handThe stock market traded on both sides of the ledger on Wednesday before closing mostly higher with Tech lagging. A weaker-than-expected jobs number caused opening weakness before strength returned. House Speaker Nancy Pelosi and Senate Democratic Leader Chuck Schumer indicated progress on the bipartisan coronavirus relief negotiations.The Dow traded to a late day high of 29,902 shortly after the opening bell before ending at 29,883 (+0.2%). Near-term and lower resistance 30,000-30,250 was challenged but held. A move above the latter and the all-time high at 30,116 would suggest momentum towards 30,500-30,750.The S&P 500 closed at 3,669 (+0.2%) after topping out at 3,670. Current and lower resistance at 3,675-3,700 was challenged but held. A close above the latter and the record peak at 3,678 would suggest additional upside towards 3,725-3,750.The Russell 2000 tapped an intraday high of 1,842 before settling at 1,838 (+0.1%). Lower resistance at 1,850-1,870 was challenged but held. A close above the latter and the recent lifetime high at 1,862 would indicate continued strength towards 1,880-1,900.The Nasdaq tested an afternoon high of 12,360 while finishing lower at 12,349 (-0.1%). Near-term and lower resistance at 12,400-12,500 was challenged but held. A move above the latter would signal continued fresh record peaks towards 12,600-12,700.
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Asana (ASAN) upgraded to Overweight from Neutral at Piper SandlerKohl’s (KSS) upgraded to Buy from Hold at Deutsche BankVerizon (VZ) upgraded to Buy from Neutral at MoffettNathansonDave & Buster’s (PLAY) downgraded to Hold from Buy at TruistHasbro (HAS) downgraded to Market Perform from Outperform at BMO CapitalPalantir (PLTR) downgraded to Underweight from Equal Weight at Morgan Stanley
THURSDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Build-A-Bear Workshop (BBW), Cracker Barrel Old Country Store (CBRL), Dollar General (DG), Express (EXPR), GMS (GMS), Kroger (KR), Lands’ End (LE), Michaels Companies (MIK), REX American Resources (REX), SecureWorks (SCWX), TD Bank Group (TD)After the close: Afya (AFYA), Cooper Companies (COO), DocuSign (DOCU), IDT (IDT), Marvell Technology (MRVL), Ollie’s Bargain Outlet Holdings (OLLI), PagerDuty (PD), Smith & Wesson (SWBI), Tilly’s (TLRS), ULTA Beauty (ULTA), Yext (YEXT), Zumiez (ZUMZ)
THURSDAY’S ECONOMIC NEWSChallenger Job-Cut Report – 7:30amJobless Claims – 8:30amISM Non-Manufacturing Index – 10:00am
METALS/ OILGold closed at $1,830.20 an ounce, up $11.30Silver settled at $24.08 an ounce, down $0.01Copper finished at $3.49 a pound, up $0.01Crude Oil was at $44.96 a barrel, up $0.78Bitcoin Investment Trust (GBTC) ended at $23.39 down $0.35
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Todd Mitchell
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