S&P 500 moved to new highs as traders reacted to the better-than-expected GDP data. The New Home Sales report also exceeded analyst expectations and provided additional support to stocks.
Tesla was up by more than 9% in today’s trading session after beating earnings estimates. The company’s encouraging production outlook provided additional support to the stock.
Western Digital gained 5% as Bloomberg reported that merger talks with Kioxia Holdings were progressing well.
From the technical point of view, S&P 500 managed to get above the recent resistance level and continues to rebound. The next significant resistance level for S&P 500 is located at 4100.
NASDAQ gained strong upside momentum as demand for tech stocks remained strong. NASDAQ was the best performer among major U.S. indices today.
Big names like Apple, Microsoft, NVIDIA, Alphabet, and Meta have enjoyed strong support today, so NASDAQ tested multi-week highs.
Dow Jones (US30)
Dow Jones moved higher but failed to gain strong upside momentum due to the sell-off in IBM shares.
IBM stock declined by more than 4% in today’s trading session as traders reacted to the disappointing earnings report, which missed analyst expectations. The company announced that it would cut 3,900 jobs.
Interestingly, job cuts did not provide support to IBM stock. The market remains cautious, and traders do not believe that job cuts will lead to material improvements in the financial performance.
Chevron was up by more than 4% as the company announced a $75 billion buyback. The record buyback plans pushed Chevron stock closer to all-time high levels.
For a look at all of today’s economic events, check out our economic calendar.