As of this Wednesday, the S&P 500 forecast and performance have been showing promise. It has remained on an upward climb for the past four days. This is in light of new economic data coming from the US, boosting investor confidence.
Other indices have also been performing well in this same period. The broad-based index rose 0.38%, moving past the 4,500 level. The Dow Jones Industrial Average Index has also been rising by 0.11%, finishing at a level close to 34,900. When it comes to the Nasdaq Composite, it may have performed the best of the bunch over the past day. This could be due to the index’s tech focus. It has gained by 0.54%, going up to near 12,020. For comparison’s sake, the S&P 500 has risen by 0.52%, and the S&P 500 predictions show a bright future. However, the S&P 500 has lost the least over August, dropping by 1.6%.
S&P 500 Tech Sector and Further Predictions
We could look at the S&P 500’s tech sector performance for further evidence of tech dominance. The S&P 500 forum discussion has been positive here. Nvidia has managed to rise 1% in this period. Apple did exceptionally well, rising 2% in a day. This jump is likely in relation to Apple’s invitations for their event coming soon. The expectation is for this event to be a showcase of the new iPhone 15.
We should put these stock performances in the context of recently available job data from the US. There have been 177,000 new jobs in the private sector in August. The expectations were for a figure of 200,000. This also looks quite small, next to July’s figure of 371,00.
Additionally, expectations for GDP growth have been tempered. They had previously stood at 2.4%, but analysts have revised this number down to 2.1%.
Therefore, the performance of the stocks among such underwhelming economic data is a little unusual. We will have to see what implications this has for the S&P 500 forecast.
