The market showed continued strength on Tuesday after White House trade adviser Peter Navarro told Fox News “it’s over” in an interview when asked about the China trade agreement. However, following the interview, Navarro said his comments were taken “wildly out of context” while President Donald Trump tweeted that the “China Trade Deal is fully intact.”Those reassurances, along with encouraging economic news pushed the major indexes near the top of the current ranges with the Nasdaq remaining white-hot following its 8th-straight session of gains and a fresh all-time high.The Nasdaq closed at 10,131 (+0.7%), its 21st record high for 2020, after trading to an afternoon high of 10,221. Fresh resistance at 10,200 was cleared but held with continued closes above this level signaling momentum towards 10,250-10,350.The Dow tested a midday high of 26,315 before closing at 26,156 (+0.5%). Key resistance at 26,250 was tripped but held with a close above this level keeping a retest towards 26,500-26,750 in play.The Russell 2000 tagged a morning high of 1,454 while settling at 1,439 (+0.4%). Key resistance at the 1,450 level was breached but held with a move above this level signaling momentum towards 1,475.The S&P 500 reached an intraday peak of 3,154 before going out at 3,131 (+0.4%). Near-term resistance at 3,150 was breached but held with continued closes above this level signaling upside towards the 3,200 area.
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AbbVie (ABBV) upgraded to Overweight from Neutral at Atlantic EquitiesNuVasive (NUVA) upgraded to Buy from Hold at NeedhamFastenal (FAST) upgraded to Neutral from Underweight at JPMorganCBOE Global Markets (CBOE) downgraded to Sell from Neutral at Goldman SachsMasterCard (MA) downgraded to Perform from Outperform at OppenheimerSpirit AeroSystems (SPR) downgraded to Hold from Buy at Berenberg.
WEDNESDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Brainsway (BWAY), Patterson Companies (PDCO), Sotherly Hotels (SOHO), Winnebago Industries (WGO)After the close: BlackBerry (BB), H.B. Fuller Company (FUL), KB Home (KBH), NovaGold Resources (NG), Quantum (QMCO), USA Technologies (USAT)
WEDNESDAY’S ECONOMIC NEWSMBA Mortgage Applications – 7:00amFHFA House Price Index – 9:00am
METALS/ OILGold closed at $1,782.00 an ounce, up $15.60Silver settled at $18.06 an ounce,