Stocks made significant gains as oil prices plunged by 7.5%. The NASDAQ, S&P 500, and Dow Jones all saw positive movements in the market. The SP500 index rose above the 6000 level, with traders closely monitoring the oil market sell-off triggered by Iran’s strike on a U.S. military base. Despite the weak strike, traders speculated that Iran may not escalate further, ensuring safe oil supply routes. Dovish remarks from Fed’s Bowman further boosted SP500, suggesting a potential federal funds rate cut. This sentiment pushed Treasury yields lower, benefiting stocks. Manufacturing PMI remained steady at 52, while Services PMI slightly declined to 53.1. Energy stocks took a hit, while other sectors gained traction on the dovish Fed outlook and oil market dynamics.
Currently, the SP500 is striving to surpass the nearest resistance level at 6000 – 6010, aiming for the next hurdle in the 6090 – 6100 range.
The NASDAQ surged past the 21,800 level, largely fueled by Tesla’s 9.1% gain following the launch of robotaxis in Austin. The index’s next resistance lies in the 21,950 – 22,000 range, hinting at further potential growth towards 22,250 – 22,300.
Meanwhile, the Dow Jones also saw an uptick, driven by increased demand for tech stocks. IBM and Microsoft stood out as top gainers in the index. A breakthrough above the 42,700 – 42,800 resistance level could propel the Dow Jones towards the next obstacle at 43,300 – 43,400. With the RSI in moderate territory, there is considerable room for momentum in the near future.
Expert Vladimir Zernov, an experienced trader, emphasizes the importance of monitoring the economic calendar for insights into market movements. His expertise in stocks, futures, forex, indices, and commodities sheds light on both short-term and long-term market trends.
As the market navigates through various economic events and geopolitical tensions, the performance of key indices like NASDAQ, S&P 500, and Dow Jones serves as a barometer for investor sentiment and market direction. Traders remain vigilant amid evolving dynamics to capitalize on emerging opportunities and navigate potential risks.
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