NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Pull Back As JOLTs Report Misses Estimates

SP500

SP500 is losing ground as traders react to the weaker-than-expected JOLTs Job Openings report. The report indicated that JOLTs Job Openings decreased from 7.91 million in June to 7.67 million in July, compared to analyst consensus of 8.1 million. Treasury yields moved lower as bond traders bet on dovish Fed after the release of job market data. This move did not provide support to SP500 as stock traders worried about the slowdown of the economy. Today, traders also had a chance to take a look at the Factory Orders report for July. The report showed that Factory Orders increased by 5% on a month-over-month basis, compared to analyst forecast of 4.7%. This report did not have a material impact on SP500 as traders focused on JOLTs Job Openings data, which may force the Fed to be more dovish. Most market sectors have found themselves under pressure in today’s trading session. Utilities and Consumer Defensive stocks managed to gain some ground amid rising demand for safe-haven assets.

In case SP500 settles below the 5500 level, it will head towards the next support level, which is located in the 5400 – 5420 range.

NASDAQ

NASDAQ remains under pressure amid worries about the slowdown of the economy. Dollar Tree, which was down by 24.4%, was the worst performer in the NASDAQ index today. The stock found itself under pressure after the company missed analyst estimates and cut its forecast.

In case NASDAQ settles below the 18,800 level, it will head towards the nearest support level at 18,500 – 18,600.

Dow Jones

Dow Jones is losing some ground amid broad pullback in the equity markets. It should be noted that rising demand for safe-haven stocks has provided some support to the Dow Jones index today.

The nearest significant support level for Dow Jones is located in the 40,500 – 40,600 range. In case Dow Jones declines below the 40,500 level, it will gain additional downside momentum and move towards the next support at 39,700 – 39,800.

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