The market closed lower on Monday following the collapse of oil prices into negative territory and lowest prices ever. The plunge was largely driven in part by a lack of storage capacity for black gold along with lower demand and people not working or flying.The lower close held near-term support levels with Tech and the small-caps showing intraday strength. Earnings will pickup this week with a number of high profile names reporting numbers.The Russell 2000 traded down to 1,202 while closing at 1,213 (-1.3%). Crucial support at 1,200 held with a close below this level reopening downside risk towards the 1,175 level.The Nasdaq kissed an intraday day low of 8,553 while settling at 8,560 (-1%). Critical support at 8,350 was challenged but held with a close below this level signaling weakness towards 8,300.The S&P 500 tested to a intraday low of 2,820 while closing at 2,823 (-1.8%). Current support at 2,725 failed to hold with additional downside risk towards 2,700 on a close below this level.The Dow tapped an intraday low of 23,627 before settling at 23,650 (-2.4%). Key support at the 23,500 was challenged but held with continued closes below this level level signaling risk towards the 23,000 area.
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AMC Entertainment (AMC) upgraded to Neutral from Sell at B. Riley FBRDuPont (DD) upgraded to Overweight from Neutral at JPMorganUnder Armour (UAA, UA) upgraded to Market Perform from Underperform at BMO CapitalBooz Allen (BAH) downgraded to Neutral from Buy at Goldman SachsGilead (GILD) downgraded to Equal Weight from Overweight at Wells FargoWalt Disney (DIS) downgraded to Neutral from Buy at UBS
MONDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Coca-Cola (KO), Comerica (CMA), Dover (DOV), Emerson Electric (EMR), First Horizon National (FHN), Graphic Packaging International (GPK), HCA Healthcare (HCA), Lockheed Martin (LMT), ManpowerGroup (MAN), Northern Trust (NTRS), Philip Morris (PM), Prologis (PLD), Snap-On (SNA), Synchrony Financial (SYF), Travelers Companies (TRV), Veoneer (VNE), Webster Financial (WBS)After the close: Chipotle Mexican Grill (CMG), Fulton Financial (FULT), Healthcare Services Group (HCSG), Interactive Brokers GrouP (IBKR), Manhattan Associates (MANH), Netflix (NFLX), Snap (SNAP), Texas Instruments (TXN), United Community Bank (UCBI), W.R. Berkley (WRB)
MONDAY’S ECONOMIC NEWSRedbook – 8:55amExisting Home Sales – 10:00am
METALS/ OILGold closed at 1,711.20 an ounce,