NASDAQ, S&P 500, Dow Jones – Stocks Rebound After Initial Sell-Off

S&P 500 (SPX500) 

S&P 500 has risen over the 3975 mark and has left the session lows behind.

The S&P 500's primary drivers today were the Michigan Consumer Sentiment survey and bank results.

According to bank reports, they have begun to be ready for the recession. It's interesting how quickly after the trading session started, their stocks were able to generate strong upward momentum. After the publication of the earnings results, JPMorgan, Citigroup, Wells Fargo, and Bank of America are trading at multi-week highs.

The recovery of bank equities significantly boosted the S&P 500. It was insufficient, however, to bring the index back into the positive range. Interestingly, despite increased oil prices, energy stock prices remained low.

NASDAQ (NAS100) 

NASDAQ is essentially flat throughout today's trade. After the recent run, some traders were prepared to take gains off the table, but profit-taking did not put too much pressure on NASDAQ before the weekend.

Today, Tesla is down 2% and Amazon is up 2%. Other top NASDAQ stocks exhibit a range of behaviors.

Dow Jones (US30)

Recently, Dow Jones has succeeded in returning to the positive zone. In the Dow Jones today, JPMorgan, UnitedHealth Group, and Goldman Sachs have had the greatest performances.

To sustain its recovery, the Dow Jones must level out above recent highs above 34,300. From a broad perspective, if the approaching earnings season is favorable, Dow Jones has a decent potential to gain further upward momentum.