The market was choppy throughout Monday’s action with the S&P and Nasdaq showing strength while the blue-chips and the small-caps were weak. News of continued developments on the corona-virus vaccine front and a possible fresh stimulus package helped bullish sentiment while the number of rising cases remained a concern.Tech led the way higher ahead of a number of big names reporting this week. IBM (IBM) announced and topped earnings after Monday’s close while Microsoft (MSFT), Intel (INTC) and Tesla (TSLA) reporting numbers over the next few days.The Nasdaq closed at 10,783 (+2.5%) after trading to a late day high of 10,767. Near-term resistance at 10,750 was recovered with a close above this level signaling a retest towards 10,850 and fresh all-time highs.The S&P 500 tested an afternoon peak of 3,258 while finishing at 3,251 (+0.8%). Prior resistance at 3,250 was reclaimed with continued close above this level keeping strength towards the 3,275 level in play.The Dow snapped a 2-session slide after tapping an afternoon peak of 26,765 while closing at 26,680 (0.03%). Key resistance at 26,750 was breached but held with a close above this level suggesting a retest towards 27,000.The Russell 2000 settled at 1,467 (-0.4%) following the intraday pullback to 1,461. Key resistance at 1,465 was breached but held with a close below this level leading to a retest towards 1,450 and the 200-day moving average.
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Cardinal Health (CAH) upgraded to Buy from Neutral at GuggenheimDropbox (DBX) upgraded to Buy from Hold at JefferiesGilead (GILD) upgraded to Neutral from Underperform at Credit SuisseAcelRx (ACRX) downgraded to Underperform from Neutral at Credit SuisseFreeport McMoRan (FCX) downgraded to Equal Weight from Overweight at BarclaysModerna (MRNA) downgraded to Neutral from Overweight at JPMorgan
TUESDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Coca-Cola (KO), First Foundation (FFWN), Graphic Packaging International (GPK), Lockheed Martin (LMT), Murphy USA (MUSA), Neogen (NEOG), OrganiGram (OGI), Philip Morris International (PM), Signature Bank (SBNY)
After the close: Capital One Financial (COF), Equity Bancshares (EQBK), Fulton Financial (FULT), Hope Bancorp (HOPE), Intuitive Surgical (ISRG), Navient (NAVI), Preferred Bank (PFBC), Snap (SNAP), Texas Instruments (TXN), United Airlines (UAL), Wintrust Financial (WTFC)
TUESDAY’S ECONOMIC NEWSChicago Fed National Activity Index – 8:30amRedbook – 8:55am
METALS/ OILGold closed at $1,817.40 an ounce,