The stock market rebounded on Monday following the 3rd-straight week of a positive announcement concerning coronavirus. AstraZeneca (AZN) said that its vaccine is up to 90% effective but slightly below the 95% effective rates from the previous companies that have reported updates.The small-caps tapped a new record high while Tech was more volatile after trading on both sides of the ledger. The shortened week was met with lessened volume and light economic news with more important impact headlines coming on Wednesday.The Russell 2000 tapped an afternoon and all-time high of 1,827 before settling at 1,818 (+1.9%). Unchartered territory and lower resistance at 1,825-1,845 was cleared but held. A close above the latter would indicate continued momentum towards 1,850-1,870.The Dow traded to an afternoon peak of 29,667 before finishing at 29,591 (+1.1%). Prior and lower resistance 29,500-29,750 was breached and held. A move above the latter would suggest another run at the 30,000 level.The S&P 500 ended at 3,577 (+0.6%) after trading to a high of 3,589 shortly after the open. Current and lower resistance at 3,575-3,600 was recovered. A close above the latter would suggest additional upside towards 3,625-3,650 with the current all-time high at 3,645.The Nasdaq tested a morning high of 11,949 while finishing at 11,880 (+0.2%). Near-term and lower resistance at 11,900-12,000 was cleared but held. A move above the latter would signal another retest towards 12,000-12,100 with the current record peak at 12,108.
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CF Industries (CF) upgraded to Overweight from Equal Weight at StephensPNC Financial (PNC) upgraded to Neutral from Sell at UBSRockwell Automation (ROK) upgraded to Overweight from Equal Weight at Morgan StanleyFoot Locker (FL) downgraded to Underweight from Neutral at Piper SandlerHarsco (HSC) downgraded to Hold from Buy at ArgusKellogg (K) downgraded to Neutral from Outperform at Credit Suisse
TUESDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Abercrombie & Fitch (ANF), Best Buy (BBY), Burlington Stores (BURL), Dollar Tree Stores (DLTR), Eaton Vance (EV), Hormel Foods (HRL), J.M. Smucker (SJM), Jacobs (J), Medtronic (MDT), Tiffany & Co. (TIF)
After the close: Autodesk (ADSK), Dell Technologies (DELL), Fanhua (FANH), Gap (GPS), HP (HPQ), Nordstrom (JWN), Pure Storage (PSTG)
TUESDAY’S ECONOMIC NEWSS&P Corelogic Case-Shiller – 9:00amRichmond Fed Manufacturing Index – 10:00am
METALS/ OILGold closed at $1,837.80 an ounce, down $34.60Silver settled at $23.63 an ounce, down $0.73Copper finished at $3.26 a pound, down $0.03Crude Oil was at $42.91 a barrel, up $0.44Bitcoin Investment Trust (GBTC) ended at $22.13 up $0.89
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Todd Mitchell
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