NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Ground As Airbnb Soars 14%

SP500

SP500 gains ground despite the weaker-than-expected Retail Sales report. The report indicated that Retail Sales decreased by -0.9% month-over-month in January, compared to analyst forecast of -0.1%. Retail Sales Ex Autos declined by -0.4%, while analysts expected that they would increase by +0.3%. Traders also had a chance to take a look at the Industrial Production report for January. The report showed that Industrial Production increased by +0.5% on a month-over-month basis, compared to analyst forecast of +0.3%. Financial stocks were among the biggest gainers in the SP500 today, while healthcare and consumer defensive stocks have found themselves under pressure.

SP500 has managed to climb above the resistance at 6090 – 6100 and is trying to gain additional upside momentum. In case this attempt is successful, SP500 will move above the 6130 level and head towards the 6150 level.

NASDAQ

NASDAQ tests new highs as demand for tech stocks stays strong. Airbnb, which was up by 14%, was the biggest gainer in the NASDAQ index today. The stock rallied as traders reacted to the strong earnings report. Analysts rushed to upgrade the stock after the release of the report, providing additional support to Airbnb.

From the technical point of view, NASDAQ managed to settle above the resistance at 21,900 – 21,950 and is trying to settle above the 22,100 level. A move above this level will open the way to the test of the 22,500 level.

Dow Jones

Dow Jones pulled back as consumer defensive stocks declined after the release of weak Retail Sales data. Procter & Gamble, Walmart, and Home Depot found themselves under pressure in today’s trading session.

The nearest support level for Dow Jones is located in the 44,400 – 44,500 range. A  successful test of this level will push Dow Jones towards the next support level at 44,000 – 44,100.

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