The market traded lower throughout Wednesday’s action following a resurgence in several states concerning coronavirus cases, including Florida and Texas, and could threaten the economy’s recovery. The governors of New York, New Jersey and Connecticut told travelers that are arriving from states with high rates of coronavirus to self-quarantine for 14 days.In addition to the troubling coronavirus news, the IMF weighed on sentiment with its sobering forecast for a decline in global economic growth. The losses pushed the major indexes back towards near-term support levels with volatility spiking to its highest level in 7 sessions.The Russell 2000 tapped a midday low of 1,374 before settling at 1,389 (-3.5%). Crucial support at 1,375 was challenged but held with a close below this level signaling additional downside risk towards 1,350.The Dow closed at 25,445 (-2.7%) with the intraday low kissing 25,296. Key support at 25,000 was challenged but held with a close below this level keeping risk towards 24,500 in focus.The S&P 500 tested a low of 3,032 before settling at 3,050 (-2.6%). Crucial support at 3,025 was breached but held with a move below this level signaling additional downside risk towards the 3,000 level.The Nasdaq closed at 9,909 (-2.1%) with the morning low reaching 9,842. Key support at 9,850 was breached but held with a close below this level signaling weakness towards the 9,750 level.
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Aurora Cannabis (ACB) upgraded to Hold from Sell at StifelClear Channel Outdoor (CCO) upgraded to Buy from Neutral at CitiMorgan Stanley (MS) upgraded to Buy from Neutral at DA DavidsonCheesecake Factory (CAKE) downgraded to Underweight from Neutral at JPMorganPayPal (PYPL) downgraded to Neutral from Buy at BTIGRoyal Caribbean (RCL) downgraded to Equal Weight from Overweight at Barclays
THURSDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Accenture (ACN), Better Choice Company (BTTR), Darden Restaurants (DRI), Enerpac Tool Group (EPAC), FactSet Research Systems (FDS), GMS (GMS), McCormick & Company (MKC), Rite Aid (RAD), Stratus Properties (STRS), Unique Fabricating (UFAB), Worthington Industries (WOR)After the close: Aethlon Medical (AEMD), CalAmp (CAMP), Nike (NKE), Progress Software (PRGS), Seanergy Maritime Holdings (SHIP), Synnex (SNX)
THURSDAY’S ECONOMIC NEWSGDP – 8:30amDurable Goods Orders – 8:30amJobless Claims – 8:30amKansas City Fed Manufacturing Index – 11:00am
METALS/ OILGold closed at $1,775.10 an ounce, down $6.90Silver settled at $17.67 an ounce, down $0.39Copper finished at $2.65 a pound, down $0.01Crude Oil was at $38.13 a barrel, down $2.02Bitcoin Investment Trust (GBTC) ended at $10.20 down $0.74
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Todd Mitchell
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