S&P500 softer ahead of employment dataUS 500 (per 1.0)TRADENATION:US500TradeNationThe S&P 500 faces a more cautious tone today as investors balance improving geopolitical news against renewed concerns over AI-related growth. Positive for equities: Oil prices have fallen after reports of a potential Israel-Lebanon ceasefire, easing concerns about broader Middle East tensions and helping reduce inflation fears. Lower oil prices and a slight decline in Treasury yields are supportive for stocks. Negative for equities: Broadcom's weaker-than-expected AI chip revenue forecast triggered a sharp sell-off in the stock and raised concerns that expectations for the AI sector may have become too optimistic. This has weighed on technology shares and Nasdaq futures. Interest rates remain a concern: Despite today's drop in yields, markets are still pricing a high probability of a Fed rate hike later this year following recent strong US economic data and persistent inflation pressures linked to higher energy prices. What to Watch Today AI and semiconductor stocks after Broadcom's earnings reaction. Oil prices and any further developments in US-Iran negotiations. US jobless claims for clues on the strength of the labour market. Fed speakers for signals on the interest rate outlook. Trading Bias Neutral to slightly bearish for the S&P 500 in the short term. Lower oil prices provide some support, but concerns about AI valuations, higher-for-longer interest rates, and profit-taking after a strong rally are likely to keep pressure on the index. A break lower in major technology stocks could weigh on the broader market throughout the session. Key Support and Resistance Levels Resistance Level 1: 7620 Resistance Level 2: 7663 Resistance Level 3: 7730 Support Level 1: 7491 Support Level 2: 7449 Support Level 3: 7403 The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance. To the extent permitted by law, in no event shall Trade Nation (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk. Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.1% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.