The market settled higher on Wednesday despite ongoing U.S.-China tensions, ongoing virus uncertainty, and signs that central banks are shifting away from crisis mode. The small-caps and Tech were the most volatile sectors but the late day overall strength was enough to pull back into positive territory into the closing bell.Speculation over the content of a second stimulus package and ongoing bullish 2Q earnings helped sentiment with Telsa (TSLA) reporting its 4th-straight profitable quarter while topping Wall Street’s estimates.The S&P 500 topped out at 3,279 ahead of the closing bell while finishing at 3,276 (+0.2%). Major resistance at 3,275 was recovered with continued closes above this level signaling upside towards 3,300 and levels from late January.The Dow reached a late day peak of 27,035 before settling at 27,005 (+0.6%). Key resistance at 27,000 was cleared and held for the first close above this level since early June. Continued closes above 27,000 would suggest additional strength towards the 27,500 level.The Russell 2000 tapped a morning high of 1,493 before closing at 1,490 (+0.2%). Crucial resistance at 1,500 was challenged but held for the 2nd-straight session with a move above this level leading to a retest towards the 1,525 area over the near-termThe Nasdaq traded up to 10,745 while ending at 10,706 (+0.2%). Current resistance at 10,800 was challenged but easily held with continued closes above this level and the recent all-time high of 10,839 suggesting additional momentum towards 11,000.
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Agco (AGCO) upgraded to Neutral from Underperform at BofACoca-Cola (KO) upgraded to Overweight from Equal Weight at Morgan StanleyVivint Smart Home (VVNT) upgraded to Overweight from Neutral at JPMorganColgate-Palmolive (CL) downgraded to Equal Weight from Overweight at Morgan StanleyMacy’s (M) downgraded to Sell from Neutral at UBSSnap (SNAP) downgraded to Neutral from Buy at Guggenheim
THURSDAY’S EARNINGS ANNOUNCEMENTSBefore the open: AT&T (T), Blackstone (BX), Citrix Systems (CTXS), Dow Chemical (DOW), Freeport-McMoRan (FCX), Genocea Biosciences (GNCA), Hershey (HSY), Kimberly-Clark (KMB), MarineMax (HZO), Nucor (NUE), PulteGroup (PHM), Safehold (SAFE), Tractor Supply Company (TSCO), Union Pacific (UNP), Webster Financial (WBS)
After the close: Atlantic Capital Bancshares (ACBI), Boston Beer Company (SAM), Clearfield (CLFD), Del Taco Restaurants (TACO), E*Trade Financial (ETFC), FirstEnergy (FE), Glacier Bancorp (GBCI), Intel (INTC), Mattel (MAT), OceanFirst Financial (OCFC), Ranger Energy Services (RNGR), Scientific Games (SGMS), Skyworks Solutions (SWKS), VeriSign (VRSN), Yamana Gold (AUY)
THURSDAY’S ECONOMIC NEWSJobless Claims – 8:30amLeading Indicators – 10:00amKansas City Fed Manufacturing Index – 11:00am
METALS/ OILGold closed at $1,865.10 an ounce,