The stock market set another round of record highs on Tuesday’s open before closing mostly lower aside from the blue-chips. Rising bond yields kept bullish sentiment in check as some of the choppiness came over concerns about rising interest rates. Specifically, the 10-year Treasury yield tagged 1.3% late in the session for the first time since last March igniting concerns for the potential for a jump in inflation that could pose a threat to certain sectorsThe Dow settled at 31,522 (+0.2%) after trading to a record peak of 31,608. Current and lower resistance at 31,500-31,750 was breached but held. A close above the latter would indicate additional momentum towards the 32,000 level.The S&P 500 tested an opening all-time high of 3,950 before ending at 3,932 (-0.1%). Key resistance at 3,950 was kissed but held. A close above this level would indicate additional upside towards 3,975-4,000.The Nasdaq tagged a morning and lifetime high of 14,175 while finishing at 14,047 (-0.3%). Fresh and lower resistance at 14,150-14,300 was cleared but held with a close above the latter signaling ongoing strength towards 14,350-14,500.The Russell 2000 reached a first half peak of 2,310 before closing at 2,272 (-0.7%). Near-term and lower resistance at 2,300-2,325 was tripped but held. A move above the latter and the record high at 2,318 would suggest a fresh breakout towards 2,335-2,360.
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Albemarle (ALB) upgraded to Buy from Hold at Deutsche BankEaton (ETN) upgraded to Buy from Hold at HSBCMattel (MAT) upgraded to Buy from Hold at ArgusAmerican Express (AXP) downgraded to Neutral from Outperform at BairdBlackBerry (BB) downgraded to Sell from Hold at CanaccordChildren’s Place (PLCE) downgraded to Neutral from Buy at Monness Crespi
WEDNESDAY’S EARNINGS ANNOUNCEMENTS Before the open: Analog Devices (ADI), Charles River Laboratories International (CRL), Endava (DAVA), Garmin (GRMN), Henry Schein (HSIC), Hilton Worldwide Holdings (HLT), Ironwood Pharmaceuticals (IRWD), Macquarie Infrastructure (MIC), NiSource (NI), Owens Corning (OC), Palatin Technologies (PTN), Repros Therapeutics (RPRX), Shopify (SHOP), Tower Semiconductor (TSEM), United Fire & Casualty Company (UFCS), Vishay Precision Group (VPG), Wingstop (WING)
After the close: Albemarle (ALB), Baidu (BIDU), Boston Beer Company (SAM), CF Industries Holdings (CF), Cheesecake Factory (CAKE), Energy Transfer (ET), Fastly (FSLY), Globus Medical (GMED), Herbalife Nutrition (HLF), Hyatt Hotels (H), Invitae (NVTA), Jack in the Box (JACK), Kadant (KAI), MagnaChip Semiconductor (MX), Mosaic (MOS), Nabors Industries (NBR), Pan American Silver (PAAS), Pegasystems (PEGA), QuickLogic (QUIK), Ribbon Communications (RBBN), Sleep Number (SNBR), Stamps.com (STMP), Sunoco (SUN), Tanger Factory Outlet Centers (SKT), Tilray (TLRY), Twilio (TWLO), Ultra Clean Holdings (UCTT), Valmont Industries (VMI), Waste Connections (WCN)
WEDNESDAY’S ECONOMIC NEWSMBA Mortgage Applications – 7:00amProducer Price Index – 8:30amIndustrial Production – 9:15amNAHB Housing Market Index – 10:00amBusiness Inventories –10:00am
METALS/ OILGold closed at $1,799.00 an ounce, down $24.20Silver settled at $27.33 an ounce, unchangedCopper finished at $3.83 a pound, up $0.04Crude Oil was at $59.97 a barrel, up $0.24Bitcoin Investment Trust (GBTC) ended at $50.31 up $1.40
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