The stock market fell on Tuesday, with the broader market recording its biggest one-day percentage drop in roughly a month, as retail sales raised concerns about the economic recovery. The Commerce Department reported retail sales fell by 1.1% in July from June.Specifically, spending at online and other non-store retailers fell 3.1% while sales at car dealers fell 4.3%. The pullback snapped five session winning streaks for the Dow and S&P 500 with volatility rising back above a key level of resistance.The Russell 2000 tagged a midday low of 2,152 while closing at 2,177 (-1.2%). Prior and upper support from mid-July at 2,175-2,150 was breached but held. A drop below the latter would indicate additional weakness towards 2,125-2,100 with the July bottom at 2,107. Below is a chart of the IWM.The Nasdaq ended at 14,656 (-0.9%) with the afternoon low hitting 14,550. Near-term and upper support at 14,650-14,500 was breached but held for the second-straight day. A move below the latter and the 50-day moving average reopens downside pressure towards 14,350-14,200.The Dow tested an intraday low of 35,120 before settling at 35,343 (-0.8%). Fresh and upper support at 35,250-35,000 was tripped but held. A close below the latter below would suggest an ongoing fade towards 34,750-34,500 and the 50-day moving average.The S&P 500 tapped a low of 4,417 while finishing at 4,448 (-0.7%). New and upper support at 4,425-4,400 was breached but held. A close below the latter would likely lead to additional weakness towards 4,375-4,350 and the 50-day moving average.
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AppLovin (APP) upgraded to Equal Weight from Underweight at Morgan StanleyBaker Hughes (BKR) upgraded to Conviction Buy from Buy at Goldman SachsPerficient (PRFT) upgraded to Overweight from Neutral at JPMorganAllstate (ALL) downgraded to In Line from Outperform at Evercore ISIRackspace Technology (RXT) downgraded to Neutral from Overweight at JPMorganSuncor (SU) downgraded to Buy from Conviction Buy at Goldman Sachs
WEDNESDAY’S EARNINGS ANNOUNCEMENTS Before the open: Analog Devices (ADI), Brinker International (EAT), Children’s Place (PLCE), Digital Ally (DGLY), Eltek (ELTK), Kaltura (KLTR), Lowe’s Companies (LOW), Meten Edtechx Education Group (METX), Nano Dimension (NNDM), OSI Systems (OSIS), Partner Communications Company (PTNR), Sharps Compliance (SMED), Target (TGT), Vipshop Holdings (VIPS), Weibo (WB), ZIM Integrated Shipping Services (ZIM)
After the close: Bath & Body Works (BBWI), Cisco Systems (CSCO), DLocal (DLO), Grindrod Shipping (GRIN), Keysight Technologies (KEYS), Nvidia (NVDA), Robinhood Markets (HOOD), Synopsys (SNPS), Victoria’s Secret & Co. (VSCO), ZTO Express (ZTO)
WEDNESDAY’S ECONOMIC NEWSMBA Mortgage Applications – 7:00amBuilding Permits – 8:30amHousing Starts – 8:30amFOMC Minutes – 2:00pm
METALS/ OILGold closed at $1,787.80 an ounce, down $2.00Silver settled at $23.66 an ounce, down $0.13Copper finished at $4.21 a pound, down $0.12Crude Oil was at $66.67 a barrel, down $0.80Bitcoin Investment Trust (GBTC) ended at $36.61 down $1.33
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Todd Mitchell
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