NASDAQ Index, SP500, Dow Jones Forecasts – SP500 Is Flat After JOLTs Job Openings Report

SP500

SP500 is mostly flat as traders react to JOLTs Job Openings report for April. The report showed that JOLTs Job Openings declined from 8.49 million in March to 8.06 million in April, compared to analyst consensus of 8.34 million. The disappointing report pushed Treasury yields to new lows as bond traders bet on a less hawkish Fed. Today, traders also had a chance to take a look at the Factory Orders report for April. The report indicated that Factory Orders increased by 0.7% on a month-over-month basis. Energy and basic materials stocks were among the biggest losers in the SP500 index today due to the sell-off in commodity markets. Meanwhile, real estate stocks gained upside momentum as traders reacted to the pullback in Treasury yields.

SP500 continues its attempts to settle above the resistance at 5270 – 5280. In case SP500 manages to settle above the 5280 level, it will head towards the next resistance, which is located near historic highs at 5320 – 5330.

NASDAQ

NASDAQ is also flat as traders wait for additional catalysts. There are no big gainers in the NASDAQ index today. At the same time, it should be noted that traders do not rush to take profits in AI-related stocks.

Currently, NASDAQ is trying to settle above the resistance at 18,600 – 18,700. In case this attempt is successful, NASDAQ will head towards the next resistance level at 18,900 – 18,950.

Dow Jones

Dow Jones gains some ground in quiet trading. Honeywell and Boeing are the best performers in the Dow Jones index today. From a big picture point of view, Dow Jones needs additional catalysts to gain upside momentum.

In case Dow Jones settles above the 50 MA at 38,688, it will move towards the nearest resistance level, which is located in the 39,000 – 39,100 range.

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