Blue-Chips Test Fresh All-Time High

The stock market closed mixed on Wednesday despite exceptional earnings from the Financial sector. Technology stocks weighed down the broader market while the small-caps showed the most strength.

Fed speak was also back in focus although Chairman Powell provided little in the way of news for bond-market traders. The 10-year Treasury yield held its slight early gains after going out at 1.64% while volatility edged higher despite falling near the 15 level shortly after the opening bell.

The Russell 2000 tapped a morning high of 2,272 while ending at 2,247 (+0.8%) and back above its 50-day moving average Current and lower resistance at 2,250-2,275 was cleared but failed to hold. A move above the latter would indicate additional upside towards 2,300-2,325. 

The Dow closed at 33,730 (+0.2%) with the intraday record high tagging 33,911. Unchartered territory and lower resistance at 33,750-34,000 was breached but held. A close above the latter would signal ongoing momentum towards 34,250-34,500.

The S&P 500 finished lower at 4,124 (-0.4%) despite trading to an all-time peak of 4,151. Key resistance at 4,150 tripped but held for the second-straight session. A close above this level would suggest ongoing strength towards 4,175-4,200.

The Nasdaq traded to an opening high of 14,033 before settling in negative territory at 13,857 (-1%). Near-term and lower resistance at 14,000-14,150 was breached but held for the second-straight day. A close above the latter and the record peak at 14,175 would indicate strength towards 14,200-14,350.

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​​Apollo Global (APO) upgraded to Outperform from Perform at Oppenheimer
Exxon Mobil (XOM) upgraded to Market Perform from Underperform at Raymond James
Lowe's (LOW) upgraded to Overweight from Neutral at Atlantic Equities

Petrobras (PBR) downgraded to Neutral from Buy at Goldman Sachs
T. Rowe Price (TROW) downgraded to Sell from Neutral at Citi
Synchrony (SYF) downgraded to Perform from Outperform at Oppenheimer

Before the open: Affimed (AFMD), Bank of America (BAC), BlackRock (BLK), Citigroup (C), Delta Air Lines (DAL), Home BancShares (HOMB), PepsiCo (PEP), Rite Aid (RAD), Taiwan Semiconductor Manufacturing (TSM), Truist Financial (TFC), U.S. Bancorp (USB), UnitedHealth Group (UNH), Westamerica Ban (WABC)

After the close: Alcoa (AA), J.B. Hunt Transport Services (JBHT), Kaspien Holdings (KSPN), Lakeland Industries (LAKE), Marten Transport (MRTN), PPG Industries (PPG), Wipro Limited (WIT)

​​Jobless Claims - 8:30am
Retail Inventories - 8:30am
Philadelphia Fed Business Outlook Survey - 8:30am
Industrial Production - 9:15am
Business Inventories -10:00am

Gold closed at $1,736.30 an ounce,  down $11.30
Silver settled at $25.52 an ounce, up $0.09
Copper finished at $4.13 a pound, up $0.10
Crude Oil was at $62.75 a barrel, up $2.36
Bitcoin Investment Trust (GBTC) ended at $51.50 down $3.43

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

 Todd Mitchell

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