Wall Street showed opening gains to start the week but experienced late day selling pressure following heightened rhetoric over a coronavirus stimulus package. With a 48-hour deadline set by House Speaker Nancy Pelosi over the weekend that expires Tuesday, President Trump hit back by saying she doesn’t want to get a deal done before the election.The major indexes closed near the session lows with the Nasdaq extending its losing streak to five-straight sessions. The losses have the 50-day moving averages within sight of the bears with volatility increasing for the sixth-straight session.The Nasdaq traded an intraday low of 11,454 before finishing at 11,478 (-1.7%). Near-term and upper support at 11,500-11,400 failed to hold. A close below the latter would indicate additional weakness towards 11,300-11,200 and the 50-day moving average.The S&P 500 closed at 3,426 (-1.6%) following the midday tumble to 3,419. Prior and upper support at 3,425-3,400 was tripped but held by a smidge. A close below the latter and the 50-day moving average would signal further downside risk towards 3,450-3,425.The Dow tested a low of 28,139 while closing at 28,195 (-1.4%). Upper support at 28,250-28,000 failed to hold. A drop below the latter and the 50-day moving average would suggest a retest towards 27,750-27,500.The Russell 2000 settled a point off its session low at 1,612 (-1.2%). Current and upper support at 1,625-1,610 was breached and failed to hold. A move below the latter would indicate a further back-test towards 1,600-1,585.
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Here are a few recent LIVE Trades:
Archer Daniels (ADM) upgraded to Overweight from Neutral at JPMorganBristol-Myers (BMY) upgraded to Buy from Neutral at GuggenheimFabrinet (FN) upgraded to Outperform from Market Perform at NorthlandConcho Resources (CXO) downgraded to Equal Weight from Overweight at Wells FargoMednax (MD) downgraded to Sell from Hold at Deutsche BankUnitedHealth (UNH) downgraded to Hold from Buy at Argus
TUESDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Albertsons Companies (ACI), Comerica (CMA), Dover (DOV), Graphic Packaging International (GPK), Lockheed Martin (LMT), ManpowerGroup (MAN), Procter & Gamble (PG), Signature Bank (SBNY), Travelers Companies (TRV)
After the close: Carlisle Companies (CSL), Duck Creek Technologies (DCT), Fulton Financial (FULT), Hope Bancorp (HOPE), iRobot (IRBT), Netflix (NFLX), Premier Financial (PFC), Snap (SNAP), Tenet Healthcare (THC), Texas Instruments (TXN), United Community Bank (UCBI), WD-40 (WDFC)
TUESDAY’S ECONOMIC NEWSHousing Starts – 8:30amBuilding Permits – 8:30am
METALS/ OILGold closed at $1,911.70 an ounce, up $5.30Silver settled at $24.70 an ounce, up $0.29Copper finished at $3.09 a pound, up $0.02Crude Oil was at $40.69 a barrel, down $0.09Bitcoin Investment Trust (GBTC) ended at $12.83 up $0.40
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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