NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Ground As Micron Soars 15.1%

SP500

SP500 gained ground as traders reacted to the final reading of the GDP Growth Rate report. The report indicated that GDP Growth Rate was 3% in the second quarter, in line with analyst estimates. Today, traders also had a chance to take a look at Durable Goods Orders report, which showed that Durable Goods Orders remained unchanged in August. Analysts expected that Durable Goods Orders will drop by 2.6%. Durable Goods Orders Ex Transp increased by 0.5%, compared to analyst consensus of +0.1%. Pending Home Sales grew by 0.6%, while analysts expected that they would increase by 0.3%. Initial Jobless Claims report showed that 218,000 Americans filed for unemployment benefits in a week, compared to analyst forecast of 225,000. Overall, the reports showed that U.S. economy remained in decent shape, which was bullish for stocks.

Currently, SP500 continues its attempts to settle above the resistance at 5735 – 5750. If SP500 stays above the 5750 level, it will head towards the 5800 level.

NASDAQ

NASDAQ gained ground, supported by the strong performance of Micron stock. Micron gained 15.1% as traders reacted to the company’s earnings report. Micron’s outlook exceeded analyst expectations due to strong AI-related  demand.

If NASDAQ settles above the resistance at 20,000 – 20,100, it will gain additional upside momentum and move towards the next resistance level, which is located in the 20,700 – 20,800 range.

Dow Jones

Dow Jones is moving higher as traders remain bullish after the release of the better-than-expected economic reports. Most components in the Dow Jones index managed to gain some ground in today’s trading session.

The technical picture remains unchanged for Dow Jones as the index needs to settle above the strong resistance level at 42,100 – 42,200 to gain additional upside momentum.

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