NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Rallies Amid Rising Demand For Tech Stocks

SP500

SP500 gains ground amid strong demand for tech stocks. The rally is broad, and most market sectors are moving higher in today’s trading session. Meanwhile, consumer defensive stocks found themselves under pressure as demand for defensive assets declined. Today, traders focused on Durable Goods Orders report for March. The report showed that Durable Goods Orders increased by +9.2% month-over-month, compared to analyst forecast of +2%. Durable Goods Orders Ex Transp were unchanged, compared to analyst consensus of +0.3%. Initial Jobless Claims report showed that 222,000 Americans filed for unemployment benefits in a week, in line with analyst estimates. Existing Home Sales declined by -5.9% month-over-month in March, while analysts expected that they would drop by -3%. From a big picture point of view, traders stay focused on tariff negotiations and hope that the U.S. and China will be able to reach a deal.

Currently, SP500 is trying to settle above the resistance at 5490 – 5500. In case this attempt is successful, SP500 will move towards the next resistance level at 5590 – 5600.

NASDAQ

NASDAQ rallied as traders bought tech stocks. Microchip Technology, which was up by 12%, was the biggest gainer in the NASDAQ index today. The stock soared after the company presented a new AI-related product.

NASDAQ climbed above the resistance at 19,000 – 19,050 and is trying to settle above the 19,200 level. In case this attempt is successful, NASDAQ will move towards the next resistance at 19,500 – 19,550.

Dow Jones

Dow Jones tests resistance at 40,000 – 40,100 amid broad rally in the equity markets. The index is moving higher despite the strong sell-off in IBM stock, which is down by 7% after the release of the first-quarter earnings report.

A successful test of the resistance at 40,000 – 40,100 will push Dow Jones towards the next resistance, which is located in the 40,900 – 41,000 range.

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