The stock market set another round of record highs on Thursday following better-than-expected jobs data and a boost in energy stocks. Specifically, initial claims for state unemployment benefits dropped 14,000 to 340,000, the lowest level since mid-March 2020.
Meanwhile, the energy sector jumped over 2% while reversing most of the losses suffered during the previous three sessions as a sharp decline in U.S. inventories and a weaker dollar fueled sentiment. Oil is back above the $70 level with forecasts for an upcoming push towards $80 a barrel.
The Russell 2000 extended its winning streak to three-straight sessions after testing a high of 2,309 while ending at 2,304 (+0.7%). Key resistance at 2,300 was cleared and held. Continued closes above this level would be a bullish development for a run towards 2,325-2,350.
The Dow tapped an intraday high of 35,475 while settling at 35,443 (+0.4%). Key resistance at 35,500 was challenged but held for the third-straight session. A close above this level and the recent all-time peak at 35,631 would suggest further strength towards 35,750-36,000.
The S&P 500 closed at 4,536 (+0.3%) with the fresh record peak kissing 4,545. Key resistance at 4,550 was approached but held. A move above this level would signal ongoing momentum towards 4,575-4,600.
The Nasdaq tagged a lifetime high of 15,380 before ending at 15,331 (+0.1%). Fresh resistance at 15,400 was challenged but held. A close above this level keeps upside towards 15,500-15,650 in focus.
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Federal Signal (FSS) upgraded to Buy from Neutral at SidotiOkta (OKTA) upgraded to Buy from Hold at NeedhamParex Resources (PARXF) upgraded to Outperform from Sector Perform at RBC CapitalAB InBev (BUD) downgraded to Underweight from Neutral at JPMorganAlkermes (ALKS) downgraded to Underperform from Neutral at BofAUnilever (UL) downgraded to Underweight from Neutral at JPMorgan
FRIDAY’S EARNINGS ANNOUNCEMENTS Before the open: NoneAfter the close: None
FRIDAY’S ECONOMIC NEWSNonfarm Payrolls – 8:30amISM Manufacturing Index – 10:00amBaker-Hughes Rig Count – 1:00pm
METALS/ OILGold closed at $1,811.50 an ounce, down $4.50Silver settled at $23.92 an ounce, down $0.30Copper finished at $4.30 a pound, up $0.02Crude Oil was at $69.70 a barrel, up $1.70Bitcoin Investment Trust (GBTC) ended at $39.07 up $0.83
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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