U.S. markets closed mostly lower to start the week despite Monday morning merger news and the preliminary passage of the tax bill after Friday’s closing bell. The Dow traded to an all-time intraday high of 24,534 but added just 0.2% on the pullback afterwards. The S&P 500 pushed a lifetime peak of 2,665 before giving back nearly 3 points, or 0.1%, into the closing bell.
The Russell 2000 reached a record high north of 1,559 shortly after the open but struggled holding its gains while finishing 0.8% lower. Meanwhile, the Nasdaq opened in positive territory but failed the 6,900 level by a point before spending the majority of the session underwater after dropping just over 1%.
eBay (EBAY) upgraded to Outperform from Market Perform at BMO Capital
Owens Corning (OC) upgraded to Top Pick from Outperform at RBC Capital
UPS (UPS) upgraded to Buy from Hold at Deutsche Bank
Charter (CHTR) downgraded to Underweight from Equal Weight at Barclays
Old Dominion (ODFL) downgraded to Sell from Hold at Deutsche Bank
Public Storage (PSA) was downgraded to Underperform from Neutral at BofA/Merrill.
Tuesday's scheduled earnings include:
AutoZone (AZO), Bank of Montreal (BMO), Barnes & Noble Education (BNED), Dave & Buster’s Entertainment (PLAY), Dynagas (DLNG), Funko (FNKO), G-III Apparel Group (GIII), HealthEquity (HQY), HD Supply Holdings (HDS), J. Jill (JILL), Lands’ End (LE), Oxford Industries (OXM), Toll Brothers (TOL), Veeva Systems (VEEV)
Tuesday's economic reports (EST):
International Trade - 8:30am
Redbook - 8:55am
PMI Services Index - 9:45am
ISM Non-Manufacturing Index - 10:00am
Gold closed at $1,277.70 an ounce, down $4.60
Silver settled at $16.37 an ounce, down $0.02
Copper finished at $3.09 a pound, unchanged
Crude Oil closed at $57.17 a barrel, down $0.94
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