U.S. markets closed higher on a Monday for the first time in a month on hopes that the Fed’s Jackson Hole Symposium will see central bankers outline further steps that can be possibly taken to support economic growth, if needed.The upcoming U.S./ China trade talks were also a source of optimism after Commerce Secretary Wilbur Ross said the U.S. will extend a major Chinese Tech company’s license to buy U.S. goods, by another 90 days.The Nasdaq rallied 1.4% after testing an intraday high of 8,026 while closing back above the 8,000 level. Prior and lower resistance at 8,050-8,100 and the 50-day moving average was challenged but held with continued closes above these levels signaling additional strength.The S&P 500 was up for the 3rd-straight session after advancing 1.2% while tapping a second half peak of 2,931. Current and lower resistance at 2,925-2,950 was tripped but held with a move above the latter and the 50-day moving average signaling a possible near-term bottom.The Russell 2000 was higher by 1% following the midday push to 1,515 and close back above the 1,500 level. Near-term and lower resistance at 1,510-1,525 was cleared and held with a close above the latter and the 200-day moving average being a more bullish development.The Dow also rose 1% to extend its winning streak to 3-straight sessions following the late day run to 26,222. Lower resistance at 26,200-26,400 was breached but held with more important hurdles 26,600 and the 50-day moving average.Energy showed the most sector strength after surging 2.2% while Communication Services and Technology advanced 1.6% and 1.5%. There was no sector weakness for the 2nd-straight session.
Aramark (ARMK) upgraded to Buy from Neutral at Nomura Instinet and to Buy from Hold at StifelDeckers Brands (DECK) upgraded to Buy from Hold at Pivotal ResearchON Semiconductor (ON) double upgraded to Strong Buy from Market Perform at Raymond JamesAir Products (APD) downgraded to Neutral from Positive at SusquehannaTrillium Therapeutics (TRIL) downgraded to Neutral from Buy at H.C. WainwrightWhiting Petroleum (WLL) downgraded to Sector Perform from Outperform at Scotiabank
TUESDAY’S EARNINGS ANNOUNCEMENTS Before the open: CooTek (CTK), Home Depot (HD), Kohl’s (KSS), Madison Square Garden (MSG), Medtronic (MDT), Photronics (PLAB), Premier (PINC), Ship Finance International (SFL), TJX Companies (TJX),After the close: Alcon (ALC), Cree (CREE), Fanhua (FANH), Jack Henry & Associates (JKHY), La-Z-Boy (LZB), Nordson (NDSN), ScanSource (SCSC), Toll Brothers (TOL), Urban Outfitters (URBN)
UPCOMING ECONOMIC NEWSTuesday’s economic reports (EST): Redbook – 8:55am
METALS / OILGold closed at $1,511.60 an ounce,