U.S. markets were choppy throughout Monday’s action after trading on both sides of the ledger before settling mixed. The yield curve inversion remained a concern as the opening lows continued to push early March, and February support levels for the small-caps, before a rebound shortly afterwards.News that the Mueller investigation didn’t overtly link President Trump to any Russian collusion failed to inspire much bullish sentiment. Meanwhile, volatility stayed slighted elevated but held key resistance for a 2nd-straight session.The Russell 2000 gained 0.5% despite the opening pullback to 1,494. Lower support at 1,500-1,490 held on the close above the former with a move back above 1,525 and the 50-day moving average signaling a near-term bottom.The Dow edged up 0.1% after testing a low of 25,372 shortly after the opening bell. Fresh and upper support at 25,400-25,150 and the 50/200-day moving averages held with the a close below the monthly low of 25,208 signaling additional weakness.The Nasdaq slipped 0.1% after trading to a morning low of 7,579. Fresh support at 7,600-7,550 was split with a close below the latter being a bearish signal with additional weakness towards 7,500-7,450 and the 200-day moving average.The S&P 500 also dipped 0.1% following the first half pullback to 2,785. Major and upper support at 2,800-2,775 failed to hold on the close below this level for the first time in 9 sessions.Consumer Discretionary led sector strength after advancing 0.6% while Consumer Staples and Industrials were higher by 0.2%.Technology and Financials paced sector laggards after falling 0.4%. Communication Services and Materials were down 0.2%.
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First Bancorp (FBNC) and MidSouth Bancorp (MSL) upgraded to Buy from Hold at Sandler O’NeillLexicon (LXRX) upgraded to Hold from Sell at GabelliHibbett Sports (HIBB) upgraded to Positive from Neutral at SusquehannaAkamai (AKAM) downgraded to Sell from Hold at Deutsche BankCalAmp (CAMP) downgraded to Neutral from Overweight at JPMorganTexas Instruments (TXN) and Analog Devices (ADI) downgraded to Market Perform from Outperform at Bernstein
EARNINGS Before the open (EST):Carnival (CCL), Conn’s (CONN), Cronos Group (CRON), FactSet Research Systems (FDS), IHS Markit (INFO), McCormick & Company (MKC), Neogen (NEOG), Onconova Therapeutics (ONTX), Orion Group Holdings (ORN), TuanChe (TC)After the close(EST):AEterna Zentaris (AEZS), Fat Brands (FAT), Inpixon (INPX), KB Home (KBH), Ollie’s Bargain Outlet (OLLI), Polar Power (POLA), Roxgold (ROGFF), Shoe Carnival (SCVL), TransAtlantic Petroleum (TAT)
UPCOMING ECONOMIC NEWS Tuesday’s economic reports (EST): Housing Starts – 8:30amRedbook – 8:55amS&P Corelogic Case-Shiller – 9:00amFHFA House Price Index – 9:00amRichmond Fed Manufacturing Index – 10:00amConsumer Confidence – 10:00am
METALS / OILGold closed at $1,322.60 an ounce, up $10.30Silver settled at $15.57 an ounce, up $0.16Copper finished at $2.85 a pound, up $0.01Crude Oil was at $59.00 a barrel, up $0.03Bitcoin Investment Trust (GBTC) ended at$4.57 down $0.22
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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