U.S. markets opened lower to start Wednesday’s session as Wall Street prepared for the public impeachment inquiry proceedings and comments from Fed Chairman Jerome Powell. There was nothing surprising in Powell’s prepared remarks although the market rebounded off its lows and into positive territory while he was speaking.Weakness ensued afterwards on reports the U.S./ China trade talks have hit a snag over farm purchases. The mixed close continues to signal near-term and overbought levels for the major indexes with possible consolidation and trading ranges forming.The Dow added 0.3% after tapping a fresh all-time and intraday high of 27,806. Major resistance at 27,750 was cleared and held with continued closes above this level keeping blue-sky territory towards 28,000 in play.The S&P 500 added 2 points, or 0.1%, while tapping a midday high of 3,098. Major resistance at 3,100 was challenged but held for the 4th time in 5 sessions with upside potential towards 3,125-3,150 on a close above this level.The Russell 2000 was down 0.4% after trading in negative territory throughout the session with the low reaching 1,581. Current and upper support at 1,585-1,570 was breached but held.The Nasdaq was off 4 points, or 0.1%, following the intraday back-test to 8,451. Current and upper support at 8,450-8,400 held by a point with a close below the latter opening up risk towards 8,350-8,300.Utilities and Real Estate paced sector leaders after rising 1.5% and 1%, respectively. Financials and Materials led sector losers after dropping 0.6% while Energy and Industrials gave back 0.4%.
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Rockwell Automation (ROK) upgraded to Neutral from Underperform at Credit SuisseInfinera (INFN) upgraded to Neutral from Underweight at JPMorgan 4.Freeport McMoRan (FCX) upgraded to Buy from Neutral at BofA/MerrillDiplomat Pharmacy (DPLO) downgraded to Equal Weight from Overweight at BarclaysSkyworks (SWKS) downgraded to Hold from Buy at CanaccordJ.M. Smucker (SJM) downgraded to Underperform from Neutral at Credit Suisse
THURSDAY’S EARNINGS ANNOUNCEMENTS Before the open: Altimmune (ALT), Canopy Growth (CGC), Digital Ally (DGLY), Great Elm Capital (GECC), International Game Technology (IGT), LiqTech International (LIQT), Magic Software Enterprises (MGIC), New Age Beverages (NBEV), Opera Limited (OPRA), Rubius Therapeutics (RUBY), Sina (SINA), Tufin (TUFN), Viacom (VIAB), Walmart (WMT), Zealand Pharma (ZEAL)After the close: Applied Materials (AMAT), CSS Industries (CSS), Dare Bioscience (DARE), Farfetch Limited (FTCH), Globant (GLOB), Inuvo (INUV), Kulicke & Soffa Industries (KLIC), Nvidia (NVDA), Osmotica Pharmaceuticals (OSMT), Repay Holdings (RPAY), SORL Auto Parts (SORL), Tricida (TCDA), Village Farms International (VFF), Wheaton Precious Metals (WPM)
THURSDAY’S ECONOMIC NEWSJobless Claims – 8:30amPPI-FD – 8:30am
METALS / OILGold closed at $1,463.30 an ounce, up $9.60Silver settled at $16.91 an ounce,