NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Gain Ground Ahead Of Tariff Plan Announcement

SP500

SP500 pulls back from session highs as traders prepare for Trump tariff announcement. Recent reports suggested that President’s team was still working on the plan, which would be revealed soon. According to rumors, tariffs could be set at 10% – 20% for different countries and industries. Today, traders had a chance to take a look at the Factory Orders report for February. The report showed that Factory Orders increased by +0.6% on a month-over-month basis, compared to analyst forecast of +0.5%. This report did not have a material impact on market dynamics as traders focused on tariffs. Consumer cyclical stocks were among the biggest gainers in today’s trading session, while consumer defensive stocks found themselves under pressure. From a big picture point of view, traders were not ready for big moves ahead of the key event of the week.

SP500 faced resistance at 5700 – 5710 and pulled back towards the 5650 level. In case SP500 settles below 5650, it will head towards the support level at 5590 – 5600.

NASDAQ

NASDAQ has also pulled back from session highs as traders took some profits off the table ahead of the tariff plan announcement. Tesla, which was up by 5.3%, was the biggest gainer in the NASDAQ index today.

The nearest resistance level for NASDAQ is located in the 19,600 – 19,650 range. A successful test of this level will push NASDAQ towards the next resistance at 19,950 – 20,000.

Dow Jones

Dow Jones gained some ground as traders waited for the presentation of the tariff plan. There were no significant gainers or losers in the Dow Jones index today as traders remained cautious.

Currently, Dow Jones is trying to settle above the 50 MA at 42,137. In case this attempt is successful, Dow Jones will move towards the nearest resistance level at 42,500 – 42,600.

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