Infrastructure Bill Propels Gains

August 10, 2021 By: Todd Mitchell

The stock market showed strength after the Senate passed a $1 trillion infrastructure bill aimed at rebuilding roads, bridges and other infrastructure projects across the country. The bill will now head to the House of Representatives for a final vote.

Senators also began voting on a follow-up $3.5 trillion spending package that Democrats plan to pass without Republican votes. The news gave a boost to the Energy, Industrials and Materials sectors, which stand to benefit the most from an economic recovery, while the Tech sector lagged.

The Dow tested an intraday and all-time high of 35,285 before closing at 35,264 (+0.5%). Unchartered territory and key resistance at 35,250 was cleared and held. Continued closes above this level would suggest momentum towards 35,500-35,750.

The Russell 2000 finished at 2,239 (+0.2%) after trading to an afternoon high of 2,245. Key resistance at 2,250 was challenged but held. A pop above the latter and the 50-day moving average would signal additional strength towards 2,275-2,300.

The S&P 500 tapped a record peak of 4,445 while ending at 4,436 (+0.1%). Fresh and key resistance at 4,450 was challenged but held. A move above this level would indicate additional upside towards 4,475-4,500.

The Nasdaq kissed a morning low of 14,754 before settling at 14,788 (-0.5%). Key support at 14,750 was approached but held. A move below this level would likely lead to a retest towards 14,650-14,500.

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ANALYST UPGRADES/DOWNGRADES

Array Technologies (ARRY) upgraded to Buy from Neutral at Roth CapitalDine Brands (DIN) upgraded to Buy from Hold at Deutsche BankPublic Storage (PSA) upgraded to Outperform from Market Perform at Raymond JamesAxsome Therapeutics (AXSM) downgraded to Equal Weight from Overweight at Morgan StanleyBeacon Roofing (BECN) downgraded to Hold from Buy at JefferiesSmileDirectClub (SDC) downgraded to Underweight from Neutral at JPMorgan

WEDNESDAY’S EARNINGS ANNOUNCEMENTS Before the open: ​Atotech (ATC), Canada Goose (GOOS), FTC Solar (FTCI), Hyzon Motors (HYZN), IronSource (IS), Kamada (KMDA), Optinose (OPTN), PolyPid (PYPD), Repros Therapeutics (RPRX), Thryv Holdings (THRY), Vertex (VERX), Wendy’s (WEN)

After the close: Array Technologies (ARRY), Blink Charging (BLNK), Clover Health (CLOV), Desktop Metal (DM), eBay (EBAY), Finance of America (FOA), Guild Holdings (GHLD), Inotiv (NOTV), KE Holdings (BEKE), Lordstown Motors (RIDE), NeoGames (NGMS), Opendoor Technologies (OPEN), Rackspace Technology (RXT), Sonos (SONO), Trean Insurance Group (TIG), Vroom (VRM), Yield10 Bioscience (YTEN)

WEDNESDAY’S ECONOMIC NEWSMBA Mortgage Applications – 7:00amConsumer Price Index – 8:30amTreasury Budget – 2:00pm

METALS/ OILGold closed at $1,731.70 an ounce, up $5.20Silver settled at $23.39 an ounce, up $0.12Copper finished at $4.35 a pound, up $0.06Crude Oil was at $68.37 a barrel, up $1.53Bitcoin Investment Trust (GBTC) ended at $37.80 down $0.75

I hope this helps you prepare for the trading day. Make it a great one!

 Todd Mitchell

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