Tech Tackles Another All-Time High

MARKET SUMMARY

U.S. markets closed higher ahead of Wednesday’s FOMC announcement with the Dow and S&P 500 posting their 7th-straight monthly gain. The Nasdaq set another all-time high of 6,737 while closing above the 6,700 level for the second time in three sessions. Meanwhile, the Russell 2000 led the major indexes with a gain of 0.8% after closing back above the 1,500 level.

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ANALYST UPGRADES / DOWNGRADES

Cerner (CERN) upgraded to Outperform from Neutral at Baird
Merck (MRK) upgraded to Hold from Underperform
Microsoft (MSFT) upgraded to Buy from Hold at Argus

Cypress Semiconductor (CY) downgraded to Equal Weight from Overweight at Barclays
Dominion Midstream (DM) was downgraded to Sector Perform from Outperform at RBC Capital
H.B. Fuller (FUL) downgraded to Neutral from Buy at Citi

EARNINGS

Wednesday’s scheduled earnings include:

Allergan (AGN), Allstate (ALL), Bojangles (BOJA), Brinker International (EAT), Cheesecake Factory (CAKE), Clorox (CLX), Denny’s (DENN), Facebook (FB), FireEye (FEYE), Garmin (GRMN), GoPro (GPRO), HanesBrands (HBI), Kraft Heinz (KHC), Life Storage (LSI), Metlife (MET), Molson Coors Brewing (TAP), New York Times (NYT), Qualcomm (QCOM), Rayonier (RYN), Scientific Games (SGMS), SodaStream (SODA), Tesla (TSLA), Viava Solutions (VIAV), Yelp (YELP), Zagg (ZAGG)

UPCOMING ECONOMIC NEWS

Wednesday’s economic reports (EST):

MBA Mortgage Applications - 7:00am
ADP Employment Report - 8:15am
PMI Manufacturing Index - 9:15am
ISM Manufacturing Index - 10:00am
Construction Spending - 10:00am
FOMC Meeting Announcement - 2:00pm

METALS / OIL

Gold closed at $1,270.50 an ounce, down $7.20

Silver settled at $16.69 an ounce, down $0.16

Copper finished at $3.10 a pound, down $0.01

Brent Crude Oil closed at $60.59 a barrel, up $0.41

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Make it a great day!

Todd Mitchell

QUOTE OF THE DAY

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