U.S. markets snapped 3-session losing streaks on Wednesday following renewed hopes the U.S. and China are moving closer to agreeing on the amount of tariffs that would be rolled back in a phase one trade deal. People familiar with the talks said that President Donald Trump’s previous comments downplaying the urgency of a deal shouldn’t be understood to mean the talks were stalling.The on again, off again, trade news helped settle near-term nervousness with the major indexes holding the majority of their gains while pushing prior resistance levels. Volatility simmered after closing below a key level of support but remains at a cautious level.The Russell 2000 added 0.7% following the opening run to 1,618. Near-term and lower resistance at 1,615-1,625 was cleared but held with a close above the latter getting 1,635-1,650 and last week’s 52-week peak at 1,634 back in focus.The S&P 500 was up 0.6% with the intraday peak reaching 3,119. Key resistance at 3,125 held with a close above this level leading to a retest towards 3,150-3,175 with the recent all-time record high at 3,154.The Dow gained 0.5% after testing an intraday high of 27,727. Prior and lower resistance at 27,800-28,000 was challenged but held with continued closes above the latter being a more bullish signal for a retest towards 28,200-28,400 and fresh all-time highs.The Nasdaq also rose 0.5% with the high reaching 8,584 shortly after the opening bell. Near-term and lower resistance at 8,550-8,600 was recovered with a close above the latter signaling upside towards 8,650-8,700 with last Wednesday’s all-time top at 8,705.Energy and Healthcare paced sectors leaders after rallying 0.9% while Consumer Discretionary advanced 0.7%. There were no sector laggards.
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Atmos Energy (ATO) upgraded to Buy from Neutral at UBSDenny’s (DENN) upgraded to Buy from Hold at MaximNetEase (NTES) upgraded to Buy from Neutral at Goldman SachsEaton (ETN) downgraded to Hold from Buy at Deutsche BankMarvell (MRVL) downgraded to Market Perform from Outperform at BMO CapitalViewRay (VRAY) downgraded to Neutral from Buy at B. Riley FBR
THURSDAY’S EARNINGS ANNOUNCEMENTS Before the open: Build-A-Bear Workshop (BBW), Canadian Imperial Bank (CM), Dollar General (DG), Duluth Holdings (DLTH), Express (EXPR), GMS (GMS), Hovnanian Enterprises (HOV), J.Jill (JILL), Kirkland’s (KIRK), Kroger (KR), Methode Electronics (MEI), Michaels Companies (MIK), Patterson Companies (PDCO), SecureWorks (SCWX), TD Bank Group (TD), Tiffany & Co. (TIF)
After the close: American Outdoor Brands (AOBC), Cloudera (CLDR), Cooper Companies (COO), CrowdStrike (CRWD), DocuSign (DOCU), Domo (DOMO), Guidewire Software (GWRE), Medallia (MDLA), Okta (OKTA), PagerDuty (PD), Science Applications (SAIC), Ulta Beauty (ULTA), Yext (YEXT), Zoom Video Communications (ZM), Zumiez (ZUMZ)
THURSDAY’S ECONOMIC NEWSChallenger Job-Cut Report – 7:30amInternational Trade – 8:30amJobless Claims – 8:30amFactory Orders – 10:00am
METALS / OILGold closed at $1,480.20 an ounce,