NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Ground As Micron Soars 11.3%

SP500

SP500 pulled back from session highs as traders focused on PMI reports and weighed Trump’s comments on tariffs. The final reading of S&P Global Services PMI report showed that Services PMI increased from 56.1 in November to 56.8 in December, compared to analyst forecast of 58.5. Composite PMI increased from 54.9 to 55.4, compared to analyst consensus of 56.6. Numbers above 50 show expansion. Both reports missed expectations but highlighted the strength of the U.S. economy. Donald Trump denied reports indicating that he could narrow his tariff plan and said that his tariff policy would not be pared back. Tech stocks were among the leaders in today’s trading session, while real estate, consumer defensive, and utilities stocks pulled back. The pullbacks in defensive sectors show that market sentiment remains bullish and the appetite for risk is rising.

If SP500 stays above the resistance at 5980 – 5990, it will move towards the next resistance level, which is located in the 6090 – 6100 range.

NASDAQ

NASDAQ gained ground amid rising demand for tech stocks. Micron, which was up by 11.3%, was the biggest gainer in the NASDAQ index today. The stock rallied as traders focused on strong demand for AI products, which was highlighted by the earnings report of Foxconn Technology.

Currently, NASDAQ is trying to settle above the resistance at 21,600 – 21,650. In case this attempt is successful, NASDAQ will move towards the next resistance level, which is located in the 22,050 – 22,100 range.

Dow Jones

Dow Jones  pulled back from session highs as demand for defensive stocks declined. Procter & Gamble, Honeywell International, and Verizon Communications were the biggest losers in the Dow Jones index today.

In case Dow Jones settles below the support level at 42,700 – 42,800, it will move towards the next support at 42,100 – 42,200.

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