U.S. markets showed overall strength for the 3rd-straight session despite mixed economic news as trade rhetoric showed signs of improving. Reports that U.S. Treasury Secretary Steve Mnuchin will meet with his Chinese counterpart at the G20 gathering late this month helped market sentiment while offsetting a surprisingly weak jobs number.
The S&P 500 rose 0.8% following the late day push to 2,827. Prior and lower resistance at 2,825-2,850 was cleared and held with a move above 2,875 and the 50-day moving average signaling additional momentum.
The Dow also climbed 0.8% after testing a late day peak of 25,544. Fresh and lower resistance at 25,500-25,750 was cleared and held on the close back above the 200-day moving average.
The Nasdaq added 0.6% following the opening pop to 7,589. Prior and lower resistance at 7,550-7,600 was cleared and held with a move above the latter signaling additional strength towards 7,650-7,700.
The Russell 2000 slipped 0.1% despite tapping a morning high of 1,514. Near-term and lower resistance at 1,515-1,525 was challenged but held with continued closes above 1,550 and the 200/50-day moving averages being a more bullish development.
Real Estate and Utilities led sector strength after surging 2.3% and 2.1%, respectively, while Technology and Consumer Staples rose 1.3% and 1.1%.
Energy was the only sector laggard after giving back 1.1%.
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Cronos Group (CRON) double upgraded to Buy from Underperform at BofA/Merrill
Medtronic (MDT) upgraded to Outperform from Market Perform at Wells Fargo wit
Roku (ROKU) upgraded to Buy from Neutral at Guggenheim
AIG (AIG) downgraded to Hold from Buy at Deutsche Bank
Kratos Defense (KTOS) downgraded to Market Perform from Outperform at Noble Capital
Superior Energy (SPN) downgraded to Sector Perform from Outperform at Scotiabank
THURSDAY'S EARNINGS ANNOUNCEMENTS
Before the open (EST):
At Home Group (HOME), Ciena (CIEN), Hovnanian Enterprises (HOV), JM Smucker (SJM), Kirkland’s (KIRK), Michaels Companies (MIK), Science Applications (SAIC), Signet Jewelers (SIG), Tsakos Energy Navigation (THP)
After the close(EST):
Beyond Meat (BYND), DocuSign (DOCU), Domo (DOMO), Guess (GES), Ollie’s Bargain Outlet (OLLI), PagerDuty (PD), Perspecta (PRSP), SeaChange International (SEAC), Vail Resorts (MTN), Zoom Video Communications (ZM), Zumiez (ZUMZ)
UPCOMING ECONOMIC NEWS
Thursday's economic reports (EST):
Challenger Job-Cut Report - 7:30am
Jobless Claims - 8:30am
International Trade - 8:30am
Productivity and Costs - 8:30am
Quarterly Services Survey - 10:00am
METALS / OIL
Gold closed at $1,333.60 an ounce, up $4.90
Silver settled at $14.79 an ounce, up $0.02
Copper finished at $2.62 a pound, down $0.04
Crude Oil was at $51.70 a barrel, down $1.78
Bitcoin Investment Trust (GBTC) ended at $9.82 up $0.70
I hope this helps you prepare for the trading day. Make it a great one!
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