Market Settles Mixed as Dow Taps Record High

U.S. markets showed momentum for the 2nd-straight session with the blue-chips tapping fresh all-time highs after Fed Chairman Powell all but confirmed a rate cut in his 2nd day of testimony. However, the small-caps traded lower throughout much of the session while Tech showed 2nd-half weakness with both indexes closing lower.

The Dow jumped 0.9% after closing on the session peak and fresh all-time high of 27,088. Near-term and upper resistance at 26,750-27,000 was cleared and held with fresh hurdles at 27,250-27,300 on continued strength.

The S&P 500 added 0.2% following the intraday run to 3,002. Fresh and lower resistance at 3,000-3,025 was cleared but held with the index missing a new all-time high by just over a half-point while settling a tenth-point below the 3,000 level.

The Nasdaq slipped 6 points, or 0.1%, despite testing a midday high of 8,228

And falling just shy of its record high of 8,228. Fresh and lower resistance is at 8,225-8,300 held on the 2nd-straight close above the 8,200 level.

The Russell 2000 traded in a 15-point range with the session low reaching 1,552 shortly after the opening bell. Near-term and upper support at 1,555-1,540 and the 50-day moving average held with a move below the latter being a bearish development.

Industrials were up 0.7% to pace sector leaders while Financials advanced 0.6%. Real Estate was the only sector laggard after sinking 1.3%.

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ANALYST UPGRADES/DOWNGRADES

Abercrombie & Fitch (ANF) upgraded to Neutral from Underperform at Wedbush
Freeport McMoRan (FCX) upgraded to Buy from Hold at Deutsche Bank
Willis Towers Watson (WLTW) upgraded to Outperform from Market Perform at Wells Fargo 

Allstate (ALL) downgraded to Underperform from Neutral at Credit Suisse
Parker-Hannifin (PH) downgraded to Market Perform from Outperform at Werner (WERN) downgraded to Underperform from Neutral at Credit Suisse

FRIDAY'S EARNINGS ANNOUNCEMENTS  
Before the open:  Infosys Technologies (INFY),
VivoPower International (VVPR)

After the close: ​None


UPCOMING ECONOMIC NEWS 
Friday's economic reports (EST): 
Baker-Hughes Rig Count - 1:00pm

METALS / OIL
Gold closed at $1,406.70 an ounce, down $5.80
Silver settled at $15.15 an ounce, down $0.08
Copper finished at $2.68 a pound, down $0.01
Crude Oil was at $60.55 a barrel, up $2.51
Bitcoin Investment Trust (GBTC) ended at $14.89, down $0.35


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


   Todd Mitchell


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