U.S. markets showed continued strength on Monday to push 2019 and fresh all-time highs with the gains coming ahead of Wednesday’s Fed update on interest rates. New developments on the U.S. and China trade front also helped sentiment after Treasury Secretary Steven Mnuchin said that negotiations were in the final stages.
A busy week of earnings will also help influence market momentum and determine if the blue-chips and small-caps will join the overall market into further blue-sky territory. Volatility stayed neutral after closing slightly higher while holding new resistance.
The Russell 2000 led the way higher for the 2nd-straight session after rising 0.4% while tapping an intraday high of 1,603. Major resistance from February at 1,600 was cleared but held with continued closes above the this level leading to a run towards 1,625-1,640.
The Nasdaq added 0.2% after trading to an intraday all-time of 8,176. Lower resistance at 8,150-8,200 was cleared and held with fresh hurdles at 8,250-8,400 on continued momentum.
The S&P 500 climbed 0.1% following the intraday run to 2,949 and new record peak. Fresh resistance at 2,950 held by a half-point with new horizons at 2,975-3,000 on continued near-term strength.
The Dow rose 11 points, or 0.04% after testing a late session high of 26,602. Lower resistance at 26,500-26,750 was cleared and held with a move above the latter getting 27,000 in play with the all-time high currently at 26,951.
Financials surged 1% to lead sector strength while Communication Services jumped 0.9%.
Real Estate and Utilities paced sector weakness after sliding 1% and 0.6%, respectively.
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Adobe (ADBE) upgraded to Overweight from Equal Weight at Morgan Stanley
Sprouts Farmers Market (SFM) upgraded to Buy from Hold at Deutsche Bank
Target (TGT) upgraded to Overweight from Equal Weight at Barclays
Intel (INTC) downgraded to Hold from Buy at Argus
Lionsgate (LG) downgraded to In-Line from Outperform at Imperial Capital
Occidental Petroleum (OXY) downgraded to Hold from Buy at Jefferies
Before the open (EST):
Arconic (ARNC), Baker Hughes (BHGE), Brinker International (EAT), CDK Global (CDK), Corning (GLW), Eli Lilly (LLY), First Data (FDC), General Motors (GM), HomeStreet (HMST), Incyte (INCY), Lumber Liquidators (LL), McDonalds (MCD), Merck (MRK), Oshkosh (OSK), Pfizer (PFE), Ryder System (R), Tennant (TNC), Welltower (WELL), Zebra Technologies (ZBRA)
After the close(EST):
Advanced Micro Devices (AMD), Akamai Technologies (AKAM), Apple (AAPL), Boston Properties (BXP), Chubb (CB), Denny’s (DENN), Exact Sciences (EXAS), Flex (FLEX), Groupon (GRPN), Lattice Semiconductor (LSCC), Markel (MKL), MicroStrategy (MSTR), OSI Systems (OSIS), Red Rock Resorts (RRR), Systemax (SYX), Twilio (TWLO), Vivus (VVUS), Zendesk (ZEN)
UPCOMING ECONOMIC NEWS
Tuesday's economic reports (EST):
Employment Cost Index - 8:30am
Redbook - 8:55am
S&P Corelogic Case-Shiller - 9:00am
Chicago PMI - 9:45am
Consumer Confidence - 10:00am
Pending Home Sales - 10:00am
Farm Prices - 3:00pm
METALS / OIL
Gold closed at $1,281.50 an ounce, down $7.30
Silver settled at $14.93 an ounce, down $0.08
Copper finished at $2.89 a pound, unchanged
Crude Oil was at $63.57 a barrel, up $0.77
Bitcoin Investment Trust (GBTC) ended at $6.21 down $0.07
I hope this helps you prepare for the trading day. Make it a great one!
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