- Dow Jones experiences substantial pressure following Goldman’s results.
- S&P 500 settled at around the crucial 4000 mark.
- NASDAQ hit new peaks amidst soaring tech stocks demand.
S&P 500 swings between losses and gains as market participants respond to earnings stats from Goldman Sachs and Morgan Stanley. Morgan Stanley gained 8% after the report, whereas Goldman Sachs dropped 7%.
Meanwhile, tech stocks lead the pack within the S7P 500 today, whereas basic materials stocks endure pressure amidst massive pullbacks in the commodity space. From a technical standpoint, S&P 500 still tries to settle beyond the 4000 mark. Moving past this zone will offer S&P 500 a chance to accumulate upward momentum.
NASDAQ climbed to new peaks today, with tech stocks enjoying massive support. Pullbacks in Treasury yields offered material backing to yield-delicate tech stocks. Further, NVIDIA and Tesla were among the top performers in the NASDAQ. The impressive performance of these stocks indicates a growing risk appetite – bullish for the overall market.
Market players are still predicting less hawkishness from the Federal and purchasing large-cap beat stocks – which have endured substantial pressure over the past year. As a result, NASDAQ has moved past the 11,500 mark and seems ready to test the following resistance zone of 11,700.
Dow Jones dropped 0.9% today, following massive sell-offs in Goldman stock – which endured colossal pressure after an unsatisfactory earnings report. But beware, 22 or 30 Dow components are deteriorating today. Thus, Goldman’s performance isn’t the only reason behind Dow Jones’ faintness. McDonald’s remains the only lively area in the Dow today, with its 2% uptick.