NASDAQ Index, SP500, Dow Jones Forecasts – Dow Jones Moves Higher As NVIDIA Gains 4.4%

SP500

SP500 gains ground as traders focus on the better-than-expected ADP Employment Change report. The report showed that private businesses added 183,000 jobs in January, compared to analyst forecast of 150,000. Today, traders also had a chance to take a look at ISM Services PMI report. The report indicated that ISM Services PMI declined from 54.1 in December to 52.8 in January, compared to analyst consensus of 54.5. Numbers above 50 show expansion. S&P Global Services PMI decreased from 56.8 to 52.9, compared to analyst consensus of 52.8. Most market sectors moved higher in today’s trading session. Utilities and real estate stocks were among the biggest gainers as traders focused on falling Treasury yields. The yield of 10-year Treasuries pulled back towards the 4.40% level, which was pullish for SP500.

In case SP500 stays above the 6050 level, it will move towards the nearest resistance, which is located in the 6090 – 6100 range. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

NASDAQ

NASDAQ is mostly flat due so sell-offs in Advanced Micro Devices and Alphabet stocks. Both stocks are down by roughly 7.5% as traders react to earnings reports. Advanced Micro Devices found itself under pressure as AI chip revenue disappointed investors. Alphabet plunged as the company revealed plans to invest $75 billion in AI.

If NASDAQ manages to settle above the resistance at 21,550 – 21,600, it will move towards the next resistance level at 21,900 – 21,950.

Dow Jones

Dow Jones gains ground as NVIDIA rallies 4.4%. The stock continues to rebound from multi-month lows as traders bet that DeepSeek would not hurt NVIDIA sales.

From the technical point of view, Dow Jones needs to settle above the resistance at 44,900 – 45,000 to gain additional upside momentum in the near term.

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