NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Retreats As Super Micro Computer Dives 32.3%

By:

Vladimir Zernov

Updated: Oct 30, 2024, 20:33 GMT+00:00

Key Points:

SP500 is moving lower as traders focus on the disappointing GDP Growth Rate report.
NASDAQ is losing ground amid pullback in the tech sector.
Dow Jones tests support at 42,100 - 42,200.

SP500

SP500 301024 4h Chart

SP500 is losing ground as traders react to economic reports. ADP Employment Change report showed that private businesses added 233,000 jobs in October, compared to analyst consensus of 115,000. The third-quarter GDP Growth Rate was 2.8%, while analysts expected that it would remain unchanged at 3%. Today, traders also focused on the Pending Home Sales report for September. The report showed that Pending Home Sales increased by 7.4%, compared to analyst forecast of +1.1%. On a year-over-year basis, Pending Home Sales increased by 2.6%. Tech stocks were among the biggest losers in the SP500 today. Healthcare and consumer defensive stocks have also found themselves under pressure.

The nearest support level for SP500 is located in the 5800 – 5810 range. In case SP500 manages to settle below the 5800 level, it will head towards the next support level at 5735 – 5750.

NASDAQ

NASDAQ 301024 4h Chart

NASDAQ is losing ground as Super Micro Computer is down by 32.2% after Ernst & Young resigned as the company’s auditor. Advanced Micro Devices, which is down by 10.1%, is also among the biggest losers in the NASDAQ index today. The stock found itself under strong pressure as traders reacted to the company’s earnings report. The report met expectations but the company’s guidance disappointed the market.

If NASDAQ settles below the 50 MA at 20,372, it will head towards the nearest support level, which is located in the 20,000 – 20,100 range.

Dow Jones

Dow Jones 301024 4h Chart

Dow Jones is moving lower amid pullback in tech and industrials stocks. IBM, which is down by 2.7%, is the biggest loser in the Dow Jones index today. The stock continues to move lower after the disappointing earnings report, which was released on October 23.

Currently, Dow Jones is trying to settle below the support at 42,100 – 42,200. In case this attempt is successful, Dow Jones will move towards the next support level at 41,400 – 41,500.

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

About the Author

Vladimir Zernovauthor

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.