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U.S. markets traded to the downside for the second-straight session with heavier losses and a backtest towards Tuesday’s monthly and 2018 lows. Some of these levels were breached into the closing bell and likely signals additional weakness and a steeper correction in the coming sessions.
The Dow dropped 4.2% after testing a low of 23,849 while closing below the 24,000 for the first time since late November. The index held its previous session low of 23,778 with risk to 23,500-23,000 on continued selling pressure. The S&P 500 sank 3.8% after testing a fresh 2018 low of 2,580 to get November support levels in play.
The Nasdaq tanked 3.9% while tapping a 2018 low of 6,776 with early December support levels holding. The Russell 2000 gave back 2.9% after bottoming at 1,463 but was able to hold its 200-day moving average and Tuesday’s low of 1,461.
Anadarko (APC) upgraded to Outperform from Neutral at Macquarie
Just Energy (JE) was upgraded to Outperformer from Neutral at CIBC
Molson Coors (TAP) upgraded to Hold from Sell at Berenberg
Allison Transmission (ALSN) downgraded to Neutral from Buy at BofA/Merrill
Cosan (CZZ) downgraded to Neutral from Buy at UBS
Enanta (ENTA) downgraded to Neutral from Overweight at JPMorgan
Friday's scheduled earnings include:
BGC Partners (BGCP), Cae (CAE), CBOE Holdings (CBOE), Loews (L), Malibu Boats (MBUU), Moody’s (MCO), Tenneco (TEN), Ventas (VTR)
Friday's economic reports (EST):
Wholesale Trade - 10:00am
Baker-Hughes Rig Count - 1:00pm
Gold closed at $1,319.00 an ounce, up $4.40
Silver settled at $16.34 an ounce, up $0.10
Copper finished at $3.08 a pound, unchanged
Crude Oil closed at $60.42 a barrel, down $1.37
Bitcoin Investment Trust (GBTC) settled at $13.94, up $0.26
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