U.S. markets showed some strength on Monday after Chinese officials described trade talks over the weekend as constructive. China’s Commerce Ministry said there were good discussions on detailed arrangements for high level talks in October.However, news that the U.S. will be sending troops to the Gulf was a session overhang and caused some opening weakness before the midday turnaround but mostly lower close. Volatility remains slightly elevated but closed below a key level of support to start the week.The Dow added 0.1% after making a push 27,011 in the final hour of action. Near-term and lower resistance at 27,000-27,250 was breached but held with the July all-time high at 27,398.The S&P 500 was lower by a third-point, or 0.01%, despite the late day run to 2,999. It was the 2nd-straight close below the 3,000 level with lower resistance at 3,000-3,025 holding and the all-time peak at 3,027.The Nasdaq slipped 5 points, or 0.1%, after trading in a 50-point range while testing an intraday high of 8,135. Prior and lower support at 8,150-8,200 was challenged but held with a move above the latter leading to a possible retest towards 8,250-8,300 and the all-time high at 8,339.The Russell 2000 extended its losing streak to 5-straight sessions after slipping 0.1%, while trading to a late day high of 1,563. Lower resistance at 1,560-1,575 was cleared but held with a above the latter getting 1,585-1,600 back in play.Consumer Staples, Consumer Discretionary and Real Estate showed the most sector strength after rising 0.4% while Technology was up 0.3%.Healthcare and Communications Services were the weakest sectors after giving back 0.5% and 0.4%, respectively.
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TUESDAY’S EARNINGS ANNOUNCEMENTS Before the open: AutoZone (AZO), Blackberry (BB), CarMax (KMX), IHS Markit (INFO), Jabil Circuits (JBL), Manchester United (MANU), Neogen (NEOG), Nio (NIO)After the close: Cintas (CTAS), Comtech Communications (CMTL), IsoRay (ISR), Nike (NKE), Synnex (SNX)
UPCOMING ECONOMIC NEWSTuesday’s economic reports (EST): Redbook – 8:55amS&P Corelogic Case-Shiller – 9:00amFHFA House Price Index – 9:00amConsumer Confidence – 10:00amRichmond Fed Manufacturing Index – 10:00am
METALS / OILGold closed at $1531.50 an ounce, up