U.S. markets traded in a tight range on Thursday as the Trump-Kim summit ended abruptly when the two leaders failed to reach a deal. The failed meeting had little impact on the major indexes as they traded in tight ranges.
A better-than-expected GDP number helped keep weekly lower lows from coming into play and near-term support levels have been holding throughout the week. However, the major indexes are showing losses for the week and will need another rebound Friday to keep a 7-week winning streak intact.The Russell 2000 remains in a 6-session trading range after slipping 0.4% and testing an intraday low of 1,571. Near-term and upper support at 1,575-1,560 was breached but held with a close below 1,550 being a bearish development.The Nasdaq gave back 0.3% following the morning back-test to 7,516. Near-term and upper support at 7,525-7,475 and the 200-day moving average held into the close with a move below the latter being a bearish signal for additional weakness.The S&P 500 also declined 0.3% after testing a second half low of 2,782. Current and upper support at 2,775-2,750 held for the 2nd-straight session with a close below the latter and the 200-day moving average being a bearish signal.The Dow extended its losing streak to 3-straight sessions after dropping 0.3% on the late day fade to 25,896. Fresh and upper support at 25,750-25,500 easily held with a close below the latter signaling a near-term top.Utilities and Consumer Staples led sector strength with gains of 0.6% and 0.5%, respectively. Real Estate and Communication Services added 0.3% and 0.1% to round out the winners.Materials and Energy were the weakest sectors after giving back 1.2% and 1%. Consumer Discretionary was down 0.5%.sector weakness after falling 0.5%. Real Estate declined 0.3%.
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Athene Holding (ATH) upgraded to Outperform from Market Perform at BMO Capital Fitbit (FIT) upgraded to Buy from Neutral at DA DavidsonHain Celestial (HAIN) upgraded to Overweight from Neutral at JPMorgan
Booking Holdings (BKNG) downgraded to Neutral from Overweight at Atlantic Equities Dollar General (DG) downgraded to Hold from Buy at Deutsche BankHP (HPQ) downgraded to Underperform from Buy at BofA/Merrill
EARNINGS Friday Before the Open (EST):Astec Industries (ASTE), Core-Mark Holding (CORE), Ebix (EBIX), Foot Locker (FL), Koppers Holdings (KOP), Omeros (OMER), Pattern Energy (PEGI), Strayer Education (STRA), Tribune Media (TRCO)Friday After the close(EST):Heritage Insurance Holdings (HRTG), Ur-Energy (URG)
UPCOMING ECONOMIC NEWS Friday’s Economic Reports (EST):Personal Income and Outlays – 8:30amConsumer Price Index – 8:30amPMI Manufacturing Index – 9:45amISM Manufacturing Index – 10:00amConstruction Spending – 10:00amBaker-Hughes Rig Count – 1:00pm
METALS / OIL
Gold closed at $1,316.10 an ounce, down $5.10
Silver closed at $15.63 an ounce, down $0.14
Copper finished at $2.95 a pound, down $0.01
Crude Oil is at $57.27 a barrel, up $0.28
Bitcoin Investment Trust (GBTC) ended at $4.346, up $0.15
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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