U.S. markets were sluggish throughout Monday’s session as trade tensions between the U.S. and China remained in focus. Over the weekend, President Trump said the U.S. would only make a deal with China if it was right for America while saying the reporting about U.S. willingness to lift tariffs had been exaggerated.Additionally, the U.S. bond market was closed in observance of Veterans Day, so trading volume was thinned on the mostly lower close. Volatility was slightly elevated but has been holding a key level of resistance since late October.The Russell 2000 was down 0.3% after trading to an intraday low of 1,588. Current and upper support at 1,585-1,570 was challenged but held. A close below the latter would be a slightly bearish signal with risk towards the 1,550 level.The S&P 500 slipped 0.2% after tapping a low of 3,075 shortly after the open. Current and upper support at 3,075-3,050 held with a close below the latter signaling a short-term top with downside risk towards 3,025-3,000 and the 50-day moving average.The Nasdaq gave back 0.1% following the intraday pullback to 8,425. Upper support at 8,400-8,350 easily held with a close below the latter opening up risk towards 8,300-8,250.The Dow was up a 10 points, or 0.04%, after showing some 2nd half strength on the run to 27,714 and 3rd-straight record close. Key resistance at 27,750 held with a close above this level and the all-time high at 27,774 signaling additional strength towards 28,000.Real Estate added 0.2% while Technology and Industrials nudged up 0.1% to round out sectors strength. Utilities and Energy were the weakest sectors after declining 0.6% while Communication Services and Healthcare fell 0.5% and 0.4%, respectively.
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Alliance Data (ADS) upgraded to Outperform from Perform at OppenheimerOshkosh (OSK) upgraded to Buy from Neutral at BuckinghamWayfair (W) upgraded to Buy from Hold at ArgusCisco (CSCO) downgraded to Neutral from OverweightL Brands (LB) downgraded to Hold from Buy at Deutsche BankQualcomm (QCOM) downgraded to Equal Weight from Overweight at Morgan Stanley
TUESDAY’S EARNINGS ANNOUNCEMENTS Before the open: Advance Auto Parts (AAP), CBS (CBS), D.R. Horton (DHI), Horizon Global (HZN), Inspired Entertainment (INSE), Kemet (KEM), NetSol Technologies (NTWK), Overstock.com (OSTK), RadNet (RDNT), Sotherly Hotels (SOHO), Tyson Foods (TSN), Verso (VRS)After the close: Amdocs (DOX), BioLife Solutions (BLFS), Canadian Solar (CSIQ), Carbonite (CARB), Datadog (DDOG), Electromed (ELMD), Giga-tronics (GIGA), Health Insurance Innovations (HIIQ), IsoRay (ISR), Kindred Biosciences (KIN), Milacron Holdings (MCRN), Ocular Therapeutix (OCUL), Polar Power (POLA), Radiant Logistics (RLGT), Remark Holdings (MARK), ScanSource (SCSC), Skyworks Solutions (SWKS), Target Hospitality (TH), Varex Imaging (VREX)
TUESDAY’S ECONOMIC NEWSNFIB Small Business Optimism Index – 6:00amRedbook – 8:55am
METALS / OILGold closed at $1,457.10 an ounce, down $5.80Silver settled at $16.80 an ounce,