The market was choppy throughout Wednesday’s session following news U.S. private employers laid off 20 million workers in April while underscoring the economic fallout of the corona virus outbreak.Aside from Tech, the mostly lower close came after selling pressure in the final hour of trading and losses in the Financial sector.The Nasdaq tested a high of 8,933 while settling at 8,854 (+0.6%). Current resistance at 8,900 was cleared but held for the 2nd-straight day with upside strength towards 8,950-9,000 on continued closes above this level.The Russell 2000 tapped a session low of 1,262 while closing at 1,263 (-0.8%). Crucial support at the 1,265 level failed to hold with additional risk towards 1,250-1,235 on continued closes below this level.The S&P 500 traded to an afternoon low of 2,847 before settling at 2,848 (-0.7%). Key support at 2,850 was failed to keep downside risk towards 2,825-2,800 in play.The Dow closed at 23,664 (-0.9%) following the late day tumble to 23,661. Fresh support is now at 23,500-23,250 on continued closes below the 23,750 level.
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Adient (ADNT) was upgraded to Overweight from Sector Weight at KeyBancPalo Alto Networks (PANW) upgraded to Outperform from Market Perform at NorthlandThomson Reuters (TRI) upgraded to Outperform from Market Perform at BMO CapitalIncyte (INCY) downgraded to Neutral from Overweight at JPMorganSnap (SNAP) downgraded to Sell from Neutral at CitiTripAdvisor (TRIP) downgraded to Hold from Buy at Deutsche Bank
THURSDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Anheuser-Busch (BUD), Bristol-Myers Squibb (BMY), Colfax (CFX), DISH Network (DISH), Eversource Energy (ES), GasLog (GLOG), Himax Technologies (HIMX), Iron Mountain (IRM), JetBlue Airways (JBLU), Landmark Infrastructure Partners (LMRK), Malibu Boats (MBUU), Nomad Foods (NOMD), ParkOhio Holdings (PKOH), Raytheon Technologies (RTX), Stericycle (SRCL), Teva Pharmaceutical (TEVA), ViacomCBS (VIAC), YETI Holdings (YETI)
After the close: Amdocs (DOX), BioDelivery Sciences International (BDSI), Callaway Golf (ELY), CubeSmart (CUBE), Dropbox (DBX), Farmer Brothers (FARM), GoPro (GPRO), Herbalife Nutrition (HLF), ICU Medical (ICUI), Kemper (KMPR), Life Storage (LSI), Microchip Technology (MCHP), Nuance Communications (NUAN), PetIQ (PETQ), Rapid7 (RPD), Roku (ROKU), SkyWest (SKYW), Teradata (TDC), Trade Desk (TTD), Upland Software (UPLD), Veeco Instruments (VECO), Yelp (YELP), Zillow (Z)
THURSDAY’S ECONOMIC NEWSChallenger Job-Cut Report – 7:30amJobless Claims – 8:30amConsumer Credit – 3:00pm
METALS/ OILGold closed at $1,688.50 an ounce, down $22.10Silver settled at $15.02 an ounce,