Bulls Cap Historic Week but Small-Caps Slack

Stock Market

U.S. markets showed continued strength on Friday while setting a fresh round of historic highs on hopes of an imminent rate cut at the end of the month. Fed Chair Jerome Powell did his part to lift bullish spirits following his testimony on Capitol Hill, but the action will now focus on the upcoming 2Q earnings season.

The Dow soared 0.9% while closing a point below its record high of 27,333. Blue-sky and lower resistance at 27,250-27,500 was cleared and held with upside momentum towards 27,750-27,800 on a close above the latter.

The Nasdaq was up 0.6% following the late day push to an all-time peak of 8,245 and closing high of 8,244. Fresh and lower resistance at 8,225-8,300 was cleared and held on the 3rd-straight close above the 8,200 level.

The S&P 500 was higher by 0.5% after closing at its session peak of 3,013. New and lower resistance at 3,000-3,025 was cleared and held with potential towards 3,050-3,060 on a move above the latter.

The Russell 2000 rose 0.4% while holding positive territory throughout the session and testing a high of 1,574. Prior and lower resistance at 1,570-1,575 was cleared and held with a move above the latter getting 1,585-1,600 back in focus. The index climbed just out of correction territory with the all-time high at 1,742.

For the week, the Dow rallied 1.5% and the S&P 500 advanced 0.8%. The Nasdaq jumped 1% while the Russell 2000 was lower by 0.3%.

Industrials and Consumer Discretionary led sector strength on Friday with gains of 1.8% and 1.2%, respectively. Healthcare was the weakest sector after falling 1.1%.

The best performing sectors for the week included Energy (2.1%), Consumer Discretionary (2%), Communication Services (1.7%) and Technology (1.5%). Healthcare (-1.4%), Materials (-0.9%), Real Estate (-0.2%) and Utilities (-0.1%) were the weekly laggards.

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ANALYST UPGRADES/DOWNGRADES

Altria Group (MO) upgraded to Buy from Neutral at Goldman Sachs
Deutsche Bank (DB) upgraded to Neutral from Sell at UBS
Morgan Stanley (MS) upgraded to Buy from Neutral at Citi

Charles Schwab (SCHW) was downgraded to Neutral from Buy at BofA/Merrill
MSC Industrial (MSM) downgraded to Neutral from Buy at Northcoast
Wells Fargo (WFC) downgraded to Neutral from Buy at Citi

MONDAY'S EARNINGS ANNOUNCEMENTS  
Before the open:  Citigroup (C), Luby’s (LUB), OrganiGram (OGI), ShiftPixy (PIXY), Surge Components (SPRS)

After the close: JB Hunt (JBHT), ServisFirst Bancshares (SFBS), Wintrust Financial (WTFC)


UPCOMING ECONOMIC NEWS
Monday’s economic reports (EST): 
Empire State Manufacturing Survey - 8:30am


METALS / OIL
Gold closed at $1,412.20 an ounce, up $5.50
Silver settled at $15.24 an ounce, up $0.09
Copper finished at $2.69 a pound, up $0.01
Crude Oil was at $60.39 a barrel, down $0.16
Bitcoin Investment Trust (GBTC) ended at $14.84, down $0.5


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


   Todd Mitchell


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