Market Mixed Ahead a Key Earnings/ Fed Minutes

The stock market was mixed on Tuesday as Wall Street awaited more corporate earnings results from major companies and the upcoming Federal Reserve monetary policy decision. Big Tech companies will be closely watched, with these stocks having largely underperformed against the broader market rally following the rotation into cyclical and value stocks.

The Russell 2000 continues to outperform after settling at 2,301 (+0.1%) while testing a first half peak of 2,309. Lower resistance from early March at 2,300-2,325 was recovered. A close above the latter would indicate ongoing strength towards 2,350-2,375 with the all-time peak at 2,360. 

The Dow traded to an afternoon high of 34,043 before closing at 33,984 (+0.01%). Current and lower resistance at 34,000-34,250 was breached but held. A move above the latter and the recent all-time peak at 34,256 would suggest additional upside towards 34,500-34,750.

The S&P 500 finished at at 4,186 (-0.02%) after tagging a morning low of 4,176. Near-term and upper support at 4,175-4,150 was challenged but held. A drop below the latter would signal a further fade towards 4,125-4,100.

The Nasdaq tested an intraday low of 14,064 while ending at 14,090 (-0.3%). Key support at 14,000 easily held. A close below this level would indicate additional weakness towards 13,900-13,750.

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Charles Schwab (SCHW) upgraded to Outperform from Neutral at Credit Suisse
Dow Inc. (DOW) upgraded to Buy from Hold at Argus
UPS (UPS) upgraded to Hold from Sell at Berenberg

Splunk (SPLK) downgraded to Equal Weight from Overweight at Morgan Stanley
Texas Roadhouse (TXRH) downgraded to Neutral from Outperform at Baird
Verizon (VZ) downgraded to Neutral from Buy at MoffettNathanson

Before the open: Avery Dennison (AVY), Boeing (BA), CME Group (CME), Discovery Communications (DISCA), Evercore (EVR), Garmin (GRMN), Humana (HUM), Littelfuse (LFUS), Masco (MAS), Norfolk Southern (NSC), Oshkosh (OSK), Penske Automotive Group (PAG), Ryder System (R), Shopify (SHOP), Teva Pharmaceutical Industries (TEVA), Wingstop (WING), Yum Brands (YUM)

After the close: Apple (AAPL), Benchmark Electronics (BHE), Cheesecake Factory (CAKE), Duke Realty (DRE), eBay (EBAY), Facebook (FB), Ford Motor (F), GrubHub (GRU), Hologic (HOLX), Ingersoll-Rand (IR), Kaiser Aluminum (KALU), Lending Club (LC), MGM Resorts International (MGM), O'Reilly Automotive (ORLY), Public Storage (PSA), Qualcomm (QCOM), Raymond James Financial (RJF), ServiceNow (NOW), Teladoc Health (TDOC), United Rentals (URI), Valvoline (VVV), Wyndham Hotels & Resorts (WH)
Economic News

MBA Mortgage Applications - 7:00am
Retail Inventories - 8:30am
FOMC Minutes - 2:00pm

Gold closed at $1,778.80 an ounce, down $1.30
Silver settled at $26.41 an ounce, up $0.20
Copper finished at $4.49 a pound, up $0.05
Crude Oil was at $63.0 a barrel, up $1.07
Bitcoin Investment Trust (GBTC) ended at $46.58 up $0.67

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

 Todd Mitchell

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