All-Time Peaks Remain in Play

U.S.-China trade

U.S. markets showed strength on Tuesday’s open following another round of upbeat trade news with China. Reports that the Trump Administration is considering rolling back additional tariffs, one of the Chinese demands for the deal, lifted the Dow and the Nasdaq hitting fresh all-time highs shortly after the open.

Momentum faded afterwards following mixed economic data with Tech and S&P 500 slipping into the red before a mostly higher close. Volatility traded in a tight range before settling slightly higher but is still at a bullish level for the market.

The Russell 2000 rose 0.1% following the intraday push to 1,608. Major and lower resistance at 1,600-1,615 was cleared and held for the first time since early May with a close above the latter and the 52-week high at 1,618 getting 1,625-1,640 in focus.

The Dow also added 0.1% after testing an all-time intraday high of 27,560. Fresh and lower resistance at 27,500-27,750 was cleared but held for the 2nd-straight session with a move above the latter signaling momentum towards the 28,000 level.

The Nasdaq nudged up a point, or 0.02%, while trading to an intraday record high of 8,457. Fresh and lower resistance at 8,450-8,500 was cleared but held for the 2nd-straight session with additional strength towards 8,600-8,650 on a close above the latter.

The S&P 500 slipped 0.1% despite tapping a high of 3,083 shortly after the opening bell. Fresh and lower resistance at 3,100-3,125 was challenged but held with a close above the latter leading to a possible run towards 3,150-3,175.

Financials and Consumer Staples showed the most sector strength after 0.4% and 0.3%, respectively. Real Estate was the biggest sector laggard after sinking 1.7% while Utilities and Healthcare fell 1% and 0.7%, respectively.

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Beyond Meat (BYND) upgraded to Outperform from Market Perform at Bernstein
Facebook (FB) upgraded to Buy from Outperform at Daiwa
NXP Semiconductors (NXPI) upgraded to Buy from Neutral at Mizuho

Prudential (PRU) downgraded to Market Perform from Outperform at Wells Fargo
Under Armour (UA, UAA) downgraded to Buy from Conviction Buy at Goldman Sachs
U.S. Steel (X) downgraded to Hold from Buy at Argus

Before the open: Aircastle (AYR), Bloomin' Brands (BLMN), Cedar Fair Entertainment (FUN), Eversource Energy (ES), GasLog (GLOG), Horizon Pharma (HZNP), Humana (HUM), Kelly Services (KELYA), Lumber Liquidators (LL), Middleby (MIDD), New York Times (NYT), Owens & Minor (OMI), Perrigo (PRGO), Radware (RDWR), Smart Sand (SND), Tecnoglass (TGLS), Vonage Holdings (VG), Walker & Dunlop (WD), Wendy's International (WEN)

After the close: Albemarle (ALB), Baidu (BIDU), CoreCivic (CXW), DexCom (DXCM), ePlus (PLUS), Flowers Foods (FLO), GoDaddy (GDDY), Hamilton Beach Brands (HBB), Hologic (HOLX), Hostess Brands (TWNK), Invacare (IVC), Lannett Company (LCI), Marathon Oil (MRO), NMI Holdings (NMIH), Pan American Silver (PAAS), Qualcomm (QCOM), RealPage (RP), Square (SQ), TripAdvisor (TRIP), Valvoline (VVV), Wynn Resorts (WYNN), Zagg (ZAGG)

MBA Mortgage Applications - 7:00am
Productivity and Costs - 8:30am

Gold closed at $1,483.40 an ounce, down $27.40​
Silver settled at $17.57 an ounce,  down $0.50
Copper finished at $2.70 pound, up $0.03
Crude Oil  was at $57.14 a barrel, up $0.57
Bitcoin Investment Trust (GBTC) ended at $11.65 down $0.17

I hope this helps you prepare for the trading day. Make it a great one!

   Todd Mitchell

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