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NASDAQ Index, S&P 500, Dow Jones Analysis – NASDAQ Climbs Back, Dow Jones Supported By Salesforce Performance

Alice Wang

Mar 03, 2023 15:43


S&P 500

After a multi-day decline, speculators purchased equities, and the S&P 500 recovered from session lows.


Traders today concentrated on changes in the Bond market. The yield on 10-year Bonds made an effort to stabilize above 4.08% while remaining above the significant 4.00% mark.


Although rising Treasury rates are negative for equities, it appears that some speculators were ready to take advantage of the recent decline to grow their long holdings.


After surpassing expert expectations and expanding its share repurchase program, Salesforce increased its gains by 11%. Due to its Investor Day falling short of market forecasts, Tesla was one of the largest losses in the S&P 500 today.


From a broad perspective, the crucial issue is whether dealers will be able to disregard the changes in the market for government bonds in the event that Treasury rates keep rising.

NASDAQ

Despite increasing Bond rates, the NASDAQ rose back above the 11,900 mark. It appears that the primary forces behind this move were profit-taking and dip-buying.


NASDAQ needs to stabilize back above the 50 DMA at 11,965 in order to have a chance to build long-term upward momentum. NASDAQ will move toward the next support level at the 20 EMA at 12,145 if it rests above the 50 EMA.

Jones, Dow

Due to the Salesforce stock's impressive showing during today's trading period, Dow Jones made some progress.


The Dow Jones experienced solid support in the 32,500–32,800 range, which is encouraging for bears. The Dow Jones will advance toward the 33,200 level of opposition if it moves above the 33,000 mark.

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