U.S. markets opened in positive territory on Monday while trading mostly higher throughout the session ahead of the busiest week of the 2Q earnings season. The blue-chips and small-caps experienced some choppiness afterwards but settled higher along with the overall market.Geopolitical tensions and trade talks remain in focus but volatility eased while closing just outside a key support level. Fedspeak will ease this week during a quiet period and ahead of next week’s decision on interest rates.The Nasdaq rallied 0.7% after testing a high of 8,218 ahead of the closing bell. Current and lower resistance at 8,200-8,275 was cleared and held with the recent all-time high at 8,264.The S&P 500 was up 0.3% following the afternoon run to 2,990. Prior and lower resistance at 3,000-3,025 held for the 3rd-straight session with the record high from earlier this month at 3,017.The Dow edged up 0.1% following the opening push to 27,227. Prior and lower resistance at 27,250-27,500 held with last Tuesday’s record high at 27,398. A close below the 27,00 level would be a slightly bearish signal with Monday’s intraday low tapping 27,088.The Russell 2000 gave back 0.2% after trading in an 11-point range while closing a point off its session low at 1,543. The fresh monthly session low held crucial support at 1,540-1,535 and the 50-day moving average.Technology showed the most sector strength after soaring 1.2% while Real Energy and Communication Services advanced of 0.4%. Consumer Staples were the weakest sector after falling -0.6% while Materials, Healthcare and Utilities declined -0.2%.
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Autoliv (ALV) upgraded to Buy from Hold at NordeaMicron (MU) upgraded to Buy from Neutral at Goldman SachsStoneCo (STNE) was upgraded to Outperform from Neutral at Credit SuisseMarvell (MRVL) downgraded to Neutral from Buy at Goldman SachsPaysign (PAYS) downgraded to Sell from Neutral at BTIGTesla (TSLA) downgraded to Neutral from Buy at Roth Capital
TUESDAY’S EARNINGS ANNOUNCEMENTS Before the open: AutoNation (AN), Biogen (BIIB), Coca-Cola (KO), Franklin Electric (FELE), Graphic Packaging (GPK), Harley-Davidson (HOG), Hasbro (HAS), JetBlue Airways (JBLU), KeyCorp (KEY), Lockheed Martin (LMT), Neogen (NEOG), Pentair (PNR), PulteGroup (PHM), Quest Diagnostics (DGX), Rogers Communications (RCI), Sherwin-Williams (SHW), Travelers Companies (TRV), United Technologies (UTX)After the close: Blackstone Mortgage Trust (BXMT), Chipotle Mexican Grill (CMG), Chubb (CB), Discover Financial Services (DFS), FirstEnergy (FE), Highwoods Properties (HIW), iRobot (IRBT), Navient (NAVI), PS Business Parks (PSB), QCR Holdings (QCRH), Robert Half International (RHI), Snap (SNAP), Texas Instruments (TXN), Visa (V)
UPCOMING ECONOMIC NEWSTuesday’s economic reports (EST): Redbook – 8:55amFHFA House Price Index – 9:00amExisting Home Sales – 10:00amRichmond Fed Manufacturing Index – 10:00am
METALS / OILGold closed at $1,426.90 an ounce, up $0.20Silver settled at $16.41 an ounce,