The stock market was mostly higher on Friday after setting another round of record highs despite a sharp drop in consumer sentiment. Specifically, the preliminary consumer sentiment index for August fell to 70.2, its lowest level in a decade, versus forecasts to match the final reading of 81.2 for July. The news suggested that the Delta variant of the coronavirus was impacting consumers as most of the weakness was in the expectations gauge which dropped 13.8 points to 65.2 after falling to 79 in July. Despite the worries, volatility continued to fade and is once again approaching a key level of support. The S&P 500 closed on its session and fresh all-time peak at 4,468 (+0.2%). Unchartered territory and key resistance at 4,475 was challenged but held. A close above this level would likely indicate ongoing strength towards 4,500-4,525.
The Dow ended at 35,515 (+0.04%) after trading to an all-time high of 35,610. Key resistance at 35,500 was cleared and held. Continued closes above this level keeps upside momentum towards 35,750-36,000 in play.
The Nasdaq made an intraday run to 14,850 while settling at 14,822 (+0.04%). Key resistance at 14,900 held for the second-straight session. A close above this level and the record high at 14,896 from earlier this month would signal a trip towards 15,000-15,150.
The Russell 2000 was down for the second-straight session after tagging a late day low of 2,221 while finishing at 2,223 (-0.9%). Key support at 2,225 was breached and failed to hold. Continued closes below this level keeps a retest towards 2,200-2,175 in focus. Below is a chart of the IWM.
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Activision Blizzard (ATVI) upgraded to Buy from Neutral at CitiCimarex Energy (XEC) upgraded to Buy from Neutral at MizuhoUpstart (UPST) upgraded to Overweight from Equal Weight at Barclays
ContextLogic (WISH) downgraded to Perform from Outperform at OppenheimerRackspace Technology (RXT) downgraded to Equal Weight from Overweight at BarclaysSmileDirectClub (SDC) downgraded to Peer Perform from Outperform at Wolfe Research
MONDAY’S EARNINGS ANNOUNCEMENTS Akumin (AKU), BiomX (PHGE), CleanSpark (CLSK), DarioHealth (DRIO), FreightCar America (RAIL), LiqTech International (LIQT), Milestone Scientific (MLSS), Orbital Energy Group (OEG), Paysafe Group Holdings (PSFE), Stratus Properties (STRS), Teligent (TLGT), UWM Holdings (UWMC), Vine Energy (VEI), Zhihu (ZH)
After the close: Atlas Technical Consultants (ATCX), Danimer Scientific (DNMR), Eton Pharmaceuticals (ETON), Fabrinet (FN), Geron (GERN), Immersion (IMMR), Lightning eMotors (ZEV), Montauk Renewables (MNTK), Osmotica Pharmaceuticals (OSMT), Roblox (RBLX), Spark Networks (LOV), Telos (TLS), Vislink Technologies (VISL)
MONDAY’S ECONOMIC NEWSNY Empire State Manufacturing Survey – 8:30am
METALS/ OILGold closed at $1,778.20 an ounce, up $26.40Silver settled at $23.78 an ounce, up $0.66Copper finished at $4.39 a pound, up $0.03Crude Oil was at $68.02 a barrel, down $0.91Bitcoin Investment Trust (GBTC) ended at $38.37 up $1.50
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