The stock market slipped on Monday as the resurgent pandemic pushed oil and energy stocks lower. Energy was the weakest sector after shedding 1.4% as mounting coronavirus cases, and the potential for restrictions, raised worries about the fuel demand outlook.Tech and the Financial stocks showed strength following a rise in Treasury yields to keep the major indexes near record highs. Volatility was higher for the first time in five sessions but held a key level of resistance.The Nasdaq closed at 14,860 after trading to a high of 14,883 (+0.2%). Key resistance at 14,900 was challenged but held. A pop above this level and last Thursday’s all-time high at 14,896 would be a bullish signal for a run towards 15,000-15,150.The Russell 2000 finished at 2,234 (-0.6%) with the late day low hitting 2,131. Current and upper support at 2,225-2,200 was challenged but held. A move below the latter would suggest a retest towards 2,175-2,150. The Dow tested a morning low of 35,041 before ending at 35,101 (-0.3%). Key support at 35,000 easily held. A drop below this level would indicate a fade towards 34,750-34,500 and the 50-day moving average.The S&P 500 tagged an intraday low of 4,424 before settling at 4,432 (-0.1%). Near-term and upper support at 4,425-4,400 was breached but held. A close below the latter would likely lead to additional weakness towards 4,375-4,350.
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Advanced Micro Devices (AMD) upgraded to Market Perform from Underperform at BMO CapitalCaesars (CZR) upgraded to Buy from Neutral at BofATesla (TSLA) upgraded to Buy from Hold at JefferiesActivision Blizzard (ATVI) downgraded to Hold from Buy at ArgusDollar Tree (DLTR) downgraded to Hold from Buy at Deutsche BankWynn Resorts (WYNN) downgraded to Neutral from Buy at BofA
TUESDAY’S EARNINGS ANNOUNCEMENTS Before the open: Aramark Holdings (ARMK), Bentley Systems (BSY), Casper Sleep (CSPR), Dream Finders Homes (DFH), Graham (GHM), Harmony Biosciences (HRMY), II-VI (IIVI), Kornit Digital (KRNT), Novanta (NOVT), Perrigo (PRGO), Sysco (SYY), TransDigm Group (TDG), Vishay Precision Group (VPG), X Financial (XYF)
After the close: Absolute Software (ABST), Bottomline Technologies (EPAY), Coinbase Global (COIN), Darling International (DAR), Eastman Kodak (KODK), FuboTV (FUBO), Grocery Outlet (GO), HyreCar (HYRE), Key Tronic (KTCC), Newtek Business Services (NEWT), OppFi (OPFI), PDF Solutions (PDFS), Rain Therapeutics (RAIN), ShotSpotter (SSTI), Upstart Holdings (UPST), VeriFone Holdings (PAY), Zeta (ZETA)
TUESDAY’S ECONOMIC NEWSNFIB Small Business Optimism Index – 6:00amProductivity and Costs – 8:30am
METALS/ OILGold closed at $1,726.50 an ounce, down $36.60Silver settled at $23.27 an ounce, down $1.06Copper finished at $4.29 a pound, down $0.06Crude Oil was at $66.84 a barrel, down $1.44Bitcoin Investment Trust (GBTC) ended at $38.55 up $2.54
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