Market Surges for 2nd-Straight Session

MARKET SUMMARY

U.S. markets showed strength for a 2nd-straight session following its worst two-week performance in more than two years. The indexes traded higher throughout the session following some early morning volatility but closed near session highs while pushing short-term resistance levels.

The Dow rallied 1.7% after testing a high of 24,765 and temporarily regaining positive territory for the year. The S&P 500 soared 1.4% after tapping an intraday high of 2,672 and coming within a point of returning to positive territory for 2018.

The Nasdaq jumped 1.6% after trading to an intraday high of 7,023 while closing just below the 7,000 level. The index is back in positive for the year after closing above 6,903.

The Russell 2000 was slightly weak on the open after testing a low of 1,466 before regaining its footing to push 1,500. The index gained 0.9% but needs to clear 1,535 to get back into positive territory for the year.

TRADE OF THE DAY

THE SCIENCE OF WINNING - PART 4
ANALYST UPGRADES / DOWNGRADES 

Cisco Systems (CSCO) upgraded to Buy from Neutral at Nomura Instinet
Teva (TEVA) upgraded to Outperform from Neutral at Credit Suisse
VF Corp (VFC) upgraded to Buy from hold at Stifel

EQT Midstream (EQM) and EQT GP (EQGP) downgraded to Sector Perform from Outperform at RBC Capital
Natural Grocers (NGVC) downgraded to Underweight from Equal Weight at Barclays
Tallgrass Energy GP (TEGP) downgraded to Equal Weight from Overweight at Barclays

EARNINGS

Tuesday's scheduled earnings include: 

Before the open: Aircastle (AYR), Blue Apron (APRN), Charles River Laboratories (CRL), Generac Holdings (GNRC), Himax Technologies (HIMX), LouisianaPacific (LPX), PepsiCo (PEP), Sina (SINA), Tower International (TOWR), Under Armour (UAA)

After the close: (BIDU), Carbonite (CARB), Davita (DVA), Denny’s (DENN), Fossil (FOSL), HubSpot (HUBS), Lattice Semiconductor (LSCC), Metlife (MET), Omega Healthcare (OHI), Retail Properties of America (RPAI), Tanger Factory Outlet (SKT), Twilio (TWLO), Western Union (WU)

UPCOMING ECONOMIC NEWS

Tuesday's economic reports (EST): 

NFIB Small Business Optimism Index - 6:00am
Redbook - 8:55am

METALS / OIL

Gold closed at $1,326.40 an ounce, up $10.70

Silver settled at $16.57 an ounce, up $0.43

Copper finished at $3.08 a pound, up $0.04

Crude Oil closed at $59.29 a barrel, up $0.24

Bitcoin Investment Trust (GBTC) settled at $14.87, up $0.53

Article of the Day
What Affects Equity Option Prices?

Option pricing is based on a variety of factors...  [read more]


Make it a great day!

Todd Mitchell

QUOTE OF THE DAY

FREE DAILY TRADE VIDEOS

Join Over 84,750 Traders Receiving Our FREE Daily Trading Videos