Markets Now: Dow Gains 115 Points but Nasdaq Fades

The Dow Jones Industrial Average was sitting pretty at the end of January. And then it wasn't, as a correction hit. Since then it's gone up and down and up again, and the wild swings don't seem likely to end any time soon. With that in mind, we're keeping a semi-live look on the volatile markets. Here's the latest from Barron's reporters...

12:08 p.m. Earlier, we noted that the market has had a hard time holding onto its gains over the course of the day, and we might be witnessing the same phenomenon once again. The S&P 500 has ticked up 0.1% to 2715.00 after briefly turning negative, while the Nasdaq Composite has ticked up 2.9 points to 7346.60. Only the Dow Jones Industrial Average has managed to hold onto most of its gains: Its up 116.88 points, or 0.5%, at 24,727.79.

Still, the S&P 500 has managed to hold support at 2700, and that has to be good news, right? Right?

10:23 a.m. So far so good. The S&P 500 has risen 0.2% to 2717.22 this morning, while the Dow Jones Industrial Average has gained 131.20 points, or 0.5%, to 24,742.11. The Nasdaq Composite has advanced 0.2% to 7356.26.

After yesterday's decline, it would be easy to worry about something bigger to come. But for now, the pullback looks more technical in nature. Fundstrat's Robert Sluymer notes that the S&P 500's decline started at resistance near 2800, and that it found support right about where one would expect it to, just near 2700. The next support level would be at 2667, and then at its 200-day moving average near 2575, but Sluymer doesn't appear to expect those levels to be tested. "Our view remains unchanged expecting this pullback to be relatively shallow with further consolidation through month-end/early Q3 setting the stage for another upside rally in earnings season," he writes.

Let's hope he's right.

6:58 a.m. So let's take a deep breath, because the market appears to be. After yesterday's Facebook (FB) inspired decline, S&P 500 futures have advanced 0.1% this morning, while Dow Jones Industrial Average futures have dipped 7 points. Nasdaq Composite futures have declined 0.1%.

Societe Generale's Kit Juckes notes that "there isn’t a whole load that’s fresh, new and exciting in the market this morning." And while we will have something fresh and new tomorrow--the announcement from the FOMC meeting that began today--Juckes argues that the Fed decision might not matter that much either, unless they surprise the market by suggesting a faster pace of interest rates.. "We’re not really in a monetary policy-driven regime to the extent we were though," he said. "Now it’s about the economy and politics/fiscal policy."

Speaking of which, reports are circulating that President Donald Trump is readying $60 billion in tariffs against China. Maybe that will move the markets?

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