Nasdaq Records 4th-Straight Record Close

The market showed strength for the 5th-straight session after initial claims for state unemployment benefits fell to its lowest reading since mid-March. The better-than-expected economic news lifted the major indexes to another round of higher highs although the small-caps slacked.

The Nasdaq closed at 11,108 (+1%) after tapping an intraday record high of 11,121. New resistance at 11,100 was cleared and held with continued closes above this level signaling additional momentum towards the 11,250 level.

The Dow traded to a late session high of 27,394 before ending at 27,386 (+0.7%). Key resistance at 27,250 was reclaimed with continued closes above this level keeping a run towards the 27,750 level in play.

The S&P 500 tested an afternoon peak of 3,351 while settling at 3,349 (+0.6%). Fresh resistance at 3,350 was breached but held with continued closes above this level indicating further upside towards the 3,400 area and new all-time highs.

The Russell 2000 reached a morning peak of 1,550 while finishing at 1,544 (-0.1%). Major resistance at 1,550 was breached but held with continued close above this level suggesting a retest towards 1,575.

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ANALYST UPGRADES/DOWNGRADES

Etsy (ETSY) upgraded to Buy from Neutral at Roth Capital
Square (SQ) upgraded to Neutral from Sell at Compass Point
Wayfair (W) was upgraded to Equal Weight from Underweight at Barclays

Harsco (HSC) downgraded to Sector Weight from Overweight at KeyBanc
Inseego (INSG) was downgraded to Market Perform from Outperform at Northland
Vulcan Materials (VMC) downgraded to Neutral from Overweight at JPMorgan

FRIDAY'S EARNINGS ANNOUNCEMENTS
Before the open: Assertio Therapeutics (ASRT), Brookfield Renewable Partners (BEP), Canadian Solar (CSIQ), DISH Network (DISH), Essent Group (ESNT), Greenlane Holdings (GNLN), Interface (TILE), Kimco Realty (KIM), Meridian Bioscience (VIVO), Northern Oil and Gas (NOG), Ocular Therapeutix (OCUL), RMR Group (RMR), Smith International (SII), Twin Disc (TWIN), Ventas (VTR)

After the close: FutureFuel (FF), Radian Group (RDN), Semiconductor Manufacturing International (SMICY), TripAdvisor (TRIP)

FRIDAY'S ECONOMIC NEWS
Employment Report - 8:30am
Wholesale Inventories - 10:00am
Baker-Hughes Rig Count - 1:00pm
Consumer Credit - 3:00pm

METALS/ OIL
Gold closed at $2069.40  an ounce, up $20.10
Silver settled at $28.40  an ounce, up $1.51
Copper finished at $2.91 a pound, down $0.01
Crude Oil was at $42.02  a barrel,
 down $0.30
Bitcoin Investment Trust (GBTC) ended at $14.44 up $0.60


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


   Todd Mitchell


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