Bears Get Late Day Win

trade negotiations

The market experienced some late day selling pressure on Thursday following escalated tensions between the U.S. and China after the country approved a national security legislation on Hong Kong to tackle secession, subversion, terrorism and foreign interference.

Reports that President Trump will host a news conference on Friday about China halted midday momentum. News that The President was going to sign an executive order that would clamp down on social media companies for so-called political bias also weighed on sentiment.

The Russell 2000 closed at 1,400 (-2.5%) with the late session tapping 1,397. Key support at 1,400 was breached but held by a half-point with continued closes below this level keeping downside risk towards 1,375 in focus.

The Dow settled at 25,400 (-0.6%) following the afternoon pullback to 25,359. Key support at 25,500 failed with continued closes below this level signaling downside risk towards the 25,000 area.

The Nasdaq traded to a late low of 9,345 while settling at 9,368 (-0.5%). Fresh support at 9,350 was cracked but held with a close below this level, signaling weakness towards the 9,200 level.

The S&P 500 tested a low of 3,023 ahead of the closing bell while going out at 3,029 (-0.2%). Crucial support at 3,025 was tripped but held with a close below this level leading to a retest towards 3,000 and the 200-day moving average.

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ANALYST UPGRADES/DOWNGRADES

Ally Financial (ALLY) upgraded to Overweight from Equal Weight at Morgan Stanley
Deere (DE) upgraded to Outperform from Market Perform at William Blair
Qualcomm (QCOM) upgraded to Overweight from Sector Weight at KeyBanc

Boston Beer (SAM) downgraded to Neutral on valuation at Credit Suisse
Disney (DIS) downgraded to Underperform from In-Line at Imperial Capital
Tyson Foods (TSN) downgraded to Hold from Buy at Argus

FRIDAY'S EARNINGS ANNOUNCEMENTS
Before the open: Big Lots (BIG), Canopy Growth (CGC), EHang Holdings (EH), Huize Holding (HUIZ), Mogu (MOGU), ReneSola (SOL)

After the close: None

FRIDAY'S ECONOMIC NEWS
Productivity and Costs - 8:30am
Wholesale Inventories - 8:30am
Chicago PMI - 9:45am
Consumer Sentiment - 10:00am
Baker-Hughes Rig Count - 1:00pm

METALS/ OIL
Gold closed at $1,728.30  an ounce, up $1.50
Silver settled at $17.97 an ounce, up $0.21
Copper finished at $2.41  a pound,  up $0.03
Crude Oil was at $33.54 a barrel, 
up $1.96
Bitcoin Investment Trust (GBTC) ended at $10.88 up $0.34


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


   Todd Mitchell


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