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SP500 is mostly flat as traders react to the Non Farm Payrolls report, which indicated that U.S. economy added 187,000 jobs in August. Unemployment Rate increased from 3.5% in July to 3.8% in August due to the surprising increase in Participation Rate. Today, traders also focused on the ISM Manufacturing PMI report, which showed that ISM Manufacturing PMI increased from 46.4 in July to 47.6 in June, compared to analyst consensus of 47. Major indices tried to move higher today, but U.S. dollar’s rebound and rising Treasury yields put some pressure on stocks. In addition, it looks that traders decided to take some profits ahead of the weekend.
In case SP500 settles back below the 200 MA at 4495, it will head towards the next support level, which is located in the 4430 – 4450 range.
NASDAQ is losing ground as traders focus on rising Treasury yields. Tesla, which is down by 5% amid concerns about pricing, is among the biggest losers in the NASDAQ index today.
From the technical point of view, NASDAQ failed to settle above the 15,600 level and is moving towards the nearest support, which is located in the 15,200 – 15,300 range.
Dow Jones
Dow Jones gained some ground but remained below the strong resistance in the 35,000 – 35,100 range. Intel stock gained more than 4% as the strong rebound from recent lows continued.
Currently, Dow Jones is stuck between the support at 34,500 and the resistance at 35,100. Dow Jones needs to move out of this range to have a chance to gain additional momentum.
For a look at all of today’s economic events, check out our economic calendar.
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