M&A News Propels Market Higher

The market ended the week higher as optimism about a fast-response coronavirus test and confirmation of the Federal Reserve’s new inflation strategy bolstered ongoing bullish sentiment. A bevy of economic news also lifted spirits with the Nasdaq and S&P setting their 40th and 20th record closes for 2020.

The Russell 2000 closed on its session high of 1,578 (+0.9%). Key resistance at 1,575 was cleared and held with a continued closes above this level indicating a retest towards the 1,600 level and the August high at 1,603. Below is a chart of the IWM.

The S&P 500 tested an afternoon all-time high of 3,509 while finishing at 3,508 (+0.7%). Fresh resistance at 3,500 was cleared and held with continued closes above this level indicating further momentum towards the 3,550 level.

The Dow traded to an intraday high of 28,733 before ending at 28,653 (+0.6%). Prior resistance from late January at 28,500 was reclaimed with continued closes above this level signaling additional strength towards the 29,000 level.

The Nasdaq tagged an intraday and peak of 11,708 before ending lower at 11,625 (-0.3%). Fresh resistance at 11,700 was cleared but held for the 2nd-straight session with continued closes above this level indicating additional upside towards the 11,850 area.

For the week, the Nasdaq was zoomed 3.4%; the S&P 500 rallied 3.3%; the Dow jumped 2.6%; and the Russell 2000 rallied 1.7%. For the month, the major indexes are all up 8%, on average, with the small-caps higher by 6%.

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ANALYST UPGRADES/DOWNGRADES

Brinker (EAT) upgraded to Equal Weight from Underweight at Morgan StanleyDell Technologies (DELL) upgraded to Outperform from Sector Perform at RBC CapitaGap (GPS) upgraded to Neutral from Underperform at BofA

Cardlytics (CDLX) downgraded to Equal Weight from Overweight at Wells FargoDraftKings (DKNG) downgraded to Equal Weight from Overweight at Morgan StanleyFederal Realty (FRT) downgraded to Underweight from Neutral at JPMorgan

 

MONDAY’S EARNINGS ANNOUNCEMENTS

Before the open: Canaan (CAN), Catalent (CTLT), I-Mab (IMAB)

After the close: ScanSource (SCSC), Zoom Video Communications (ZM)

MONDAY’S ECONOMIC NEWSDallas Fed Manufacturing Business Index – 10:30am

METALS/ OILGold closed at $1,974.90 an ounce,​ up $42.30​Silver settled at $27.79 an ounce, up $0.77Copper finished at $3.02 a pound, up $0.03Crude Oil was at $43.93 a barrel, up $0.48Bitcoin Investment Trust (GBTC) ended at $13.20,  up $0.31

I hope this helps you prepare for the trading day. Make it a great one!

   Todd Mitchell

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