The market closed mostly lower on Tuesday as dismal economic news weighed on sentiment. Specifically, Consumer Confidence tanked another -31.9 points to 86.9 in April following March’s -13.8 point plunge to 118.8. Forecasts were for a print of 90.As far as 1Q earnings, five of the six companies with the largest market caps in the S&P – Alphabet (GOOGL), Microsoft (MSFT), Facebook (FB), Apple (AAPL) and Amazon (AMZN) will be reporting over the next 2 days.The Russell 2000 was the only index that settled in the green after closing at 1,298 (+1.3%) and testing an intraday high of 1,316. Key resistance at 1,300 was cleared but held with continued closes above this level keeping 1,325 in play.The S&P 500 settled lower despite trading to a morning high of 2,921 while closing at 2,863 (-0.5%). Current resistance at 2,900 was breached but held with continued closes above this level signaling additional momentum towards 2,925-2,950.The Dow tested an intraday high of 24,512 before closing at 24,101 (-0.1%). Key resistance at 24,250 was cleared but held for the 2nd-straight session with continued closes above this level getting 24,500-24,750 back in focus.The Nasdaq traded down to 8,600 before finishing at 8,607 (-1.4%). Key support at 8,600 was tapped but held with retest potential towards 8,550-8,500 on a close below this level.
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CNX Resources (CNX) upgraded to Outperform from Underperform at Raymond JamesImax (IMAX) upgraded to Buy from Hold at BenchmarkQuest Diagnostics (DGX) upgraded to Overweight from Equal Weight at Morgan StanleyIntuitive Surgical (ISRG) downgraded to Neutral from Overweight at Piper SandlerRoku (ROKU) downgraded to Neutral from Buy at GuggenheimSquare (SQ) downgraded to Sell from Neutral at Compass Point
WEDNESDAY’S EARNINGS ANNOUNCEMENTSBefore the open: American Tower (AMT), Boeing (BA), Boston Scientific (BSX), CME Group (CME), Dine Brands Global (DIN), Federal Signal (FSS), Garmin (GRMN), General Electric (GE), Humana (HUM), Littelfuse (LFUS), Markel (MKL), Mastercard (MA), New York Community Bancorp (NYCB), Oshkosh (OSK), Peabody Energy (BTU), Ryder System (R), Sherwin-Williams (SHW), Tupperware (TUP), Yum! Brands (YUM)
After the close: Aflac (AFL), Bridge Bancorp (BDGE), Cree (CREE), eBay (EBAY), Facebook (FB), Gildan Activewear (GIL), Hologic (HOLX), Inovalon (INOV), Kilroy Realty (KRC), ManTech International (MANT), Microsoft (MSFT), Paramount Group (PGRE), Rayonier (RYN), ServiceNow (NOW), Tesla (TSLA), United Rentals (URI), Zovio (ZVO)
WEDNESDAY’S ECONOMIC NEWSMBA Mortgage Applications – 7:00amGDP – 8:30amPending Home Sales – 10:00amFOMC Minutes – 2:00pm
METALS/ OILGold closed at $1,722.20 an ounce, down $1.60Silver settled at $15.33 an ounce,