The market showed overall strength for the 3rd-straight session following Wednesday’s breakout to fresh resistance levels on better-than-expected jobs reports. Specifically, ADP Employment Report revealed private payrolls declined -2,760,000 in May after dropping -19,557,000 in April. Expectations were for a loss of -9 million.The Russell 2000 reached an afternoon peak of 1,463 before settling at 1,452 (+2.4%). Prior resistance at 1,450 was cleared and held with upside towards 1,475 on continued strength.The Dow closed at 26,269 (+2.1%) after testing an intraday high of 26,337. Key resistance at the 26,250 was breached and held with continued closes above this level and the 200-day moving average keeping momentum towards 26,500 in focus.The S&P 500 went out at 3,122 (1.4%) after tapping a 2nd-half high of 3,130. Longer-term resistance at 3,100 was recovered with continued closes above this level leading to a retest towards 3,150.The Nasdaq showed the most strength after finishing at 9,682 (+0.8%) with the late session high reaching 9,707. Mid-February resistance at 9,700 was breached but held with continued closes above this level signaling strength towards the 9,800 level and fresh all-time highs.
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Cloudera (CLDR) upgraded to Overweight from Equal Weight at Morgan StanleyMattel (MAT) upgraded to Buy from Hold at JefferiesZoom Video (ZM) was upgraded to Outperform from Sector Perform at RBC CapitalKeyCorp (KEY) downgraded to Equal Weight from Overweight at StephensNorwegian Cruise Line (NCLH) was downgraded to Underweight from Equal Weight at Morgan StanleyWabtec (WAB) downgraded to Neutral from Buy at Goldman Sachs
THURSDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Cantel Medical (CMD), Ciena (CIEN), Duluth Holdings (DLTH), Fang Holdings (SFUN), G-III Apparel Group (GIII), Hovnanian Enterprises (HOV), J.M. Smucker (SJM), Kirkland’s (KIRK), Michaels Companies (MIK), Navistar International (NAV), Orion Energy Systems (OESX), Qutoutiao (QTT), SecureWorks (SCWX), Toro (TTC)
After the close: Broadcom (AVGO), Caleres (CAL), Cooper Companies (COO), DocuSign (DOCU), Domo (DOMO), Gap (GPS), IDT (IDT), Mongo DB (MDB), PagerDuty (PD), Slack Technologies (WORK), Vail Resorts (MTN), Yext (YEXT), Zumiez (ZUMZ)
THURSDAY’S ECONOMIC NEWSJobless Claims – 8:30amImport and Export Prices – 8:30am
METALS/ OILGold closed at $1,704.80 an ounce, down $29.20Silver settled at $17.96 an ounce, down $0.30Copper finished at $2.49 a pound, unchangedCrude Oil was at $36.74 a barrel, down $0.54Bitcoin Investment Trust (GBTC) ended at $11.34 down $0.07
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Todd Mitchell
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