The stock market ended Friday on both sides of the ledger as Wall Street ignored ongoing regulatory concerns in China and focused on renewed optimism over the economic recovery here at home. Specifically, the People’s Bank of China banned domestic and overseas financial institutions along with payment companies from accepting cryptocurrency transactions.
Communication Services and Energy led sector strength after rising 0.8% while Real Estate and Healthcare lagged after falling 1.1% and 0.4%, respectively. Despite the choppy session, the bulls held on for the weekly win with volatility continuing to ease.
The S&P 500 tested an intraday high of 4,463 while ending at 4,455 (+0.2%). Lower resistance at 4,450-4,475 was cleared and held. A close above the latter would indicate additional strength towards 4,500-4,525.
The Dow finished at 34,798 (+0.1%) with the session peak reaching 34,857. Key resistance at 35,000 was challenged but easily held. A pop above this level and the 50-day moving average would be a bullish development with momentum towards 35,250-35,500.
The Nasdaq ended at 15,047 (-0.03%) after tagging a low of 14,946. Prior and key support at 15,000 was breached but held. A close back below this level would suggest a retest towards 14,900-14,750 and the 50-day moving average.
The Russell 2000 closed at 2,248 (-0.5%) after trading down to 2,239. Fresh and upper support at 2,250-2,225 failed to hold. A close below the latter and the 50-day moving average would signal a further back-test towards 2,200-2,175 and the 200-day moving average.
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Cheesecake Factory (CAKE) all upgraded to Buy from Hold at Jefferies
Salesforce (CRM) upgraded to Overweight from Neutral at Piper Sandler
Tenable Holdings (TENB) upgraded to Buy from Hold at Berenberg
Cloudflare (NET) downgraded to Perform from Outperform at Oppenheimer
Roku (ROKU) downgraded to Equal Weight from Overweight at Wells Fargo
Volvo (VLVLY) downgraded to Hold from Buy at Stifel
MONDAY'S EARNINGS ANNOUNCEMENTS
Before the open: Ibio (IBIO), S&W Seed Company (SANW)
After the close: Aurora Cannabis (ACB), Concentrix (CNXC), Globus Maritime (GLBS), iPower (IPW), Puyi (PUYI)
MONDAY'S ECONOMIC NEWS
Durable Goods Orders - 8:30am
METALS/ OIL
Gold closed at $1,751.70 an ounce, up $1.90
Silver settled at $22.42 an ounce, down $0.26
Copper finished at $4.29 a pound, up $0.06
Crude Oil was at $73.95 a barrel, up $0.74
Bitcoin Investment Trust (GBTC) ended at $34.23 down $1.66
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