NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Pulls Back As NVIDIA Dives 7%

SP500

SP500 is losing ground as traders react to the weaker-than-expected ISM Manufacturing PMI report. The report showed that ISM Manufacturing PMI decreased from 50.9 in January to 50.3 in February, compared to analyst forecast of 50.5. Today, traders also had a chance to take a look at the final reading of S&P Global Manufacturing PMI report, which indicated that Manufacturing PMI improved from 51.2 to 52.7. From a big picture point of view, worries about tariffs put material pressure on SP500. Real estate and consumer defensive stocks were among the leaders in SP500 today as demand for safe-haven assets increased. Energy stocks suffered a sell-off as oil markets dived after OPEC+ decided to boost production from April.

Currently, SP500 is trying to settle back below the 5900 level. In case this attempt is successful, SP500 will head towards the nearest support level, which is located in the 5840 – 5850 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 losing ground as NVIDIA stock is down by 7%. NVIDIA is under pressure as a WSJ report indicated that the company’s top chips were still moving to China. Traders worry that the U.S. will impose additional export restrictions, which will hurt NVIDIA’s profits.

The nearest support level for NASDAQ is located in the 20,550 – 20,600 range. If NASDAQ declines below the 20,600 level, it will head towards the next support level at 20,000 – 20,100.

Dow Jones

Dow Jones is moving lower amid broad pullback in the equity markets. NVIDIA, Chevron, and Amazon are the biggest losers in the Dow Jones index today.

In case Dow Jones manages to settle below the support at 43,500 – 43,600, it will head towards the next support level at 43,000 – 43,100.

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