The stock market posted strong gains on Monday as Treasury yields fell while the approval of another coronavirus vaccine boosted bullish sentiment. Specifically, the Food and Drug Administration panel issued an emergency use authorization for Johnson & Johnson’s (JNJ) single-dose vaccine, and now the third shot approved in the United States. Meanwhile, the yield on the 10-year note declined near the 1.45% area after surging to a one-year high north of 1.6% last week. The gains helped ease volatility which closed back below a key level of support. The Russell 2000 showed the most strength after testing an afternoon high of 2,273 before settling at 2,279 (+3.4%). Near-term and lower resistance at 2,275-2,300 was recovered. A close above the latter and the recent record high at 2,318 would suggest a breakout towards 2,325-2,350. Below is a chart of the IWM. The Nasdaq tagged an intraday high of 13,596 while ending at 13,588 (+3%) and closing back above its 50-day moving average. Current and lower resistance at 13,500-13,625 was cleared and held. A move above the latter would signal ongoing strength towards 13,675-13,800. The S&P 500 traded to a high of 3,914 before closing at 3,901 (+2.4%). Prior and lower resistance at 3,900-3,925 was tripped and held. A pop above the latter would indicate additional upside towards 3,950-3,975 with the former representing the current lifetime top. The Dow ended at 31,668 (+2%) after tapping a second half high of 31,668. Lower resistance at 31,500-31,750 was breached and held. A close above the latter would suggest a retest towards 32,000-32,250 with the recent all-time peak at 32,009.
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CME Group (CME) upgraded to Market Perform from Underperform at Keefe BruyettePlug Power (PLUG) upgraded to Overweight from Neutral at JPMorganTwitter (TWTR) upgraded to Buy from Neutral at Cleveland ResearchBeiGene (BGNE) downgraded to Underperform from Outperform at CLSARE/MAX Holdings downgraded to Neutral from Buy at Compass PointZiopharm (ZIOP) downgraded to Neutral from Buy at H.C. Wainwright
TUESDAY’S EARNINGS ANNOUNCEMENTS Before the open: AutoZone (AZO), Bentley Systems (BSY), Chico’s FAS (CHS), Dine Brands Global (DIN), Eagle Pharmaceuticals (EGRX), GlycoMimetics (GLYC), Itamar Medical (ITMR), Kohl’s (KSS), Lumber Liquidators (LL), Neuronetics (STIM), Sea Limited (SE), Target (TGT), WhiteHorse Finance (WHF)After the close: Ambarella (AMBA), B&G Foods (BGS), Darling International (DAR), fuboTV (FUBO), Grocery Outlet (GO), Hewlett Packard Enterprise (HPE), Monroe Capital (MRCC), Nordstrom (JWN), Pulmonx (LUNG), Quanterix (QTRX), Ross Stores (ROST), Smart Sand (SND), TG Therapeutics (TGTX), Urban Outfitters (URBN), Veeva Systems (VEEV)
TUESDAY’S ECONOMIC NEWSRedbook – 8:55amISM New York Business Conditions – 9:45am
METALS/ OILGold closed at $1,723.00 an ounce, down $5.80Silver settled at $26.68 an ounce, up $0.24Copper finished at $4.11 a pound, up $0.02Crude Oil was at $63.31 a barrel, up $1.64Bitcoin Investment Trust (GBTC) ended at $45.82 up $2.62
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