U.S. markets showed weakness for a 5th-straight session while wrapping up their worst week of the year following a weak jobs report. Although the headline number was much weaker than expected, there were several components that were solid, along with housing data that was also released.
The major indexes were able to rally off their morning lows and made a feverish push towards positive territory in the final hour of trading. Early February support levels were tested and remain in play with volatility spiking to a fresh monthly high before settling lower for the session.The Nasdaq declined 0.2% after testing an opening low of 7,332. Prior and upper support at 7,325-7,275 held with risk to 7,200-7,150 and the 50-day moving average on a move below the latter.The S&P 500 also slipped 0.2% following the morning pullback 2,722. Early February and upper support at 2,725-2,700 was breached but held on the 2nd-straight close below the 200-day moving average.The Russell edged down 0.1% after tapping a morning low of 1,510. Prior and upper support at 1,510-1,500 was tripped but held with a move below the latter getting 1,485-1,475 and the 50-day moving average in play.The Dow also dipped 0.1% following the drop to 25,252 shortly after the opening bell. Fresh and upper support at 25,250-25,000 and the 200-day moving average held with backup help at 24,800 and the 50-day moving average.For the week, the Russell plummeted 4.6% while the Nasdaq tanked 2.5%. Both the S&P 500 and the Dow dropped 2.2%.Utilities led sector strength after rising 0.4% while Materials added 0.2%. Energy tumbled 1.9% to easily lead sector laggards while Consumer Discretionary fell 0.7%.Utilities and Real Estate were the only sectors that closed in the green for the week, gaining 0.7% and 0.4%, respectively. Healthcare and Energy were hit for weekly losses of 3.8% while Industrials and Financials stumbled 2.8% and 2.7%, respectively.
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Buckeye Partners (BPL) upgraded to Buy from Neutral at UBSHorizon Pharma (HZNP) upgraded to Overweight from Equal Weight at Morgan StanleySeaWorld (SEAS) upgraded to Outperform from Neutral at MacquarieExxon Mobil (XOM) downgraded to Market Perform from Outperform at CowenGameStop (GME) downgraded to Underperform from Neutral at BofA/MerrillNetflix (NFLX) downgraded to Neutral from Buy at Buckingham
EARNINGS Monday Before the Open (EST):Athenex (ATNX), Century Casinos (CNTY), Iturnan Location and Control (ITRN), Spring Bank Pharmaceuticals (SBPH)Monday After the close(EST):
ADT (ADT), Blueknight Energy (BKEP), Coupa Software (COUP), Dicerna Pharmaceutical (DRNA), FlexShopper (FPAY), Hallador Energy (HNRG), Kronos Worldwide (KRO), Mistras Group (MG), PetIQ (PETQ), Stitch Fix (SFIX), Zafgen (ZFGN)
UPCOMING ECONOMIC NEWS Monday’s Economic Reports (EST):Retail Sales – 8:30amBusiness Inventories –10:00am
METALS / OIL
Gold closed at $1,299.30 an ounce, up $13.20
Silver settled at $15.35 an ounce, up $0.31
Copper finished at $2.89 a pound, down $0.02
Crude Oil was at $56.30 a barrel, down $0.26
Bitcoin Investment Trust (GBTC) ended at $4.85, up $0.011
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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