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Market Mixed on Lowered Volatility

MARKET SUMMARY

​U.S.markets tried rebounding for the second-straight session following Wednesday’s run to higher highs, but the gains faded throughout the session with the major indexes settling mixed. Volatility was slightly subdued compared to recent sessions but the whipsaw action remains in place and will likely continue for the foreseeable future.

The Dow slipped 0.1% after trading to a high of 25,293 while closing below the 25,000 level for the 3rd-straight session. The S&P 500 sagged 0.5% following a morning run to 2,727 but has failed to hold 2,700 all week.

The Nasdaq was lower by 0.9% after testing a high of 7,170 but hełd the 7,000 level for the 2nd-straight session following the second-half weakness. The Russell 2000 was up less than a point, or 0.05%, after peaking at 1,517 while holding the 1,500 level throughout the day.

TRADE OF THE DAY

THE SCIENCE OF WINNING - PART 1
ANALYST UPGRADES / DOWNGRADES 

Lennar (LEN) upgraded to Overweight from Equal Weight at Barclays
Chevron (CVX) upgraded to Outperform from Market Perform at Wells Fargo
Spirit Airlines (SAVE) was upgraded to Outperform from Neutral at Macquarie

Wynn Resorts (WYNN) downgraded to Neutral from Buy at Roth Capital
Chipotle (CMG) was downgraded to Sell from Hold at Stifel
Macom (MTSI) was downgraded to Neutral from Overweight at JPMorgan

EARNINGS

Thursday's scheduled earnings include: 

Before the open: Alexion Pharmaceuticals (ALXN), BorgWarner (BWA), Cambrex (CBM), Canada Goose Holdings (GOOS), CVS Holdings (CVS), Good Year Tire & Rubber (GT), Grub Hub (GRUB), HanesBrands (HBI), Kellogg (K), Masco (MAS), New York Times (NYT), Philip Morris International (PM), Sealed Air (SEE), Snap-On (SNA), Telus (TU), Twitter (TWTR), Viacom (VIAB), World Wrestling Federation (WWE), Yum Brands (YUM)
After the close: Activision Blizzard (ATVI), Beacon Roofing (BECN), Columbia Sportsware (COLM), Expedia (EXPE), Hologic (HOLX), Knoll (KNL), NCR (NCR), Quantum (QTM), Sketchers (SKX), VeriSign (VRSN), Zillow Group (ZG)

UPCOMING ECONOMIC NEWS

Thursday's economic reports (EST): 

Chain Store Sales - 7:00am
Jobless Claims - 8:30am
Bloomberg Consumer Comfort Index - 9:45am

METALS / OIL

Gold closed at $1,314.60 an ounce, down $14.90

Silver settled at $16.24 an ounce, down $0.34

Copper finished at $3.08 a pound, down $0.10

Crude Oil closed at $61.75 a barrel, down $0.04

Bitcoin Investment Trust (GBTC) settled at $13.69, up $1.38

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Make it a great day!

Todd Mitchell

QUOTE OF THE DAY

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