Bulls End 4-Session Slide


U.S. markets closed higher on Friday to end 4-sessions of weakness in a volatile session dominated by headlines concerning the ongoing U.S. and China trade negotiations. The major indexes made lower lows for the week during the first half of action after President Trump indicated there was no need to rush in talks and that a trade deal with China was still possible.


The rebound off the lows midday came after Treasury Secretary Steven Mnuchin said China trade talks had ended but were constructive with Chinese Vice Premier Liu also saying the talks went fairly well. The S&P 500 and Nasdaq had their worst week of the year with the majority of the indexes holding their 50-day moving averages, excluding the blue-chips, which had its worst week since March.

The Dow gained 0.4% on a 450-point turnaround off its 200-day moving average to reach an intraday peak of 26,019. Prior and lower resistance at 25,800-26,600 was cleared and held with a close above 26,250 and the 50-day moving average being a more bullish development for additional strength.

The S&P 500 was also higher by 0.4% after reaching a late day peak of 2,891. Near-term and lower resistance at 2,875-2,900 was cleared and held with more important hurdles at 2,925-2,950.

The Russell 2000 climbed 0.2% after testing a late session high of 1,575. Near-term and lower resistance at 1,575-1,590 was tapped but held with continued closes back above the 1,600 level being a more bullish signal.

The Nasdaq edged up 0.1% following the late day push just north of 7,949 and 190-point bounce off the low. Prior and lower resistance at 7,950-8,000 was challenged but held with a move above the latter signaling a possible near-term bottom.

For the week, the Nasdaq tumbled 3%, to snap a 6-week winning streak, while the Russell 2000 gave back 1.6%. The S&P 500 sank 2.2% and the Dow stumbled 2.1%.

Utilities and Materials rose 1.8% and 1.4%, respectively, to lead sector strength while Consumer Staples and Real Estate jumped 1.2%. There were no sector laggards on Friday.

Technology was easily the worst performing sector for the week after tanking 3.4% followed by a 2.7% drop in the Materials and Industrials. The were no sectors that closed higher.


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ANALYST UPGRADES/DOWNGRADES

3D Systems (DDD) upgraded to Neutral from Underweight at JPMorgan
Jones Lang LaSalle (JLL) upgraded to Buy from Neutral at Goldman Sachs
Whirlpool (WHR) upgraded to Buy from Neutral at Longbow

Hudbay Minerals (HBM) downgraded to Market Perform from Outperform at BMO Capital
Interxion (INXN) downgraded to Perform from Outperform at Oppenheimer
SharpSpring (SHSP) downgraded to Hold from Buy at Craig-Hallum

EARNINGS 
Before the open (EST):
​Capital Products Partners (CPLP), DarioHealth (DRIO), Eastside Distilling (EAST), Highpower International (HPJ), Myomo (MYO), National Energy Services (NESR), Unum Therapeutics (UMRX)

After the close(EST):
​Capital Products Partners (CPLP), DarioHealth (DRIO), Eastside Distilling (EAST), Highpower International (HPJ), Myomo (MYO), National Energy Services (NESR), Unum Therapeutics (UMRX)

UPCOMING ECONOMIC NEWS
Friday's economic reports (EST): 
​No major ​announcements.

METALS / OIL
Gold closed at $1,287.40 an ounce, up $2.20
Silver settled at $14.79 an ounce, up $0.02
Copper finished at $2.77 a pound, unchanged
Crude Oil was at $61.71 a barrel, up $0.12
Bitcoin Investment Trust (GBTC) ended at $8.60 up $0.37



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