The market continued its September swoon on Monday as corona virus case counts surged around the world along with the passing of Supreme Court Justice Ginsberg which caused a heated debate on when the next Supreme Court should be picked.Negotiations on a new stimulus package that continues to remain in a stalemate and funding for the government also weighed on sentiment. The Financial sector was also in focus following news that claimed five banks defied money laundering crackdowns.The Russell 2000 ended at 1,485 (-3.4%) on the close back below the 50-day moving average with the intraday low tagging 1,470. Prior and upper support from late July at 1,475-1,460 was tripped but held. A fall below the latter would signal ongoing weakness towards 1,450-1,435.The Dow traded to an intraday low of 26,715 before settling at 27,147 (-1.8%) and back below the 50-day moving average. Prior and upper support from early August at 26,750-26,500 was tripped but held. A close below the latter would indicate a further pullback towards 26,250-26,000 and the 200-day moving average.The S&P 500 tapped an intraday low of 3,222 before finishing at 3,281 (-1.2%). Upper support from late July at 3,225-3,200 was breached but held. A close below the latter would suggest additional weakness towards 3,175-3,150.The Nasdaq made a dramatic comeback after plunging to a low of 10,519 while closing at 10,778 (-0.1%). July and upper support at 10,600-10,500 was cracked but held. A move below the latter would signal a further pullback towards 10,300-10,200 and levels from late June.
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Oracle (ORCL) upgraded to Outperform from Sector Perform at RBC CapitalPublic Storage (PSA) upgraded to Equal Weight from Underweight at Morgan StanleyScientific Games (SGMS) upgraded to Buy from Hold at JefferiesADP (ADP) downgraded to Market Perform from Outperform at CowenMelco Resorts (MLCO) downgraded to Neutral from Outperform at Credit SuisseTenet (THC) downgraded to Underweight from Neutral at JPMorgan
TUESDAY’S EARNINGS ANNOUNCEMENTSBefore the open: AutoZone (AZO), Neogen (NEOG)
After the close: Aurora Cannabis (ACB), KB Home (KBH), Nike (NKE), Steelcase (SCS), Stitch Fix (SFIX)
TUESDAY’S ECONOMIC NEWSRedbook – 8:55amExisting Home Sales – 10:00amRichmond Fed Manufacturing Index – 10:00am
METALS/ OILGold closed at $1,9610.60 an ounce, down $51.50Silver settled at $24.39 an ounce, down $2.74Copper finished at $3.03 a pound, down $0.09Crude Oil was at $39.67 a barrel, down