NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Dives As Meta Drops 8%

Traders also focus on the situation in Saudi Arabia. The U.S. ordered some diplomats and their families to leave the country. Brent oil prices gained 3% as traders prepared for additional escalation in the Middle East. Some analysts believe that U.S. and Israel will soon restart the military operation against Iran. In such a scenario, oil prices will rally, putting material pressure on stocks.

Traders also had a chance to take a look at the Initial Jobless Claims report. The report showed that 194,000 Americans filed for unemployment benefits in a week, compared to analyst consensus of 200,000. The report did not have a material impact on market dynamics as traders focused on Meta’s spending plans.

Consumer defensive stocks were among the biggest gainers today as demand for safe-haven assets increased. Utilities and real estate stocks moved higher as traders reacted to the strong pullback in Treasury yields. Tech stocks found themselves under pressure amid worries about AI spending. Basic materials stocks moved lower amid sell-off in precious metals markets.

The nearest support level for SP500 is located in the 7615 – 7625 range. In case SP500 manages to settle below the 7615 level, it will head towards the next support at 7515 – 7525 range. RSI remains in the moderate territory, so there is enough room to gain momentum in the near term.