NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Retreats As NVIDIA Dives 5%

SP500

SP500 is losing ground amid pullback in tech stocks. Today, traders had a chance to take a look at the second estimate of the fourth-quarter GDP Growth Rate report. The report showed that GDP Growth Rate was +2.3%, in line with analyst forecast. Initial Jobless Claims report showed that 242,000 Americancs filed for unemployment benefits in a week, compared to analyst consensus of 221,000. Durable Goods Orders increased by +3.1% month-over-month in January, compared to analyst forecast of +2%. Durable Goods Ex Transp were unchanged in January, while analysts expected that they would grow by +0.3%. Pending Home Sales decreased by -4.6% month-over-month in January, compared to analyst estimate of -1.3%. It should be noted that recent housing market reports were weak. Traders also focused on the new twist in the tariff drama. Donald Trump said that 25% tariffs on Mexico and Canada would be imposed on March 4, together with an additional 10% tariff on Chinese imports. Worries about the impact of tariffs may put additional pressure on stocks in the upcoming trading sessions.

The nearest support level for SP500 is located in the 5910 – 5920 range. If SP500 declines below the 5910 level, it will move towards the next support level at 5840 – 5850.

NASDAQ

NASDAQ retreats as NVIDIA is down by 5% after the release of the earnings report, which beat analyst estimates. However, it looks that traders expected a stronger report, so they rushed to sell the stock.

Currently, NASDAQ is trying to settle below the support at 20,850 – 20,900. In case this attempt is successful, NASDAQ will head towards the next support level at 20,550 – 20,600.

Dow Jones

Dow Jones gained ground as demand for financial and consumer defensive stocks increased.

If Dow Jones settles above the 43,600 level, it will move towards the nearest resistance level, which is located in the 44,000 – 44,100 range.

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