NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Mixed Ahead Of Non Farm Payrolls Data

SP500

SP500 is mostly flat as traders react to the Initial Jobless Claims report, which indicated that 229,000 Americans filed for unemployment benefits in a week. Tomorrow, traders will focus on the Non Farm Payrolls report. Analysts expect that Non Farm Payrolls increased from 175,000 in April to 185,000 in May. Unemployment Rate is expected to stay unchanged at 3.9%. Traders are not ready for big moves ahead of these important reports. Energy and basic materials stocks are among the biggest gainers in the SP500 today. Oil markets continue to rebound from multi-month lows, providing support to oil-related stocks. Utilities stocks have found themselves under pressure in today’s trading session, which means that demand for safe-haven assets is rather weak.

In case SP500 settles above the 5360 level, it will head towards 5400. On the support side, the nearest support level for SP500 is located in the 5320 – 5330 range. A move below 5320 will push SP500 towards the next support level at 5270 – 5280.

NASDAQ

NASDAQ is losing some ground as traders take profits near historic highs. It should be noted that the pullback is not strong as traders stay bullish on AI-related stocks.

RSI is in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

Dow Jones

Dow Jones gains some ground, supported by the strong performance of Salesforce stock. Salesforce continues to rebound after the strong sell-off, which was triggered by the disappointing earnings report.

Dow Jones has recently made an attempt to settle above the resistance at 39,000 – 39,100 but lost momentum and pulled back towards the 38,900 level. In case Dow Jones manages to settle above 39,100, it will gain additional upside momentum and move towards the resistance at 39,600 – 39,700.

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