The stock market tested fresh record highs on Wednesday as Joe Biden was sworn in as the 46th U.S. president. Biden wasted little time turning the page on the Trump era, signing 15 executive actions in the afternoon on issues including the coronavirus pandemic, the economy, and climate change. Solid earnings results from the Financial and Tech sectors added to the bullish sentiment along with expectations for $2 trillion in stimulus from the Biden administration. The Nasdaq tested an intraday peak of 13,486 while finishing at 13,457 (+2%). Unchartered territory and lower resistance at 13,400-13,500 was cleared and held. A move above the latter would suggest additional strength towards 13,600-13,700. The S&P 500 traded to an afternoon high of 3,859 before ending at 3,851 (+1.4%). New and lower resistance at 3,850-3,875 was breached and held. A close above the latter would indicate additional momentum towards 3,900-3,925. The Dow closed at 31,188 (+0.8%) while topping out at 31,235. Near-term and lower resistance at 31,200-31,400 was cleared but held. A pop above the latter would signal further upside towards 31,500-31,750. The Russell 2000 tagged an opening high of 2,173 before settling at 2,160 (+0.4%). Fresh and lower resistance at 2,160-2,180 was cleared and held. A move above the latter would indicate additional strength towards 2,200-2,220.
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Here are a few recent LIVE Trades:
DraftKings (DKNG) upgraded to Overweight from Equal Weight at Morgan StanleyHalliburton (HAL) upgraded to Overweight from Equal Weight at StephensNetflix (NFLX) upgraded to Buy from Neutral at UBSBeyond Meat (BYND) downgraded to Neutral from Buy at BTIGCaterpillar (CAT) downgraded to Neutral from Buy at CitiGlaxoSmithKline (GSK) downgraded to Underperform from Neutral at Credit Suisse
THURSDAY Before the open: Baker Hughes (BKR), Fifth Third Bancorp (FITB), FuelCell Energy (FCEL), Home BancShares (HOMB), Insteel Industries (IIIN), KeyCorp (KEY), LSI Industries (LYTS), M&T Bank (MTB), New Fortress Energy (NFE), Signature Bank (SBNY), Travelers Companies (TRV), Union Pacific (UNP), Webster Financial (WBS)
After the close: County Bancorp (ICBK), CSX (CSX), Forestar Group (FOR), Intel (INTC), International Business Machines (IBM), Intuitive Surgical (ISRG), National Bank Holdings (NBHC), Peoples United Financial (PBCT), PPG Industries (PPG), Reliant Bancorp (RBNC), Seagate Technology (STX), Texas Capital Bancshares (TCBI), Western Alliance Bancorporation (WAL)
THURSDAY’S ECONOMIC NEWSJobless Claims – 8:30amBuilding Permits – 8:30amHousing Starts – 8:30amPhiladelphia Fed Business Outlook Survey – 8:30am
METALS/ OILGold closed at $1,866.50 an ounce, up $26.30Silver settled at $25.77 an ounce, up $0.45Copper finished at $3.64 a pound, up $0.01Crude Oil was at $53.28 a barrel, up $0.26Bitcoin Investment Trust (GBTC) ended at $35.35, down $2.71
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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