The market rebounded on Tuesday, snapping a four-day losing streak for two of the three major indexes, as traders looked past rising corona virus case counts around the world and intensifying political tensions in DC.Fed Reserve Chairman Jay Powell expressed cautious optimism that the economy is rebounding from the pandemic-induced recession with federal support but that more help from the government is likely needed. Meanwhile, Treasury Secretary Steven Mnuchin said the White House was interested in reaching a deal with lawmakers on a fresh stimulus package.The Nasdaq tagged an intraday peak of 10,979 before finishing at 10,963 (+1.7%). Prior and lower resistance at 10,900-11,000 was recovered. A move above the latter would suggest further strength towards 11,150-11,250.The S&P 500 closed at 3,315 (+1.1%) with the midday high reaching 3,320. Lower resistance at 3,300-3,325 was reclaimed. A close above the latter would indicate further upside towards 3,375-3,400.The Russell 2000 tested a high of 1,497 before going out at 1,496 (+0.8%). Current and lower resistance at 1,485-1,500 was breached and held. Continued closes above the latter would be a bullish signal for a retest towards 1,510-1,525.The Dow traded to an afternoon high of 27,333 while ending at 27,228 (+0.5%). Prior and lower resistance at 27,250-27,500 was cleared but held. A pop above the latter would be a bullish signal for additional strength towards 27,750-28,000.
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Amazon.com (AMZN) upgraded to Outperform from Market Perform at BernsteinCarvana (CVNA) upgraded to Buy from Neutral at Goldman SachsFox Factory (FOXF) upgraded to Outperform from Market Perform at CJS SecuritiesAvista (AVA) downgraded to Neutral from Buy at BofACytomX Therapeutics (CTMX) downgraded to Neutral from Buy at GuggenheimKratos Defense (KTOS) downgraded to Neutral from Overweight at JPMorgan
WEDNESDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Cintas (CTAS), General Mills (GIS), JinkoSolar Holding (JKS), Tsakos Energy Navigation (TNP), Worthington Industries (WOR)
After the close: H.B. Fuller Company (FUL), Kubient (KBNT)
WEDNESDAY’S ECONOMIC NEWSMBA Mortgage Applications – 7:00amHouse Price Index – 9:00amPMI Manufacturing Index – 9:45am
METALS/ OILGold closed at $1,907.60 an ounce, down $3.00Silver settled at $24.52 an ounce, up $0.13Copper finished at $3.06 a pound, up $0.03Crude Oil was at $39.55 a barrel, down