Market Stumbles Ahead of Fed Minutes

Federal Reserve

The market settled in the red on Tuesday after a mixed bag of earnings and before the Fed’s midweek update. The central bank began its 2-day FOMC meeting and will report this afternoon if they will take further action to support the economy as coronavirus continues to stall growth.

The Nasdaq tested an intraday low of 10,397 before closing at 10,402 (-1.3%). Current support at 10,500 failed to hold with continued closes below this level keeping weakness towards the 10,250 level in play.

The Dow tapped a late day low of 26,361 while finishing at 26,379 (-0.8%). Key support at 26,500 failed to hold with a close below this level leading to a further pullback towards 26,250 and the 200-day moving average.

The S&P 500 tagged a low of 3,216 ahead of the closing bell while going out at 3,218 (-0.7%). Major support at 3,225 was breached and failed to hold with a close below this level suggesting additional downside risk towards the 3,200 level.

The Russell 2000 settled on the session low of 1,469 (-1%). Crucial resistance at 1,475 failed with a close below this level leading to a retest towards 1,450 and the 200-day moving average.

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Autohome (ATHM) upgraded to Outperform from Neutral at Credit Suisse
Shopify (SHOP) upgraded to Buy from Neutral at Goldman Sachs
Vocera (VCRA) upgraded to Buy from Hold at Craig-Hallum

Park Hotels & Resorts (PK) downgraded to In Line from Outperform at Evercore ISI
Redfin (RDFN) downgraded to Negative from Neutral at Susquehanna
Tesla (TSLA) downgraded to Underperform from Market Perform at Bernstein

Before the open:  Anthem (ANTM), BankUnited (BKU), Boeing (BA), CME Group (CME), Dynatrace (DT), Eaton (ETN), Federal Signal (FSS), General Electric (GE), Hess (HES), Littelfuse (LFUS), Norfolk Southern (NSC), Penske Automotive Group (PAG), Radware (RDWR), Scotts Miracle-Gro (SMG), Tower Semiconductor (TSEM), United Therapeutics (UTHR), Wingstop (WING)

After the close: At Home Group (HOME), Blackbaud (BLKB), Cheesecake Factory (CAKE), Duke Realty (DRE), Equinix (EQIX), Fortune Brands Home & Security (FBHS), Gladstone Capital (GLAD), Hologic (HOLX), James River Group Holdings (JRVR), Kinross Gold (KGC), Lam Research (LRCX), Myr Group (MYRG), North American Energy (NOA), O'Reilly Automotive (ORLY), PayPal (PYPL), Qualcomm (QCOM), Raymond James Financial (RJF), ServiceNow (NOW), Teladoc Health (TDOC), United Rentals (URI), Watford Holdings (WTRE), Yum China Holdings (YUMC)

MBA Mortgage Applications - 7:00am
Retail Inventories - 8:30am
Wholesale Inventories - 8:30am
Pending Home Sales - 10:00am
FOMC Minutes - 2:00pm

Gold closed at $1,944.60   an ounce, up $13.60
Silver settled at $24.30 an ounce, down $0.20
Copper finished at $2.92 a pound, up $0.02
Crude Oil was at $41.25  a barrel,
 down $0.04
Bitcoin Investment Trust (GBTC) ended at $12.53 up $0.18

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

   Todd Mitchell

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