NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Rally As Traders React To PPI Report

SP500

SP500 gains ground as traders react to economic data and banks’ earnings reports. PPI declined by -0.4% month-over-month in March, compared to analyst forecast of +0.2%. Core PPI decreased by -0.1%, while analysts expected that it would grow by +0.3%. Today, traders also had a chance to take a look at Michigan Consumer Sentiment report for April. The report showed that Consumer Sentiment declined from 57.0 in March to 50.8 in April, compared to analyst forecast of 54.5. The report showed that year-ahead inflation expectations surged from 5.0% to 6.7% as consumers worried about the impact of tariffs. Newmont Mining, which was up by 8.5%, was the best performer in the SP500 index today. From a big picture point of view, basic materials stocks enjoyed high demand as traders reacted to the strong rally in gold markets.

Currently, SP500 is trying to settle above the resistance at 5390 – 5400. In case this attempt is successful, SP500 will move towards the next resistance level at 5500 – 5510.

NASDAQ

NASDAQ moved higher amid rising demand for tech stocks. The rally was led by Strategy, which gained 10.5% as Bitcoin climbed above the $83,500 level.

If NASDAQ stays above the resistance at 18,500 – 18,550, it will head towards the next resistance level at 19,000 – 19,050. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.

Dow Jones

Dow Jones gained ground amid broad rally in the equity markets. JPMorgan Chase, which gained 4.7%, was the biggest gainer in the Dow Jones index today. The stock rallied as traders reacted to the better-than-expected earnings report.

The nearest resistance level for Dow Jones is located in the 40,500 – 40,600 range. A move above 40,600 will push Dow Jones towards the next resistance at 41,400  – 41,500.

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