NASDAQ Index, SP500, Dow Jones Forecasts – SP500 Pulls Back As Walmart Dives 6.5%

SP500

SP500 pulled back as traders reacted to the disappointing earnings report from Walmart. The stock pulled back by 6.5% after Walmart beat analyst estimates on earnings and missed them on revenue. The company’s guidance missed expectations, which served as the key driver for the pullback. Today, traders had a chance to take a look at the Initial Jobless Claims report. The report showed that 219,000 Americans filed for unemployment benefits in a week, compared to analyst forecast of 215,000. Philadelphia Fed Manufacturing Index declined by -0.1% month-over-month in February, compared to analyst consensus of +0.1%. Most market sectors moved lower in today’s trading session. However, energy stocks managed to gain some ground as traders focused on the continuation of the rally in the oil markets.

Currently, SP500 is trying to settle below the support level at 6090 – 6100. In case this attempt is successful, SP500 will move towards the next support, which is located in the 6000 – 6010 range.

NASDAQ

NASDAQ moved lower amid falling demand for tech stocks. From a big picture point of view, traders continue to take profits near historic highs.

If NASDAQ manages to settle below the support at 21,900 – 21,950, it will move towards the next support level at 21,550 – 21,600.

Dow Jones

Dow Jones is under pressure amid broad pullback in the equity markets. Walmart was the worst performer in the Dow Jones index today. Financial stocks, including Goldman Sachs, JPMorgan Chase, and American Express, have also found themselves under strong pressure.

From the technical point of view, Dow Jones is trying to settle below the support level at 44,000 – 44,100. If Dow Jones manages to settle below the 44,000 level, it will move towards the next support level, which is located in the 43,500 – 43,600 range.

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