Bears Get 2nd-Straight Win

The stock market fell for the second-straight session following comments from Treasury Secretary Steven Mnuchin that dampened expectations of a coronavirus stimulus deal being reached before the November 3rd presidential election.

Mnuchin said getting a deal done before the election would be difficult, adding that both sides were still far apart on certain issues. He also noted, however, that Democrats and Republicans are making progress in some areas. Mixed earnings from the Financial sector also weighed on sentiment.

The Russell 2000 settled on its session low at 1,621 (-0.9%). Current and upper support at 1,625-1,610 was breached and failed to hold. A move below the latter would indicate a further back-test towards 1,600-1,585. Below is a chart of the IWM.

The Nasdaq traded an intraday low of 11,714 before finishing at 11,768 (-0.8%). Near-term and upper support at 11,800-11,700 failed to hold. A close below the latter would indicate additional weakness towards 11,600-11,500.

The S&P 500 closed at 3,488 (-0.7%) following the midday tumble to 3,480. Fresh and upper support at 3,500-3,475 was tripped and failed to hold. A close below the latter would signal further downside risk towards 3,450-3,425.

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American Eagle (AEO) upgraded to Hold from Sell at Loop Capital
Axalta Coating (AXTA) upgraded to Conviction Buy from Buy at Goldman Sachs
Workday (WDAY) upgraded to Neutral from Sell at UBS

Albemarle (ALB) downgraded to Underperform from Sector Perform at RBC Capital
Kroger (KR) downgraded to Equal Weight from Overweight at Wells Fargo
Sherwin-Williams (SHW) downgraded to Buy from Conviction Buy at Goldman Sach

Before the open: Aphria (APHA), Brainstorm Cell Therapeutics (BCLI), Charles Schwab (SCHW), Home BancShares (HOMB), Morgan Stanley (MS), Taiwan Semiconductor (TSM), Walgreens Boots (WBA)

After the close: ​Del Taco Restaurants (TACO), Intuitive Surgical (ISRG), Marten Transport (MRTN)

Jobless Claims - 8:30am
Import and Export Prices - 8:30am
Philadelphia Fed Business Outlook Survey - 8:30am
NY Empire State Manufacturing Survey - 8:30am

Gold closed at $1,907.30 an ounce,  up $12.70
Silver settled at $24.40 an ounce,  up $0.27
Copper finished at $3.05 a pound, up $0.01
Crude Oil was at $41.26 a barrel, 
up $1.13
Bitcoin Investment Trust (GBTC) ended at $12.20 down $0.18

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

   Todd Mitchell

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