The stock market set another round of fresh all-time highs following news of the first coronavirus vaccine being delivered overseas and ongoing stimulus talks. GOP congressional leaders spoke with Treasury Secretary Mnuchin and White House Chief of Staff Meadows in hopes of getting a deal done before Congress leaves for the holidays.The Russell 2000 finished at its session high of 1,917 (+1.4%). Fresh and lower resistance at 1,900-1,920 was cleared and held. A move above the latter would indicate continued upside towards 1,940-1,960.The Nasdaq closed at 12,582 (+0.5%) with the afternoon peak hitting 12,594. Uncharted territory and lower resistance at 12,500-12,600 was challenged but held. A move above the latter would signal continued record highs towards 12,700-12,800.The Dow traded to a second half high of 30,246 before settling at 30,173 (+0.4%). Near-term and lower resistance 30,250-30,500 was approached but held. A pop above the latter would suggest additional momentum towards 30,750-31,000.The S&P 500 tested an intraday high of 3,708 while ending at 3,702 (+0.3%). New and lower resistance at 3,700-3,725 was cleared and held. A close above the latter would suggest additional strength towards 3,750-3,775.
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CorEnergy (CORR) upgraded to Hold from Sell at StifelEquifax (EFX) upgraded to Overweight from Equal Weight at BarclaysLowe’s (LOW) upgraded to Buy from Hold at R5 CapitalDada Nexus (DADA) downgraded to Equal Weight from Overweight at Morgan StanleyMarsh & McLennan (MMC) downgraded to Neutral from Buy at CitiRocket Pharmaceuticals (RCKT) downgraded to Perform from Outperform at Oppenheimer
WEDNESDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Campbell Soup (CPB), Designer Brands (DBI), Hovnanian Enterprises (HOV), Lovesac (LOV), Photronics (PLAB), United Natural Foods (UNFI), Vera Bradley (VRA)
After the close: Adobe (ADBE), Comtech Telecommunications (CMTL), Enzo Biochem (ENZ), Greif (GEF), Innovative Solutions & Support (ISSC), Mesa Air Group (MESA), Oxford Industries (OXM), RH (RH), Verint Systems (VRNT)
WENESDAY’S ECONOMIC NEWSMBA Mortgage Applications – 7:00amWholesale Inventories – 10:00amJolts – 10:00am
METALS/ OILGold closed at $1,874.90 an ounce, up $8.90Silver settled at $24.74 an ounce, down $0.05Copper finished at $3.50 a pound, down $0.02Crude Oil was at $45.65 a barrel, up $0.08Bitcoin Investment Trust (GBTC) ended at $20.96 down $1.50
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Todd Mitchell
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