S&P500 Today: Indices Steady, Nvidia and AMD Weigh on Tech Stocks
On the Nasdaq 100, 23,845 is the top to beat, with near-term support down at 23,310. A deeper drop would put 22,775 and the 50-day at 22,755 in play.
What’s the market really focused on?
Make no mistake — it’s CPI tomorrow, PPI Thursday, and then the countdown to Jackson Hole. Inflation comes in hot and you can kiss this slow grind higher goodbye, at least temporarily. Cooler numbers? Then the bulls get more ammo. That being said, we’re still in August, which can be choppy, and no matter how bad the news gets, buyers on dips have been keeping this market afloat.
Bottom line — today feels like positioning ahead of the data. We’re still close enough to highs that pullbacks might look like buying opportunities, but we’ll see how that plays out once the numbers hit.
More Information in our Economic Calendar.