Fed Keeps Interest Rates Unchanged

The market traded mostly higher ahead of the FOMC announcement with Tech reversing course shortly after the opening bell. Better-than-expected earnings from FedEx (FDX) helped Transportation stocks with Eli Lilly (LLY) lifting the healthcare sector following news of another possible method for treating coronavirus beyond finding a vaccine.

The major indexes got stronger, with Tech rebounding, after the Fed announced no change to interest rates. However, comments from Fed Chairman Jay Powell led to a mixed close with the blue-chips and small-caps holding their gains.

The Russell 2000 tapped an intraday high of 1,579 while settling at 1,552 (+0.9%) to extend its winning streak to 4-straight sessions. Current and lower resistance at 1,570-1,585 was breached but held. Continued closes above the latter would be a bullish signal for a retest towards 1,600-1,610.​

The Dow was also up for the 4th-straight session after reaching an afternoon peak of 28,364 before closing at 28,032 (+0.1%). Prior and lower resistance at 28,000-28,250 was recovered. A close above the latter would indicate additional upside towards 28,500-28,750.

The S&P 500 finished at 3,385 (-0.5%) to snap a 3-session winning streak with the low tagging 3,384 ahead of the closing bell. Fresh support at 3,400-3,375 failed to hold. A close below the latter would signal further downside risk towards 3,350-3,325 and the 50-day moving average.

The Nasdaq went out at 11,050 (-1.3%) after plunging to a late day low of 11,046. Prior and upper support at 11,100-11,000 failed to hold. A drop below the latter and the 50-day moving average would suggest a further pullback towards 10,900-10,800.

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ANALYST UPGRADES/DOWNGRADES

KB Home (KBH) upgraded to Outperform from In Line at Evercore ISI
Lennar (LEN) upgraded to Outperform from Sector Perform at RBC Capital
Sirius XM (SIRI) upgraded to Buy from Hold at Benchmark

Dow (DOW) downgraded to Reduce from Hold at HSBC
Transocean (RIG) downgraded to Neutral from Positive at Susquehanna
Wynn Resorts (WYNN) downgraded to Neutral from Buy at Roth Capital

THURSDAY'S EARNING ANNOUNCEMENTS
Before the open: Apogee Enterprises (APOG), Auris Medical Holding (EARS), Cantel Medical (CMD)

After the close: Acutus Medical (AFIB), IsoRay (ISR)


THURSDAY'S ECONOMIC NEWS
Jobless Claims - 8:30am
Housing Starts - 8:30am
Building Permits - 8:30am
Philadelphia Fed Business Outlook Survey - 8:30am

METALS/ OIL
Gold closed at $1,970.50  an ounce, up $4.30
Silver settled at $27.48 an ounce, up $0.02
Copper finished at $3.06 a pound, unchanged
Crude Oil was at $40.29 a barrel, 
up $1.79
Bitcoin Investment Trust (GBTC) ended at $12.06, up  $0.11


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


   Todd Mitchell


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