NASDAQ Index, SP500, Dow Jones Forecasts – Dow Jones Gains Ground Despite Boeing’s Crash

SP500

SP500 is moving higher as traders react to economic reports. PPI increased by +0.1% month-over-month in May, compared to analyst forecast of +0.2%. Core PPI grew by +0.1%, while analysts expected that it would increase by +0.3%. Treasury yields moved lower as bond traders bet on dovish Fed. At this point, it looks that trade wars did not lead to higher inflationary pressures. Traders also had a chance to take a look at Initial Jobless Claims report. The report indicated that 248,000 Americans filed for unemployment benefits in a week, compared to analyst consensus of 240,000. Most market sectors gained ground in today’s trading session. Utilities and healthcare stocks were among the biggest gainers as demand for defensive assets increased.

SP500 is heading towards the 6050 level. In case SP500 manages to settle above this level, it will move towards the nearest resistance, which is located in the 6090 – 6100 range.

NASDAQ

NASDAQ is trying to settle above the resistance level at 21,950 – 22,000 amid rising demand for tech stocks. It should be noted that there are no significant gainers in the NASDAQ index today.

A move above the 22,000 level will push NASDAQ towards the resistance level at 22,250 – 22,300.

Dow Jones

Dow Jones gained ground despite the sell-off in Boeing stock. Boeing is down by 4.7% as traders react to the Air India 787 Dreamliner crash. The tragedy raised worries about the safety of Boeing aircraft at a time when the company’s stock has started to recover from previous problems.

From the technical point of view, Dow Jones managed to climb above the resistance at 42,700 – 42,800 and is trying to settle above the 43,000 level. In case this attempt is successful, it will head towards the next resistance level, which is located in the 43,200 – 43,300 range.

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