NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Plunges As Traders Sell Tech Stocks

SP500

SP500 is under strong pressure amid strong sell-off in the tech sector. Traders react to job market data and tariff uncertainty. Initial Jobless Claims report showed that 221,000 Americans filed for unemployment benefits in a week, compared to analyst consensus of 235,000. Donald Trump said that he would delay 25% tariffs on Mexican goods and services that fall under USMCA agreement until April, 2, 2025. However, this move did not calm markets. The sell-off was broad, and all market sectors moved lower in today’s trading session. Treasury yields pulled back, but this move did not provide any support to stocks.

SP500 has recently settled below the support at 5765 – 5775 and is trying to settle below the 5720 level. In case this attempt is successful, SP500 will head towards the next support level at 5685 – 5695. RSI is close to the oversold territory, but there is enough room to gain additional downside momentum in the near term.

NASDAQ

NASDAQ tested new lows as traders rushed to sell tech stocks. Tesla and NVIDIA were among the biggest losers in the NASDAQ index today. Tesla was down by 6.6% after Baird analysts noted that Musk’s role in the government added uncertainty to delivery outlook. NVIDIA declined by 5.9% as traders remained worried about the impact of U.S. export controls.

Currently, NASDAQ is trying to settle below the support at 20,000 – 20,050. In case this attempt is successful, NASDAQ will head towards the next support level, which is located in the 19,600 – 19,650 range.

Dow Jones

Dow Jones is losing ground amid broad sell-off in the equity markets. NVIDIA and Amazon are the biggest losers in the Dow Jones index today.

In case Dow Jones settles below the support level at 42,400 – 42,500, it will head towards the next support, which is located in the 41,700 – 41,800 range.

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