Fed Leaves Rates Unchanged

MARKET SUMMARY

U.S. markets traded to fresh all-time highs on Wednesday’s open but weakened ahead of today’s FOMC announcement to finish mixed. The Dow and S&P 500 closed in positive territory for the second-straight session after peaking at intraday highs of 23,517 and 2,588, respectively. The Nasdaq tapped a record high of 6,759 while holding the 6,700 but went out with a loss of 0.2%. The Russell 2000 remained volatile following a 0.7% decline and close back below the 1,500 level. The index has failed to make a lifetime high since peaking just south of 1,515 on October 5th.

TRADE OF THE DAY!
HOW MARKETS FOOL US
ANALYST UPGRADES / DOWNGRADES

American Airlines (AAL) upgraded to Overweight from Neutral at JPMorgan
Mosaic (MOS) was upgraded to Buy from Neutral at Cleveland Research
Weatherford (WFT) upgraded to Buy from Neutral at Seaport Global with ANA

Check Point (CHKP) was downgraded to Equal Weight from Overweight at Stephens
General Motors (GM) downgraded to Neutral from Buy at Nomura Instinet
Goodyear Tire (GT) downgraded to Neutral from Buy at Guggenheim

EARNINGS

Thursday’s scheduled earnings include:

Activision Blizzard (ATVI), Apple (AAPL), Aircastle (AYR), AMC Networks (AMCX), AutoNation (AN), Blue Apron (APRN), Cardtronics (CATM), CBS (CBS), Chesapeake Energy (CHK), Cigna (CI), EOG Resources (EOG), Fluor (FLR), Genworth Financial (GNW), Gannett (GCI), Herbalife (HLF), j2 Global, Hyatt Hotels (H), Herbalife (HLF), Kemet (KEM), Pandora Media (P), Ralph Lauren (RL), Sprouts Farmers Market (SFM), Starbucks (SBUX), TiVo (TIVO), Tennant (TNC), Titan International (TWI), Vulcan Materials (VMC), Wayfair (W), Western Union (WU), Wingstop (WING), Yum Brands (YUM), Zoetis (ZTS)

UPCOMING ECONOMIC NEWS

Thursday's economic reports (EST):

Challenger Job-Cut Report - 7:30am
Jobless Claims - 8:30am
Productivity and Costs - 8:30am
Bloomberg Consumer Comfort Index - 9:45am

UPCOMING ECONOMIC NEWS

Gold closed at $1,277.30 an ounce, up $6.80

Silver settled at $17.18 an ounce, up $0.48

Copper finished at $3.14 a pound, up $0.04

Brent Crude Oil closed at $61.15 a barrel, up $0.56

ARTICLE OF THE DAY
What You Need to Know About PUT Options

Put options give the buyer the right, but not the obligation, to sell an underlying asset at the strike price...[read more]

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY

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