The market held positive throughout Wednesday’s session following another round of optimism on the U.S.-China trade standoff. U.S. Treasury Secretary Mnuchin said analysts were about 90% of the way there on a deal and he believes there is a path to complete it.Of course, this was old news but recycled as the market settled mostly lower with Tech bucking the trend. Volatility stayed slightly elevated after failing to hold near-term support and remains a key signal going forward in determining how next week might shakeout.The Russell 2000 dipped 0.2% following the opening pop to 1,530. Previous resistance from mid-month at 1,535-1,550 and was challenged but held on the 2nd-straight close below the 200-day moving average.The S&P 500 slipped 0.1% despite tapping a intraday high of 2,932. Prior resistance at 2,925-2,950 was cleared but held with a close above the latter being a more bullish development.The Dow gave back 11 points, or 0.04% following the opening trip to 26,660. Near-term and lower resistance at 26,500-26,750 was cleared and held with a close above the latter keeping 27,000 and the all-time high at 26,951 in play.The Nasdaq was up 0.3% after testing a morning high of 7,974. Current and lower resistance at 8,000-8,100 held on the close back above the 7,900 level.Energy and Technology were the strongest sectors after jumping 1.5% and 1.1%, respectively.Utilities paced sector weakness after tanking 2.2% while Real Estate and Consumer Staples were lower by 1.9% and 1.4%, respectively.
ConocoPhillips (COP) upgraded to Buy from Neutral at MizuhoUpwork (UPWK) upgraded to Buy from Hold at JefferiesWestern Digital (WDC) upgraded to Buy from Hold at Craig-HallumAllergan (AGN) downgraded to Neutral from Buy at MizuhoIllinois Tool Works (ITW) downgraded to Sell from Neutral at NorthcoastPapa John’s (PZZA) downgraded to Neutral from Buy at Kalinowski
THURSDAY’S EARNINGS ANNOUNCEMENTS Before the open: Accenture (ACN), Apogee Enterprises (APOG), Conagra Brands (CAG), GMS (GMS), McCormick & Company (MKC), Patterson Companies (PDCO), Peak Resorts (SKIS), ReneSola (SOL), Shaw Communications (SJR), Walgreens Boots Alliance (WBA)After the close: CalAmp (CAMP), Franklin Covey (FC), Nike (NKE), Progress Software (PRGS), Smart Global Holdings (SGH)
UPCOMING ECONOMIC NEWS Thursday’s economic reports (EST): Jobless Claims – 8:30amGDP – 8:30amCorporate Profits – 8:30amPending Home Sales – 10:00amKansas City Fed Manufacturing Index – 11:00amFarm Prices – 3:00pm
METALS / OILGold closed at $1,415.40 an ounce, down $3.30Silver settled at $15.29 an ounce, down $0.01Copper finished at $2.71 a pound, down $0.02Crude Oil was at $59.06 a barrel, up $1.18Bitcoin Investment Trust (GBTC) ended at $17.08, up $2.20
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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