Good Morning Traders!
Today’s economic calendar brings us closer to the end of the trading week with several important economic releases that could influence both equity and fixed income markets. The morning begins with Preliminary Q2 Non-Farm Productivity, Unit Labor Costs, and Weekly Jobless Claims, providing fresh insight into labor market conditions, wage pressures, and overall productivity trends. Later in the morning, markets will receive Final Wholesale Inventories and Wholesale Trade Sales at 10:00AM ET, followed by Natural Gas Inventories at 10:30AM ET.
Treasury activity continues with the 3 and 6 Month Bill Announcement and the 4 and 8 Week Bill Auction later in the session. With productivity, labor costs, and employment data all arriving before the open, traders will be watching closely for any changes to inflation expectations or the economic outlook. While today’s calendar is lighter than earlier in the week, these releases still have the potential to move both Treasury yields and equities throughout the session.
Now, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.
SPDR S&P 500 ETF Trust (SPY)
SPY is currently trading around 771.25 as markets move closer to the end of the trading week following another active stretch of economic data. If buyers defend this level early, a move toward 777.00 may develop, followed by 782.75 if momentum builds into the afternoon. Sustained strength above 788.50 would reinforce the broader uptrend and signal continued institutional buying.
If SPY loses 771.25 with conviction, sellers may press into 765.50. A breakdown there could expose 759.75, while continued weakness may bring the 754.00 region into focus. Expect increased volatility around the 8:30AM ET economic releases.
Invesco QQQ Trust Series 1 (QQQ)
QQQ is currently trading around 714.50 and remains one of the market’s key leadership indices despite recent volatility. If buyers defend this pivot, price may advance toward 721.25, followed by 728.00 if momentum strengthens. Sustained strength above 734.75 would indicate continued institutional demand across large cap technology.
If 714.50 fails to hold, sellers may drive price toward 708.25. A deeper breakdown could expose 702.00, while continued weakness may bring the 695.75 region into play. Watch Treasury yields closely as they continue to influence growth stocks.
Apple Inc. (AAPL)
AAPL is currently trading around 314.00 and continuing to build constructive price action after recent strength. If buyers defend this pivot, price may rotate toward 319.25, followed by 324.50 if momentum builds. Sustained strength above 329.75 would indicate continued institutional accumulation and bullish continuation.
If 314.00 breaks lower, sellers may test 309.00 quickly. Continued downside pressure could extend into 304.00, while deeper weakness may bring the 299.00 region into focus.
Microsoft Corp. (MSFT)
MSFT is currently trading around 483.25 and remains in a strong longer term uptrend despite recent consolidation. If buyers defend this level, price may advance toward 490.50, followed by 497.75 if momentum builds. Sustained strength above 505.00 would signal continued institutional sponsorship and trend continuation.
If 483.25 fails to hold, sellers may press into 476.50. A deeper pullback could test 469.75, while continued weakness may bring the 463.00 region into play.
NVIDIA Corporation (NVDA)
NVDA is currently trading around 222.00 and continuing to regain momentum after recent consolidation. If buyers defend this pivot, a move toward 229.25 may develop, followed by 236.50 if semiconductor strength continues. Sustained trade above 243.75 would indicate renewed sector leadership and expanding upside momentum.
If 222.00 fails to hold, sellers may test 216.00 quickly. Continued downside could extend into 210.00, while deeper weakness may bring the 204.00 region into focus.
Alphabet Inc Class A (GOOGL)
GOOGL is currently trading around 364.00 and attempting to stabilize following recent weakness. If buyers defend this level, price may rotate toward 370.50, followed by 377.00 if momentum improves. Sustained strength above 383.50 would indicate stronger upside participation.
If 364.00 fails to hold, sellers may guide price toward 358.00. A breakdown there could expose 352.00, while continued weakness may bring the 346.00 region into play.
Meta Platforms Inc (META)
META is currently trading around 593.00 and continuing to consolidate after a strong recovery. If buyers defend this pivot, a push toward 600.75 may develop, followed by 608.50 if momentum builds. Sustained strength above 616.25 would indicate continued institutional accumulation and bullish continuation.
If 593.00 breaks lower, sellers may guide price toward 586.00. A deeper pullback could test 579.00, while continued weakness may bring the 572.00 region into focus.
Tesla Inc. (TSLA)
TSLA is currently trading around 322.00 and continuing to trade with elevated volatility. If buyers defend this pivot, a move toward 330.25 may develop, followed by 338.50 if momentum continues. Sustained strength above 346.75 would indicate renewed speculative buying interest.
If 322.00 fails to hold, sellers may test 314.00 quickly. Continued downside pressure could extend into 306.00, while deeper weakness may bring the 298.00 region into play.
Final Word: Good luck and trade safely!
Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.
