NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Rebound As Traders Focus On Powell’s Comments

SP500

SP500 rebounded from session lows and moved into the positive territory as traders focused on Powell’s comments. Fed Chair said that the economy was doing fine and added that Fed was in no rush to cut rates. Today, traders also focused on the Non Farm Payrolls report. The report indicated that U.S. economy added +151,000 jobs in February, compared to analyst forecast of +160,000. The previous report was revised from +145,000 to +125,000, raising worries about the situation in the job market. Unemployment Rate increased from 4% in January to 4.1% in February, compared to analyst consensus of 4%. Energy stocks were among the biggest gainers today as traders focused on the rebound in the oil markets. Consumer cyclical and financial stocks found themselves under pressure in today’s trading session.

Currently, SP500 is trying to settle back above the resistance at 5765 – 5775. In case this attempt is successful, SP500 will move towards the next resistance, which is located in the 5840 – 5850 range.

NASDAQ

NASDAQ has also moved into the positive territory as traders reacted to Powell’s comments. Broadcom, which is up by 8%, is the biggest gainer in the NASDAQ index today. The stock rallied as traders reacted to the earnings report, which showed that AI demand remained strong.

In case NASDAQ stays above the support level at 20,000 – 20,050, it will head towards the nearest resistance level, which is located in the 20,550 – 20,600 range.

Dow Jones

Dow Jones moved higher amid broad rebound in the equity markets. The rebound is led by IBM , which is up by 4.8% amid rising demand for tech stocks.

Dow Jones settled back above the support at 42,400 – 42,500 and is trying to settle above the 42,800 level. In case this attempt is successful, Dow Jones will head towards the resistance level at 43,000 – 43,100.

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