The market rebounded on Monday to finish mostly higher, with the Nasdaq setting its 33rd record close for the year, despite a congressional stalemate over fresh stimulus to help Americans and businesses hurt by the corona virus pandemic. The S&P 500 came within a 6-pack of its all-time high while the small-caps continue to show signs of another leg higher.The Nasdaq closed at 11,129 (+1%) after tapping an intraday record high of 11,144. Current resistance at 11,100 was cleared and held with continued closes above this level signaling additional momentum towards the 11,250 area.The Russell 2000 ended at 1,585 (+0.5%) after tagging a late day high of 1,586. Key resistance at 1,600 was challenged for the 4th-straight session but held with a close above this level suggesting additional strength towards the 1,625 area.The S&P 500 reached an intraday peak of 3,387 before settling at 3,381 (+0.3%). Resistance from early February at 3,375 was cleared and held with continued closes above this level indicating further upside towards 3,400 and fresh all-time highs.The Dow tapped an morning low of 27,816 while finishing 27,844 (-0.3%). Key support at 27,750 was challenged but held for the 4th-straight session with a move below this level getting 27,250 back in play.
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Brinker International (EAT) upgraded to Buy from Hold at Deutsche BankInfinera (INFN) upgraded to Buy from Hold at StifelQiagen (QGEN) upgraded to Buy from Hold at BerenbergExelon (EXC) downgraded to Underperform from Neutral at BofAPostal Realty Trust (PSTL) downgraded to Neutral from Buy at Compass PointTata Motors (TTM) downgraded to Sell from Buy at UBS
TUESDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Advance Auto Parts (AAP), Cheetah Mobile (CMCM), Daqo New Energy (DQ), GDS Holdings (GDS), Home Depot (HD), Kohl’s (KSS), Natural Gas Services Group (NGS), Partner Communications Company (PTNR), Sea Limited (SE), Walmart (WMT), Xcel Brands (XELB)
After the close: Agilent Technologies, Cree (CREE), Fathom Realty (FTHM), Jack Henry & Associates (JKHY), Kimball Electronics (KE), La-Z-Boy (LZB), Orbital Energy Group (OEG), PAVmed (PAVM), Supernus Pharmaceuticals (SUPN)
TUESDAY’S ECONOMIC NEWSHousing Starts – 8:30amBuilding Permits – 8:30amRedbook – 8:55am
METALS/ OILGold closed at $1,993.80 an ounce, up $44.00Silver settled at $27.64 an ounce, up $1.55Copper finished at $2.87 a pound, up $0.01Crude Oil was at $42.83 a barrel, up $0.60Bitcoin Investment Trust (GBTC) ended at $13.40, up $1.35
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Todd Mitchell
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