Wall Street closed substantially lower on Monday as disappointment over the lack of another stimulus deal and escalating worries over the surge in coronavirus cases weighed on sentiment. House Speaker Pelosi’s Deputy Chief of Staff said she remains optimistic on a deal while Economic Advisor Kudlow said stimulus talks have certainly slowed down.The back-and-forth claptrap nearly confirms a deal won’t get passed ahead of the Presidential Election which is now just a week away. Wow. Mixed earnings ahead of the busiest week for the third-quarter and slightly disappointing economic news from the housing market were also factors in the bears biggest win since early September.The Dow plunged to a low of 27,370 while closing at 27,685 (-2.3%). Upper support from late September at 27,500-27,250 was breached but held on the close back below the 50-day moving average. A drop below the latter and would suggest a retest towards 27,000-26,750.The Russell 2000 tapped an afternoon low of 1,586 before settling at 1,605 (-2.2%). Current and upper support at 1,600-1,585 was shaken but held. A move below the latter would indicate a further back-test towards 1,580-1,565.The Nasdaq traded an intraday low of 11,221 before finishing at 11,358 (-1.6%). Prior and upper support from the beginning of the month at 11,300-11,200 and the 50-day moving average were clipped but levels that held. A close below the latter would indicate additional weakness towards 11,100-11,000.The S&P 500 closed at 3,400 (-1.9%) following the midday tumble to 3,364. Prior and upper support at 3,375-3,350 was tripped but held on the close back below the 50-day moving average. A move below the latter would signal further downside risk towards 3,325-3,300.
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Crown Castle (CCI) upgraded to Outperform from Market Perform at Raymond JamesHuntington Bancshares (HBAN) upgraded to Outperform from Neutral at WedbushWinnebago (WGO) upgraded to Buy from Neutral at CitiBoot Barn (BOOT) downgraded to Hold from Buy at Craig-HallumCinemark (CNK) downgraded to Market Perform from Outperform at BarringtonExelon (EXC) downgraded to Neutral from Buy at Guggenheim
TUESDAY’S EARNINGS ANNOUNCEMENTSBefore the open:
After the close:
METALS/ OILGold closed at $1,905.70 an ounce, up $0.50Silver settled at $24.42 an ounce, down $0.25Copper finished at $3.09 a pound, down $0.03Crude Oil was at $38.63 a barrel, down $1.15Bitcoin Investment Trust (GBTC) ended at $14.38 unchanged
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Todd Mitchell
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