Bulls Regain Momentum

The stock market rebounded off the opening losses and another pop Treasury yields to close higher on Wednesday after Federal Reserve Chairman Jerome Powell said the rise in the 10-year Treasury was a statement of confidence on the part of markets that the US will have a robust and ultimately complete recovery. He also reaffirmed that he believes any inflation in the coming months will prove transitory.
 
News that FDA members have determined ahead of a review meeting on Friday that they believe Johnson & Johnson’s (NYSE: JNJ) COVID-19 vaccine candidate to be both safe and effective also help sentiment. If approved, it would be the third drug to combat the coronavirus.
 
The Russell 2000 showed the most strength after testing a late day high of 2,286 before settling at 2,284 (+2.4%). Near-term and lower resistance at 2,275-2,300 was recovered. A close above the latter and the record high of 2,318 would suggest a breakout towards 2,325-2,350. Below is a chart of the IWM.
 
The Dow ended at 31,961 (+1.4%) after tapping a fresh lifetime high of 32,009 ahead of the closing bell. Unchartered territory and lower resistance at 31,750-32,000 was cleared and held. A close above the latter and last would indicate ongoing momentum towards the 32,250-32,500.

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ANALYST UPGRADES/DOWNGRADES

BigCommerce (BIGC) upgraded to Overweight at KeyBanc
Mattel (MAT) upgraded to Buy from Neutral at Citi
Thomson Reuters (TRI) upgraded to Buy from Hold at Canaccord

Energizer (ENR) downgraded to Neutral from Buy at Goldman Sachs
Just Energy (JE) downgraded to Underperform from Sector Perform at RBC Capital
Square (SQ) downgraded to Equal Weight from Overweight at Wells Fargo

THURSDAY’S EARNINGS ANNOUNCEMENTS 
Before the open: Before the open: American Tower (AMT), Anheuser-Busch Companies (BUD), Best Buy (BBY), Camping World Holdings (CWH), Domino's Pizza (DPZ), EVO Payments (EVOP), FLIR Systems (FLIR), Gannett (GCI), Harsco (HSC), Insmed (INSM), J.M. Smucker (SJM), Keurig Dr. Pepper (KDP), LendingTree (TREE), Moderna (MRNA), Netease.com (NTES), Olympic Steel (ZEUS), Papa John's International (PZZA), Radius Health (RDUS), Sanderson Farms (SAFM), TD Bank Group (TD), U.S. Physical Therapy (USPH), Vipshop Holdings (VIPS), Wayfair (W)
After the close:
After the close: Airbnb (ABNB), Autodesk (ADSK), Beyond Meat (BYND), Caesars Entertainment (CZR), Dell Technologies (DELL), DoorDash (DASH), Energous (WATT), Etsy (ETSY), First Solar (FSLR), GenMark Diagnostics (GNMK), HP (HPQ), iHeartMedia (IHRT), James River Group Holdings (JRVR), Kaman (KAMN), Live Nation Entertainment (LYV), Monster Beverage (MNST), Noodles & Company (NDLS), Park Hotels & Resorts (PK), Rent-A-Center (RCII), Rocket Companies (RKT), Salesforce (CRM), Shake Shack (SHAK), TimkenSteel (TMST), Universal Health Services (UHS), Virgin Galactic Holdings (SPCE), VMware (VMW), Workday (WDAY), Zscaler (ZS)

THURSDAY’S ECONOMIC NEWS
Jobless Claims - 8:30am
Durable Goods Orders - 8:30am
GDP - 8:30am
Pending Home Sales - 10:00am
Kansas City Fed Manufacturing Index - 11:00am

METALS/ OIL
Gold closed at $1,797.90 an ounce,  down $8.00
Silver settled at $27.86 an ounce, up $0.17
Copper finished at $4.30 a pound, up $0.12
Crude Oil was at $63.43 a barrel, up $2.25
Bitcoin Investment Trust (GBTC) ended at $48.40 up $2.56

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

 Todd Mitchell

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