The stock market showed continued weakness on Tuesday with all of the major indexes down for the session as inflation fears remained a key concern. However, the Nasdaq’s recovery from an intraday 2% pullback into positive territory was a slight silver-lining.It remains to been seen if the recovery off the lows was a temporary head fake but we will find out quickly with Wednesday’s update on the Consumer Price Index. This economic news provides a snapshot of prices paid by consumers for retail goods and will likely set the tone for a market recovery or another round of fresh lows.The Nasdaq tested a morning low of 13,107 before ending at 13,389 (-0.1%). Prior and upper support from mid-March at 13,250-13,100 was breached but held. A close below the latter would signal further weakness towards 13,000-12,850.The Russell 2000 settled at 2,206 (-0.3%) after tapping a first half low of 2,157. Upper support from late April at 2,175-2,150 was tripped but held. A move below the latter would indicate a further fade towards 2,125-2,100. The S&P 500 tagged an intraday low of 4,111 while closing at 4,152 (-0.9%). Prior and upper support from early April at 4,125-4,100 was breached but held. A drop below the latter would suggest ongoing weakness towards 4,050-4,075.The Dow finished at 34,269 (-1.4%) with the morning low kissing 34,075. Fresh and upper support at 34,250-34,000 was violated but held. A close below the latter would signal a retest towards 33,750-33,500.
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Nike (NKE) upgraded to Buy from Hold at JefferiesTrade Desk (TTD) upgraded to Buy from Hold at TruistU.S. Steel (X) upgraded to Overweight from Equal Weight at Morgan StanleyBioNTech (BNTX) downgraded to Neutral from Buy at Bryan GarnierSmileDirectClub (SDC) downgraded to Neutral from Overweight at JPMorganTyson Foods (TSN) downgraded to Neutral from Overweight at Piper Sandler
WEDNESDAY’S EARNINGS ANNOUNCEMENTS Before the open: APi Group (APG), Comstock Mining (LODE), Dynatrace (DT), Hookipa Pharma (HOOK), Kamada (KMDA), Lumentum Holdings (LITE), MasterCraft Boat Holdings (MCFT), OneSpaWorld Holdings (OSW), PolyPid (PYPD), Radius Global Infrastructure (RADI), Sotherly Hotels (SOHO), Tower Semiconductor (TSEM), Veru (VERU), Wendy’s International (WEN), Zealand Pharma (ZEAL)
After the close: Amdocs (DOX), Bioventus (BVS), cbdMD (YCBD), Datto Holding (MSP), Eastman Kodak (KODK), Flexion Therapeutics (FLXN), GoHealth (GOCO), GrowGeneration (GRWG), InfraSource Services (IFS), Jack in the Box (JACK), MannKind (MNKD), NV5 Global (NVEE), Pan American Silver (PAAS), Poshmark (POSH), Ramaco Resources (METC), Sonos (SONO), Tattooed Chef (TTCF), Vaalco Energy (EGY), Zovio (ZVO)
WEDNESDAY’S ECONOMIC NEWSMBA Mortgage Applications – 7:00amConsumer Price Index – 8:30am
METALS/ OILGold closed at $1,836.10 an ounce, down $1.50Silver settled at $27.67 an ounce, up $0.18Copper finished at $4.76 a pound, up $0.04Crude Oil was at $65.45 a barrel, up $0.60Bitcoin Investment Trust (GBTC) ended at $44.88 up $0.66
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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