The stock market traded on both sides of the ledger on Tuesday following a disappointing update on new home sales which declined 5.9% to a 863,000 rate in April. Other housing news was mostly positive as the FHFA home price index rose 1.4% to 324.9 while the S&P Case-Shiller 20-city home price index gained 2.2% to 251.6. The slightly lower close was a disappointment but remains a bullish signal after higher highs on the open and keeps a possible run towards previous all-time highs in play. Meanwhile, volatility edged higher but held a fresh level of resistance to confirm this thesis. The Nasdaq slipped four points to settle at 13,657 (-0.03%) with the low tagging 13,631. Current and upper support 13,650-13,500 was breached but held. A close below the latter and the 50-day moving average would indicate additional weakness towards 13,400-13,250. The S&P 500 closed at 4,188 (-0.2%) with the intraday low tapping 4,182. Near-term and upper support at 4,175-4,150 was tripped but held. A drop below the latter would signal a further pullback towards 4,125-4,100 and the 50-day moving average. The Dow ended at 34,312 (-0.2%) after bottoming at 34,266. Upper support at 34,250-34,000 was challenged but held. A close below the latter would likely lead to a further fade towards 33,750-33,500 and the 50-day moving average. The Russell 2000 finished at 2,205 (-1%) and the session low. Current and upper support at 2,225-2,200 failed to hold. A move below the latter would suggest a retest towards 2,175-2,150.
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Appian (APPN) upgraded to Neutral from Underperform at MacquarieCanopy Growth (CGC) upgraded to Buy from Neutral at MKM PartnersShake Shack (SHAK) upgraded to Outperform from Neutral at WedbushDomino’s Pizza (DPZ) downgraded to Neutral from Buy at Goldman SachsKansas City Southern (KSU) downgraded to In Line from Outperform at Evercore ISIViking Therapeutics (VKTX) both downgraded to Outperform from Strong Buy at Raymond James
WEDNESDAY’S EARNINGS ANNOUNCEMENTS Before the open: Abercrombie & Fitch (ANF), Bank of Montreal (BMO), Capri Holdings (CPRI), DICK’S Sporting Goods (DKS), Evogene Ltd (EVGN), GSX Techedu (GOTU), Lazydays Holdings (LAZY), Photronics (PLAB), REX American Resources (REX), Vext Science (VEXTF)
After the close: American Eagle Outfitters (AEO), Cavco Industries (CVCO), Designer Brands (DBI), Digital Turbine (APPS), e.l.f. Beauty (ELF), Modine Manufacturing (MOD), NextGen Healthcare (NXGN), NVIDIA Corp. (NVDA), Okta (OKTA), Ooma (OOMA), Pure Storage (PSTG), Quantum (QMCO), Snowflake (SNOW), Universal Corporation (UVV), Williams-Sonoma (WSM), Workday (WDAY), Zuora (ZUO)
WEDNESDAY’S ECONOMIC NEWSMBA Mortgage Applications – 7:00am
METALS/ OILGold closed at $1,898.00 an ounce, up $13.50Silver settled at $28.06 an ounce, up $0.15Copper finished at $4.51 a pound, down $0.02Crude Oil was at $66.00 a barrel, up $0.03Bitcoin Investment Trust (GBTC) ended at $31.51 down $1.61
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