S&P 500 Taps Fresh All-Time High

U.S. markets opened in rally mode while pushing all-time highs following the FOMC's recent dovish stance along with improved trade hopes after Mexico ratified the USMCA deal. The major indexes backed off their highs and nearly plunged into negative territory after President Trump tweeted Iran made a very big mistake after shooting down drone owned by the U.S. that was in international airspace.

Despite the geopolitical turmoil, momentum returned on reports United States trade representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and Chinese Vice-Premier Liu He are expected to meet as early as Tuesday in advance of the G20 summit.

The S&P 500 soared 1% after tapping an all-time high of 2,956 shortly after the opening bell. Fresh resistance at 2,950-2,975 was breached and held with a close above the latter leading toward a run at the magical 3,000 level.

The Dow rallied 0.9% following the late day run to 26,783. Prior and lower resistance at 26,750-27,000 was cleared and held with the all-time high at 26,951.

The Nasdaq was up 0.8% after testing a morning high of 8,008. Current and lower resistance at 8,000-8,100 was cleared and held with the index coming within 1% of its all-time high of 8,176.

The Russell 2000 gained 0.5% following the opening pop to 1,570. Upper resistance at 1,560-1,575 was challenged but held on the close above the latter.

Energy led sector leaders after zooming 2.2% while Industrials and Technology rallied 1.7% and 1.5%, respectively.

There were no sector laggards.

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ANALYST UPGRADES/DOWNGRADES

AES Corp. (AES) upgraded to Neutral from Underperform at BofA/Merrill
Bright Horizons (BFAM) upgraded to Buy from Neutral at Goldman Sachs
Genomic Health (GHDX) upgraded to Overweight from Neutral at Piper Jaffray

Carnival (CCL) downgraded to Market Perform from Outperform at William Blair with
Novo Nordisk (NVO) downgraded to Hold from Buy at Deutsche Bank
Shopify (SHOP) downgraded to Neutral from Outperform at CIBC

FRIDAY'S EARNINGS ANNOUNCEMENTS  
Before the open: Carmax (KMX)
After the close: None

UPCOMING ECONOMIC NEWS 
Friday's economic reports (EST): 
PMI Composite Flash - 9:45am
Existing Home Sales - 10:00am
Baker-Hughes Rig Count - 1:00pm

METALS / OIL
Gold closed at $1,396.90 an ounce, up $48.10
Silver settled at $15.49 an ounce, up $0.53
Copper finished at $2.71 a pound, up $0.03
Crude Oil was at $56.88 a barrel, up $2.66
Bitcoin Investment Trust (GBTC) ended at $12.73, up $1.27



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

   Todd Mitchell


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