The market bounced back on Wednesday following a three-session selloff with the Nasdaq leading the charge higher. Tech had tumbled into correction territory following a cumulative 10% loss from last Wednesday’s high into Tuesday’s close, leaving the index ripe for bargain hunting. The overall gains were a relief but remains to be seen if it was a dead cat bounce or the beginning of a more serious rebound.The Nasdaq settled at 11,141 (+2.7%) after testing a midday high of 11,217. New resistance at 11,200 was cleared but held with a close above this level signaling additional momentum towards the 11,350 level.The S&P 500 reached an intraday peak of 3,424 before closing at 3,398 (+2%). Fresh resistance at 3,400 was breached but held with continued closes above this level suggesting further upside towards the 3,450 area.The Dow traded to an intraday high of 28,206 while finishing at 27,940 (+1.6%). Prior resistance at 28,250 was challenged but held with a move above this level indicating a retest towards 28,500.The Russell 2000 tagged an intraday high of 1,532 while settling at 1,526 (+1.5%). Key resistance at 1,525 was reclaimed with continued closes above this level signaling another run towards 1,550.
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FormFactor (FORM) upgraded to Buy from Hold at Craig-HallumSherwin-Williams (SHW) upgraded to Outperform from Market Perform at BMO CapitalVroom (VRM) upgraded to Overweight from Neutral at JPMorganEssex Property Trust (ESS) was downgraded to Neutral from Buy at Goldman SachsInnate Pharma (IPHA) downgraded to Neutral from Buy at Bryan GarnierGogo (GOGO) downgraded to Market Perform from Outperform at Cowen
THURSDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Aurora Mobile (JG), Bioceres Crop Solutions (BIOX), FuelCell Energy (FCEL), Optical Cable (OCC)After the close: A-Mark Precious Metals (AMRK), Chewy (CHWY), Dave & Buster’s Entertainment (PLAY), Farmer Brothers (FARM), LightPath Technologies (LPTH), Oracle (ORCL), Peloton Interactive (PTON), RF Industries (RFIL), USA Technologies (USAT), Volt Information Sciences (VOLT), Zumiez (ZUMZ)
THURSDAY’S ECONOMIC NEWSJobless Claims – 8:30amProducer Price Index – 8:30amWholesale Trade – 10:00am
METALS/ OILGold closed at $1,954.90 an ounce, up $11.70Silver settled at $27.08 an ounce, up $0.09Copper finished at $3.05 a pound, up $0.02Crude Oil was at $38.00 a barrel, up $1.16Bitcoin Investment Trust (GBTC) ended at $11.46, up $0.45
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Todd Mitchell
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