The market was choppy throughout Tuesday’s session with Tech showing strength while the blue-chips struggled. Testimony from Fed Chairman Powell had little impact as he continued to say the Fed will do whatever it takes to support an economic recovery.
The final hour selling pressure came after a report cast doubt on Moderna’s coronavirus vaccine candidate with the major indexes settling at or near the session lows.
The Russell 2000 closed on the session low of 1,307 (-2%). Key support at 1,300 held with continued closes below this level keeping downside risk towards 1,275 in focus.
The Dow settled at 24,206 (-1.6%) following the late day pullback to 24,202. Key support at 24,250 failed to hold with continued closes below this level signaling risk towards the 24,000 level.
The S&P 500 settled at its session low of 2,922 (-1.1%). Crucial support at 2,925 was breached and failed to hold to keep downside risk towards the 2,900in play.
The Nasdaq traded to a low of 9,183 while settling at 9,185 (-0.5%). Fresh support at 9,200 failed to hold with a close below 9,150 signaling weakness towards 9,100-9,000.
Aptiv (APTV) upgraded to Buy from Neutral at UBS
ManTech (MANT) upgraded to Overweight from Equal Weight at Wells Fargo
Wyndham Destinations (WYND) upgraded to Overweight from Neutral at JPMorgan
Comcast (CMCSA) downgraded to Neutral from Buy at Guggenheim
Disney (DIS) downgraded to Hold from Buy at Loop Capital
Expedia (EXPE) downgraded to Hold from Buy at Jefferies
WEDNESDAY'S EARNINGS ANNOUNCEMENTS
Before the open: Advanced Drainage Systems (WMS), Best Buy (BBY), Endava (DAVA), Gamida Cell (GMDA), Hormel Foods (HRL), Macy's (M), Medtronic (MDT), Pennsylvania Real Estate Investment Trust (PEI), Teekay Tankers (TNK), TJX Companies (TJX), U.S. Physical Therapy (USPH)
After the close: Agilent Technologies (A), Deckers Brands (DECK), ePlus (PLUS), Five Point Holdings (FPH), Hewlett Packard Enterprise (HPE), Intuit (INTU), Nvidia (NVDA), Palo Alto Networks (PANW), Ross Stores (ROST), Splunk (SPLK), Xenon Pharmaceuticals (XENE)
WEDNESDAY'S ECONOMIC NEWS
MBA Mortgage Applications - 7:00am
FOMC Minutes - 2:00pm
Gold closed at $1,745.60 an ounce, up $11.20
Silver settled at $17.90 an ounce,