Market Up on Tariffs

MARKET SUMMARY

U.S. markets finished mostly higher on Thursday while showing overall strength for a fifth-straight session. The late session rally held despite the signing of the declaration of a 25% tariff on imported steel and a 10% tariff on imported aluminum. The market took it as a good sign as Canada and Mexico are being exempt, for now from the tariffs, while NAFTA negotiations are ongoing.

The S&P 500 gained 0.5% after testing a high of 2,740 while closing less than a point below its 50-day moving average. The Dow was up 0.4%, after trading to a high of 24,950 with near-term resistance at 25,000 holding.

The Nasdaq advanced 0.4% after making a run to 7,435 while clearing and holding the 7,400 level for the first time since late January. The Russell 2000 dipped 0.2% after topping out at 1,580 and spending the rest of the session underwater.

WINNING TRADERS MINDSET - Part 4
ANALYST UPGRADES / DOWNGRADES 

Barclays (BCS) upgraded to Neutral from Sell at Goldman Sachs
Splunk (SPLK) upgraded to Buy from Hold at Argus
Wendy's (WEN) upgraded to Buy from Neutral at Longbow

CF Industries (CF) downgraded to Underperform from Buy at BofA/Merrill
Veon (VEON) downgraded to Hold from Buy at HSBC
Zagg (ZAGG) downgraded to Neutral from Buy at B. Riley FBR

EARNINGS

Friday's scheduled earnings include: 
American Woodmark (AMWD), Big Lots (BIG), Global Water Resources (GWRS), Revlon (REV), Spark Energy (SPKE)

UPCOMING ECONOMIC NEWS

Friday's economic reports (EST): 

Unemployment report - 8:30am
Wholesale Trade - 10:00am
Baker-Hughes Rig Count - 1:00pm

METALS / OIL

Gold closed at $1,321.70 an ounce, down $5.90

Silver settled at $16.50 an ounce, up $0.01

Copper finished at $3.07 a pound, down $0.06

Crude Oil closed at $60.29 a barrel, up $0.17

Bitcoin Investment Trust (GBTC) settled at $15.74, unchanged

Article of the Day

Put options give the buyer the right, but not the obligation, to sell an underlying asset at the strike price until market close on the 3rd Friday of the expiration month. [read more]


Make it a great day!

Todd Mitchell

QUOTE OF THE DAY

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