U.S. markets set another round of fresh all-time highs as optimism on the U.S.-China trade front continues to rise. Reports that the U.S. and China held another phone conference provided a small lift to the major indexes throughout Tuesday’s session although trade details remain fluid.
The small-caps slightly lagged but also closed higher for the 3rd-straight session following the start of the week breakout to fresh 52-week highs. Meanwhile, volatility continues to simmer and remains on track to test 52-week lows.
The S&P 500 added 0.2% after testing a late day record peak of 3,142. Uncharted resistance at 3,150 was challenged and held with a close above this level leading to a possible trip towards 3,175-3,200.
The Nasdaq also climbed 0.2% following the intraday push to 8,659 and 2nd-straight closing all-time high. Fresh and lower resistance at 8,650-8,700 was cleared but held by a couple of points with a close above the latter signaling melt-up momentum towards 8,750-8,800.
The Dow was higher by 0.2%, as well, following the run to 28,146 and fresh all-time high ahead of the closing bell. Blue-sky and lower resistance at 28,250-28,500 easily held on the 2nd-straight close above the 28,000 level and 4th in the past 8 sessions.
The Russell 2000 edged up 0.1% after trading to a 1st half high of 1,630. New and lower resistance at 1,625-1,640 was cleared but held by a nearly a point with a close above the latter getting 1,650-1,665 and June 2018 levels in focus.
Real Estate and Consumer Staples were the strongest sectors strength after rising 1.4% and 0.8%, respectively. Energy was the weakest sector after sinking 1% while Financials and Healthcare slipped 0.1%.
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WEDNESDAY’S EARNINGS ANNOUNCEMENTS Before the open: BRP (DOOO), Deere & Company (DE), Frontline (FRO), Origin House (ORHOF), Uxin (UXIN)
After the close: None
WEDNESDAY’S ECONOMIC NEWSMBA Mortgage Applications – 7:00amDurable Goods Orders – 8:30amGDP – 8:30amCorporate Profits – 8:30amJobless Claims – 8:30amPersonal Income and Outlays – 10:00amPending Home Sales – 10:00amState Street Investor Confidence – 10:00amSurvey of Business Uncertainty – 11:00amBaker-Hughes Rig Count – 1:00pmBeige Book – 2:00pmFarm Prices – 3:00pm
METALS / OILGold closed at $1,460.30 an ounce,