.3% in today’s trading session. Meanwhile, 3M  is up by 4.8% as traders react to the better-than-expected earnings report.

The nearest support level for Dow Jones is located in the 37,800 – 37,900 range. If Dow Jones settles below 37,800, it will head towards the next support at 37,200 – 37,300.

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