NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Pulls Back As Apple Dives 5.5%
Today, traders also had a chance to take a look at the Personal Spending report. The report indicated that Personal Spending increased by +0.7%, while analysts expected that it would grow by +0.6%. Personal Income grew by +0.7%, exceeding the analyst estimate of +0.4%.
The Initial Jobless Claims report showed that 215,000 Americans filed for unemployment benefits in a week, compared to analyst forecast of 225,000.
Overall, the reports showed that U.S. economy remained in decent shape. Interestingly, Treasury yields moved lower despite the better-than-expected GDP Growth Rate report. However, falling Treasury yields did not provide support to stocks today.
Consumer cyclical and consumer defensive stocks were among the biggest losers in today’s trading session. Basic materials stocks gained ground as traders focused on the rebound in precious metals markets.
Currently, SP500 is trying to settle below the support at 7370 – 7380. In case this attempt is successful, SP500 will move towards the next support level, which is located in the 7290 – 7300 range.