NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Rebound From Session Lows, Supported By GDP Growth Rate Data

SP500

SP500 rebounded from session lows as traders focused on tariff drama and reacted to economic reports. Fourth-quarter GDP Growth Rate was +2.4%, compared to analyst forecast of +2.3%. The report showed that the U.S. economy remained in decent shape at the end of 2024. Initial Jobless Claims report indicated that 224,000 Americans filed for unemployment benefits in a week, compared to analyst forecast of 225,000. Pending Home Sales increased by +2% month-over-month in February, while analysts expected that they would grow by +1.5%. Consumer defensive and consumer cyclical stocks were among the leaders in the SP500 today as traders searched for safe-haven assets amid trade wars. Energy stocks pulled back, although oil markets were mostly flat.

Currently, SP500 is trying to settle back above the support at 5700 – 5710. In case this attempt is successful, SP500 will head towards the resistance level at 5800 – 5810. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.

NASDAQ

NASDAQ has also moved away from session lows as traders were ready to buy the dip. Tesla, which was up by 2.1%, was among the biggest gainers in the NASDAQ index today.

The nearest resistance level for NASDAQ is located in the 19,950 – 20,000 range. This resistance level has already been tested several times and proved its strength. If NASDAQ manages to settle above the 20,000 level, it will move towards the next resistance at 20,600 – 20,650.

Dow Jones

Dow Jones remains in the negative territory despite rising demand for defensive sectors.

From the technical point of view, Dow Jones is stuck below the resistance level at 42,500 – 42,600. A move above the 42,600 level will open the way to the test of the next resistance level at 43,100 – 43,200.

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