NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Retreats As Super Micro Computer Dives 19.5%

SP500

SP500 pulled back from session highs and moved into the negative territory as traders took some profits off the table after the strong rebound from recent lows. There are no important economic reports scheduled to be released today, so traders focus on earnings reports. Super Micro Computer, which is down by 19.5%, is the worst performer in the SP500 index today. The stock found itself under strong pressure as traders reacted to the company’s earnings report, which showed that Super Micro Computer’s margin missed analyst expectations. Airbnb was another big loser in the SP500 index. The stock was down by 14.6% as the company warned that U.S. demand was slowing.

Currently, SP500 is trying to settle below the support at 5220 – 5240. In case this attempt is successful, it will head towards the next support level at 5100 – 5120.

NASDAQ

NASDAQ is losing ground as traders sell chip stocks after the weak report from Super Micro Computer. Traders are worried that companies’ profits may find themselves under pressure due to high spending on new technology.

In case NASDAQ manages to settle below the support at 18,000 – 18,100, it will head towards the next support level, which is located in the 17,300 – 17,400 range.

Dow Jones

Dow Jones retreats amid broad pullback in the equity markets. AMGEN, which is down by 6.3%, is the worst performer in the Dow Jones index today. It should be noted that Intel stock continues to lose ground as traders do not believe in a quick turnaround.

From the technical point of view, Dow Jones has recently moved below the support at 39,000 – 39,100. In case Dow Jones stays below the 39,000 level, it will head towards the next support, which is located in the 38,300 – 38,400 range.

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