The stock market retreated from record opening highs following reports that a stimulus agreement looks to be on the back-burner again. Senate Leader McConnell said the Democrats shrugged off the latest proposal for a relief bill that would leave out liability protection and state aid.Meanwhile, the stock market continued to monitor the rise in virus cases and increase in lockdowns, weighing those developments against the rollout of a vaccine and the potential for more government aid.The Nasdaq ended at 12,338 (-1.9%) with the afternoon low tagging 12,290. New and upper at 12,300-12,200 was tripped but held. A close below the latter would signal a continued pullback towards 12,100-12,000.The Russell 2000 tested an intraday low of 1,889 while closing at 1,902 (-0.8%). Current and upper support at 1,900-1,880 was split but held. A move below the latter would suggest continued weakness towards 1,870-1,850. Below is a chart of the IWM.The S&P 500 ended at 3,672 (-0.8%) following the late day fade to 3,660. Fresh and upper support at 3,675-3,675 was tripped and failed to hold. A close below the latter would indicate a retest towards 3,650-3,625.The Dow traded to a second half low of 29,951 before settling at 30,068 (-0.4%). Near-term and upper support 30,000-29,750 was breached but held. A drop below the latter would indicate a further slide 29,500-29,250.
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Disney (DIS) upgraded to Overweight from Equal Weight at Wells FargoU.S. Steel (X) upgraded to Buy from Hold at ArgusWix.com (WIX) upgraded to Overweight from Neutral at JPMorganHollyFrontier (HFC) downgraded to Underweight from Equal Weight at Wells FargoModerna (MRNA) downgraded to Hold from Buy at NeedhamZoom Video (ZM) downgraded to Neutral from Overweight at JPMorgan
THURSDAY’S EARNINGS ANNOUNCEMENTSBefore the open: AmSouth Bancorporation (ASO), Ciena (CIEN), Fluor (FLR), Hooker Furniture (HOFT), J.Jill (JILL), Lee Enterprises (LEE)
After the close: Broadcom (AVGO), Costco Wholesale (COST), Dave & Buster’s Entertainment (PLAY), Lululemon Athletica (LULU), MediaAlpha (MAX), Oracle (ORCL), PHX Minerals (PHX), Quanex Building Products (NX), SeaChange International (SEAC), Vail Resorts (MTN), Zedge (ZDGE)
THURSDAY’S ECONOMIC NEWSJobless Claims – 8:30am
METALS/ OILGold closed at $1,838.50 an ounce, down $36.40Silver settled at $23.99 an ounce, down $0.75Copper finished at $3.51 a pound, up $0.01Crude Oil was at $45.68 a barrel, up $0.03Bitcoin Investment Trust (GBTC) ended at $20.07 down $0.89
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Todd Mitchell
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