U.S. markets were mixed on Friday while closing mostly lower for the week following slightly disappointing economic news. Concerns over Italy also caused some tentativeness as the major indexes were choppy throughout the session.President Trump signed a spending bill that will avert a government shutdown and will keep the U.S. government open through December 7th. Although it had little effect on the market, the bill removed some uncertainty ahead of the mid-term elections in November.
The Russell 2000 rallied 0.4% after testing a high of 1,699. Resistance at 1,700 and the 50-day moving average held with a close above the latter being a slightly bullish development.The Dow climbed 0.1% following the intraday push to 26,515. It was the 4th-straight session the blue-chips made a lower high and lower low with resistance at 26,600 continuing to hold.For the week, the blue-chips fell 1.1% and the small-caps gave back 1%.The Nasdaq edged up 0.1% after reaching a morning peak of 8,065. Lower resistance at 8,075-8,100 held for the 3rd-straight session with a close above the latter getting fresh all-time highs in play.The S&P 500 slipped less than a point, or 0.0% following a run to 2,920.Lower resistance at 2,920-2,925 held for the 5th-straight session with a move above the latter being a slightly bullish signal.The Nasdaq was up 0.6% for the week while the S&P 500 was down 0.5%.For the month, the Dow gained 1.9% and the S&P 500 advanced 0.4%. The Nasdaq fell 0.8% while the Russell sank 2.2%.For the 3rd quarter, the S&P 500 rose more than 7% and the Dow advanced 9% with both indexes rising in 11 of the past 12 quarters. The Nasdaq gained just over 7% for the quarter, and has closed higher for 9-straight quarters. The Russell jumped over 5% for the 3rd quarter.Utilities and Real Estate led sector strength after surging 1.5% and 1.2%, respectively. Technology and Health Care rose 1% and 0.9% for the week.Financials was the weakest sector after sinking 1% and was down 4% for the week. Materials tumbled 4.3% for the week while Industrials and Consumer Staples stumbled 2%.
Lowe’s (LOW) upgraded to Buy from Hold at SunTrustDevon Energy (DVN) upgraded to Overweight from Neutral at Piper JaffrayCameco (CCJ) upgraded to Sector Perform from Underperform at ScotiabankTesla (TSLA) downgraded to Sell from Neutral at CitiPhillips 66 Partners (PSXP) downgraded to Underweight at Morgan StanleyApache (APA) downgraded to Neutral from Overweight at Piper JaffrayEARNINGS
Monday’s earnings announcements (EST):
Before the open: Cal-Maine Foods (CALM)After the close: Stitch Fix (SFIX)
UPCOMING ECONOMIC NEWS Monday’s economic reports (EST):
Jobless Claims – 8:30amPhiladelphia Fed Business Outlook Survey – 8:30amExisting Home Sales – 10:00amLeading Indicators – 10:00am
METALS / OIL
Gold closed at $1,196.20 an ounce, up $8.80
Silver settled at $14.71 an ounce, up $0.42
Copper finished at $2.81 a pound, up $0.02
Crude Oil is at $72.04 barrel, unchanged
Bitcoin Investment Trust (GBTC) ended at $7.94 down $0.14
I hope this helps you prepare for tomorrow. Have a great evening.
Todd Mitchell
Copyright © 1994-2018 Trading Concepts, Inc.
All Rights Reserved.
