NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Retreats As AMD Dives 9%

Today, traders also focused on PPI report. The report showed that PPI increased by +0.3% month-over-month in October, compared to analyst forecast of +0.4%. Core PPI grew by +0.3%, in line with analyst expectations. Lower-than-expected PPI report did not provide support to SP500 due to the negative impact of Nvidia’s drama.

Oil markets were mostly flat as traders waited for additional catalysts. Potential escalation in the Middle East will remain a significant risk for stocks in the near term.

Consumer defensive stocks were among the biggest gainers today as demand for safe-haven assets declined. Tech stocks found themselves under material pressure.

SP500 managed to rebound from session lows and is trying to settle back above the support at 7550 – 7560. In case this attempt is succesful, SP500 will move towards the resistance level, which is located in the 7620 – 7630 range.

On the support side, a successful test of the support at 7550 – 7560 will open the way to the test of the next support level at 7475 – 7485.