wallThe market showed strength on Tuesday following a blowout GDP number as Wall Street focused on better-than-expected economic news and earnings. The major indexes rebounded to push prior resistance levels from earlier in the month but remain on cautious ground.The action in the small-caps remains a concern along with the heightened levels in the S&P 500 Volatility Index ($VIX). After the close, Apple (AAPL) smashed analysts estimates after the company reported earnings of $4.99 a share versus forecasts of $4.55. Revenue was also higher at $91.8 billion versus $88.5 billion. In after-hours trading on Tuesday, shares we up just over 1% and north of $321.The Nasdaq traded to a midday high of 9,288 while closing at 9,269. Near-term resistance at the 9,300 level held with a close above 9,350 being a more bullish development.The Dow was up for the 1st time in 6 session after testing an intraday peak of 28,823 while closing at 28,722. There is additional bounce potential towards 29,000 on continued strength and a more important physiological level of recovery.The S&P 500 made a run to 3,285 while finishing at 3,276. There is additional upside potential towards 3,300 with continued closes back above this level signaling a possible near-term bottom.The Russell 2000 closed at 1,658 with the opening low kissing 1,651. Key support at 1,650 and the 50-day moving average held for the 2nd-straight session with risk towards 1,625 a close below this level.
Garmin (GRMN) upgraded to Neutral from Underperform at Credit SuisseWells Fargo (WFC) upgraded to Neutral from Underperform at BairdWingstop (WING) upgraded to Buy from Neutral at Northcoast3D Systems (DDD) downgraded to Neutral from Overweight at Piper SandlerBeyond Meat (BYND) downgraded to Neutral from Overweight at JPMorganFoot Locker (FL) downgraded to Market Perform from Outperform at Telsey Advisory
WEDNESDAY’S EARNINGS ANNOUNCEMENTS Before the open: AT&T (T), Boeing (BA), Corning (GLW), Dow Chemical (DOW), Extreme Networks (EXTR), General Electric (GE), Hess (HES), Ingersoll-Rand (IR), Littelfuse (LFUS), Mastercard (MA), McDonalds (MCD), Nasdaq (NDAQ), Oshkosh (OSK), Progressive (PGR), Rockwell Automation (ROK), Scotts Miracle-Gro (SMG), Stanley Black & Decker (SWK), Textron (TXT), Unifi (UFI)
After the close: Align Technology (ALGN), Bridge Bancorp (BDGE), Cirrus Logic (CRUS), Cree (CREE), Dolby Laboratories (DLB), Essex Property Trust (ESS), Facebook (FB), Hologic (HOLX), Illumina (ILMN), Las Vegas Sands (LVS), Limelight Networks (LLNW), Microsoft (MSFT), PayPal (PYPL), Qorvo (QRVO), ServiceNow (NOW), Tesla (TSLA), United Rentals (URI)
WEDNESDAY’S ECONOMIC NEWSMBA Mortgage Applications – 7:00amInternational Trade in Goods – 8:30amRetail Inventories – 8:30amWholesale Inventories – 8:30amPending Home Sales – 10:00amFOMC Minutes – 2:00pm
METALS/ OILGold closed at $1,569.80 an ounce, down $7.60Silver settled at $17.46 an ounce, down $0.60Copper finished at $2.57 a pound,