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SP500<\/a> pulled back as traders reacted to the higher-than-expected Producer Prices<\/a> report. The report indicated that PPI increased by 0.3% month-over-month in July, compared to analyst consensus of +0.2%. Core PPI has also increased by 0.3%. The better-than-expected Michigan Consumer Sentiment report<\/a> provided some support to major indices, although traders have mostly focused on the PPI numbers. Treasury yields moved higher as bond traders bet on a more hawkish Fed after the release of PPI data, which was bearish for stocks.<\/p>\n SP500 continues to pull back after the strong rally in the first half of the year. Finally, SP500 declined towards the support level in the 4430 \u2013 4450 range. A move below the 4430 level will indicate that SP500 is ready to gain additional downside momentum. In this case, SP500 will head towards the next support at 4335 \u2013 4350.<\/p>\n<\/div>\n<\/div>\n NASDAQ<\/a> remains under pressure as traders move out of the high-flying tech stocks. NVIDIA<\/a> and Advanced Micro Devices<\/a> have once again found themselves under pressure as traders sell AI-related stocks after the strong rally.<\/p>\n From the technical point of view, NASDAQ managed to settle below the previous support in the 15,200 \u2013 15,300 range and is moving towards the next support level in the 14,560 \u2013 14,680 area.<\/p>\n Dow Jones<\/a> gained some ground in today\u2019s trading session as the majority of the index components moved higher. Disney<\/a> was the only notable loser in the Dow Jones index today.<\/p>\n While SP500 and NASDAQ are moving lower, Dow Jones remains stuck in the range between the support at 35,000 and the resistance at 35,550. Dow Jones will likely gain strong momentum when it moves out of this trading range.<\/p>\n For a look at all of today\u2019s economic events, check out our economic calendar<\/a>.<\/p>\n<\/div>\n<\/div>\nDow Jones<\/h2>\n