The stock market slipped on Monday as Wall Street awaits the start of the first-quarter earnings season that begins midweek. The losses were kept in check following comments from Fed Chairman Powell who reiterated that the central bank will continue to support the recovery until the job is done.Powell also stressed that a rate increase this year would be highly unlikely and added that it will be a while before the economy gets to the place where the Federal Funds rate can be lifted.The Russell 2000 closed at 2,233 (-0.4%) after tapping a morning low of 2,222. Near-term and upper support at 2,240-2,220 and the 50-day moving average were breached and levels failed to hold. A move below the latter would indicate additional weakness towards 2,200-2,180. Below is a chart of the IWM.The Nasdaq tested a first half low of 13,783 before ending at 13,850 (-0.4%). Current and upper support at 13,800-13,650 was breached but held. A close below the latter would suggest a continued fade towards 13,500-13,350.The Dow finished at 33,745 (-0.2%) with the afternoon bottom hitting 33,665 (-0.2%). Near-term and upper support at 33,750-33,500 failed to hold. A drop below the latter would signal ongoing weakness towards 33,250-33,000.The S&P 500 tagged a midday all-time high of 4,131 before settling a point lower at 4,127 (-0.02%). Unchartered territory and lower resistance at 4,130-4,155 was cleared but held. A move above the latter would indicate upside towards 4,175-4,200.
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Exxon Mobil (XOM) upgraded to Hold from Underperform at JefferiesChipotle (CMG) upgraded to Outperform from Market Perform at Raymond JamesTesla (TSLA) upgraded to Buy from Hold at CanaccordAstraZeneca (AZN) downgraded to Hold from Buy at ArgusJinkoSolar (JKS) downgraded to Neutral from Buy at Roth CapitalQualcomm (QCOM) downgraded to In Line from Outperform at Evercore ISI
TUESDAY’S EARNINGS ANNOUNCEMENTS Before the open: Byrna Technologies (BYRN), Fastenal (FAST), OrganiGram (OGI)
After the close: Kura Sushi USA (KRUS), SeaChange International (SEAC), Simcere Pharmaceutical Group (SCR), Washington Federal (WAFD)
TUESDAY’S ECONOMIC NEWSNFIB Small Business Optimism Index – 6:00amConsumer Price Index – 8:30amRedbook – 8:55am
METALS/ OILGold closed at $1,732.70 an ounce, down $12.10Silver settled at $24.87 an ounce, down $0.46Copper finished at $4.02 a pound, down $0.02Crude Oil was at $59.86 a barrel, up $0.52Bitcoin Investment Trust (GBTC) ended at $51.78 up $2.13
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