U.S. showed steep losses on the open after President Trump announced he had called off the planned summit meeting with North Korea. The disappointing news was clearly a setback and may be seen as clouding the outlook for a trade resolution with China. However, the major indexes found afternoon strength after the President held a press conference where he is explaining he wouldn’t rule out a meeting with North Korea at a later date.
The Russell 2000 was up less than a point, or 0.04%, following a backtest to 1,616 but closed higher for the 6th time in 7 sessions. The Nasdaq was down a point, or 0.2%, after trading to an intraday low of 7,357 but closed above the 7,400 level for the 2nd-straight session.Both indexes showed strength into the closing bell and was a slightly bullish signal ahead.The Dow dipped 0.3% after testing an intraday low of 24,605 but was able to hold the 24,800 level into the closing bell. The S&P 500 slipped 0.2% after bottoming at 2,707 while holding major support at the 2,700 level.Both indexes traded in negative territory throughout the session but remain over 1% above their 50-day moving averages.
Deere (DE) upgraded to Buy from Neutral at UBSNorthern Oil and Gas (NOG) upgraded to Buy from Hold at SunTrustRowan Companies (RDC) upgraded to Outperform from Market Perform at Wells FargoAbbVie (ABBV) downgraded to Buy from Conviction Buy at Goldman Sachs Generac (GNRC) downgraded to Neutral from Outperform at BairdPetrobras (PBR) downgraded to Equal Weight from Overweight at Morgan Stanley
Friday’s EarningsBuckle (BKE), Cae (CAE), Footlocker (FL), Hibbett Sports (HIBB)
Friday’s economic reports (EST):
Durable Goods Orders – 8:30amConsumer Sentiment – 10:00amBaker-Hughes Rig Count – 1:00pm
Gold closed at $1,304.40 an ounce, up $14.80
Silver settled at $16.69 an ounce, up $0.28
Copper finished at $3.09 a pound, up $0.02
Crude Oil is at $70.70 a barrel, down $1.14
Bitcoin Investment Trust (GBTC) ended at $12.24 up $0.02
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Make it a great day!
Todd Mitchell
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