While the market digests the US jobs report, the stock market is also making its voice heard. The major indexes were significantly lower in the pre-market before the jobs report. Since then, all of those declines have been corrected. The major indexes are opening slightly higher. The Nasdaq was down more than -200 points in pre-market trading. So the small gains are a result.
The current market snapshot shows:
- The Dow Industrial Average rose 121.41 points, or 0.32%, to 40,892.
- The Standard & Poor’s 500 Index rose 9.62 points, or 0.17%, to 5,513.68.
- The Nasdaq Composite Index rose 5.12 points, or 0.02%, to 17,133.
The Russell 2000 index of small-cap stocks also rose 4.23 points, or 0.19%, to 2,136.19.
As the trading week drew to a close, major indices fell, led by the Nasdaq:
- Dow Industrial Average -1.47%
- S&P -2.31%.
- Nasdaq -3.3%
As for the Nasdaq, yesterday it stopped near its 200-hour moving average on the upside and turned to the downside. Its 200-hour moving average is 17276.02. The price needs to cross this moving average to give buyers more confidence. In the absence of that, sellers remain more in control. On the downside, the 16984 – 17033 area is a major support (yellow area on the chart below).