Dow Hits 4th-Straight Record Peak

U.S. markets traded in tight ranges for the 2nd-straight session while settling slightly lower as mixed 2Q earnings and trade comments concerning China weighed on sentiment.

The blue-chips and the small-caps showed some intraday strength but the overall market tested midday lows after President Trump told reporters that a trade deal with China has a long way to go.

The Nasdaq fell 0.4% after testing an intraday low of 8,204. Fresh and upper support at 8,200-8,150 held with a close below the latter signaling additional weakness towards 8,050-8,000.

The S&P 500 slipped 0.3% after trading in a 14-point range and tapping an intraday low of 3,001. Current and upper support at 3,000-2,975 held on the 3rd-straight close above the former with risk towards 2,950 on a move below the latter.

The Dow dipped 0.1% despite testing an all-time intraday high of 27,398 while snapping a 5-session winning streak. Upper support at 27,250-27,000 held on the backtest to 27,290 afterwards.

The Russell 2000 edged up less than a point, or 0.01%, after holding positive territory for much of the session and kissing a morning high of 1,569. Prior and lower resistance at 1,570-1,575 held with a move above the latter getting 1,585-1,600 back in focus.

Industrials and Material led sector strength after rising 0.6% and 0.2%. Energy and Technology were the weakest sectors after falling 1.1% and 0.9%, respectively.

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LabCorp (LH) upgraded to Neutral from Underperform at BofA/Merrill
Nokia (NOK) upgraded to Buy from Hold at Danske Bank
Timken (TKR) upgraded to Buy from Neutral at Goldman Sachs

FactSet (FDS) downgraded to Underweight from Equal Weight at Morgan Stanley
Home Depot (HD) downgraded to Hold from Buy at Gabelli
Sonoco (SON) downgraded to Underperform from Market Perform at BMO Capital

Before the open:  ​ASML Holding (ASML), Bank of America (BAC), Comerica (CMA), Ericsson (ERIC), Omnicom Group (OMC), Progressive Group (PGR), Textron (TXT), U.S. Bandcorp (USB), Wipro (WIT)
After the close: ​Alcoa (AA), Bancorp South (BXS), Cohen & Steers (CNS), Crown Holdings (CCK), eBay (EBAY), International Business Machines (IBM), Kinder Morgan (KMI), Limelight Networks (LLNW), Plexus (PLXS), RLI (RLI), Triumph Bancorp (TBK), United Rentals (URI)

Wednesday’s economic reports (EST): 
MBA Mortgage Applications - 7:00am
Housing Starts - 8:30am
Beige Book - 2:00pm

Gold closed at $1,411.20 an ounce, down $2.30
Silver settled at $15.68 an ounce, up $0.31
Copper finished at $2.70 a pound, down $0.01
Crude Oil was at $57.61 a barrel, down $1.97
Bitcoin Investment Trust (GBTC) ended at $12.61, down $1.85

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

   Todd Mitchell

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