U.S. markets showed strength throughout Tuesday’s session despite weaker-than-expected economic news. The small-caps led the way higher with Financial stocks rebounding following the recent worries over the yield curve.Volatility eased while closing back below key levels of support and is signaling a possible return of market momentum.The Russell 2000 rallied 1% following the intraday push to 1,535. Prior and lower resistance at 1,535-1,550 on the close back above the 50-day moving average.The Nasdaq rose 0.7% after tapping a high of 7,738 to snap a 2-session slide. Lower resistance at 7,700-7,750 was breached but held with a close above 7,800 being a more bullish signal.The S&P 500 also advanced 0.7% following the run to 2,829. Near-term resistance at 2,825-2,850 was cleared but held with continued closes above the latter signaling additional momentum.The Dow rose 0.6% after reaching an intraday peak of 25,796. Lower resistance at 25,750-26,000 held with continued closes above the latter being a more bullish development.Energy and Financials were sector leaders after jumping 1.4% and 1.2%, respectively. Consumer Staples advanced 0.9% while Industrials, Healthcare and Utilities were higher by 0.7%.There were no sector laggards.
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BB&T (BBT) upgraded to Buy from Hold at Deutsche BankBed Bath & Beyond (BBBY) upgraded to Strong Buy from Market Perform at Raymond JamesTransAlta (TAC) upgraded to Buy from Hold at TD Securities with anCriteo (CRTO) downgraded to Sector Weight from Overweight at KeyBancPublic Storage (PSA) downgraded to Underweight from Equal Weight at BarclaysTier REIT (TIER) downgraded to Neutral from Outperform at Baird
EARNINGS Before the open (EST):At Home Group (HOME), Charah Solutions (CHRA), Eyenovia (EYEN), Leatt (LEAT), Lennar (LEN), Omnova Solutions (OMN), Paychex (PAYX), SecureWorks (SCWX), Titan Machinery (TITN), UniFirst (UNF), Weidai (WEI)After the close(EST):AudioEye (AEYE), Cango (CANG), Five Below (FIVE), HB Fuller (FUL), Lululemon Athletica (LULU), PVH (PVH), RumbleOn (RMBL), Synnex (SNX), Verint Systems (VRNT), YogaWorks (YOGA)
UPCOMING ECONOMIC NEWS Wednesday’s economic reports (EST): MBA Mortgage Applications – 7:00amInternational Trade – 8:30amInternational Trade in Goods – 8:30amCurrent Account – 8:30amRetail Inventories – 8:30amWholesale Inventories – 8:30amState Street Investor Confidence – 10:00am
METALS / OILGold closed at $1,315.00 an ounce, down $7.60Silver settled at $15.43 an ounce, down $0.14Copper finished at $2.85 a pound, unchangedCrude Oil was at $60.00 a barrel, up $1.18Bitcoin Investment Trust (GBTC) ended at$4.56 down $0.01
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Todd Mitchell
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