NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Rebound From Session Lows Despite Tariff Concerns

SP500

SP500 gains ground as traders buy the dip despite tariff worries. Donald Trump will reveal country-based tariffs on April 2. He noted that he will use reciprocal tariffs against “all countries”. Today, traders also had a chance to take a look at Dallas Fed Manufacturing Index report for March. The report indicated that Dallas Fed Manufacturing Index decreased from -8.3 to -16.3, compared to analyst forecast of -12. Chicago PMI increased from 45.5 in February to 47.6 in March, compared to analyst consensus of 45.2. Consumer defensive and utilities stocks were among the biggest gainers in the SP500 index today. Energy stocks have also moved higher as traders focused on the strong rally in the oil markets. Meanwhile, tech stocks found themselves under pressure.

Currently, SP500 is trying to settle above the resistance at 5590 – 6000. In case this attempt is successful, SP500 will head towards the next resistance level, which is located in the 5700 – 5710 range.

NASDAQ

NASDAQ has also managed to rebound from session lows, although the index remained in the negative territory. Tesla, which was down by 1.6%, was among the biggest losers in the NASDAQ index today.

NASDAQ has recently moved back above the support at 19,100 – 19,150 and is trying to gain additional upside momentum. In case this attempt is successful, NASDAQ will head towards the next resistance level at 19,600 – 19,650.

Dow Jones

Dow Jones rallied amid strong demand for consumer defensive stocks. Walmart and Coca-Cola were among the biggest gainers in the Dow Jones index today.

Dow Jones is trying to settle above the 42,000 level. In case this attempt is successful, it will head towards the 50 MA at 42,147. A move above the 50 MA will open the way to the test of the resistance level at 42,500 – 42,600.

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