The market was choppy throughout Thursday’s session after opening lower while rebounding midday to set another round of fresh all-time highs. The coronavirus fears looked like they would spark a deeper pullback in the overall market, but the major averages recovered some of their early losses with the small-caps bucking the trend to close higher.
The Nasdaq traded to an record high of 9,748 while closing slightly lower at 9,711. Key resistance at 9,750 was challenged but held with continued closes above this level signaling upside potential towards the 9,800 level.
The S&P 500 tested an all-time and intraday high of 3,385 while settling just below 3,374. Near-term and key resistance at 3,400 was challenged but held with a close above this level signaling strength towards 3,425-3,450.
The Russell 2000 closed at 1,693 after tapping an afternoon high of 1,696. Key support at 1,700 was challenged but held with a close above this level getting the 52-week peak at 1,715 in focus.
The Dow tapped a morning low of 29,345 after trading in negative territory throughout the session. Current support at 29,400 was breached but held with a close below this level opening up risk towards 29,200-29,000.
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Altice USA (ATUS) upgraded to Strong Buy from Outperform at Raymond JamesCaterpillar (CAT) upgraded to Buy from Neutral at Goldman SachsShopify (SHOP) upgraded to Buy from Neutral at PI Financial
Agco (AGCO) downgraded to Neutral from Buy at Goldman SachsNoble Midstream (NBLX) downgraded to Neutral from Outperform at BairdSunPower (SPWR) downgraded to Market Perform from Outperform at Cowen
THURSDAY’S EARNINGS ANNOUNCEMENTS Before the open: AstraZeneca (AZN), Canopy Growth (CGC), Enbridge (ENB), ImmunoGen (IMGN), MGM Growth Properties (MGP), Newell Brands (NWL), PPL (PPL), Sensient Technologies (SXT), Terex (TEX), Yandex (YNDX)
After the close: Air Lease Corporation (AL)
THURSDAY’S ECONOMIC NEWSEmployment Report – 8:30amImport and Export Prices – 8:30amRetail Sales – 8:30amIndustrial Production – 9:15amConsumer Sentiment – 10:00amBusiness Inventories –10:00amBaker-Hughes Rig Count – 1:00pm
METALS/ OILGold closed at $1,578.80 an ounce,