Record Highs Back in Play

Wall Street was mixed on Thursday following a choppy session with the broader market and Tech closing at fresh record highs. Bullish earnings from Macy’s (M) and BJ’s Wholesale Club (BJ) fueled the upside while some of the bearishness came following hawkish inflation comments.

Specifically, New York Fed President Williams said inflation is becoming more broad-based and that expectations for future price increases are rising. Meanwhile, volatility edged higher after testing key resistance levels on the open.

The Nasdaq ended at 15,993 (+0.5%) after tagging a high of 16,010. Key resistance at 16,000 was cleared but held. Continued close above this level and the all-time high at 16,053 would suggest additional strength towards 16,150-16,300.

The S&P 500 traded to a peak of 4,708 while finishing at 4,704 (+0.3%). Lower resistance at 4,700-4,725 was recovered. A close above the latter and the lifetime top at 4,718 would indicate a breakout towards 4,750-4,775.

The Dow kissed an opening low of 35,654 before settling at 35,870 (-0.2%). Prior and upper support at 35,750-35,500 was tripped but held. A drop below the latter would signal a further fade towards 35,250-35,000 and the 50-day moving average.

The Russell 2000 closed at 2,363 (-0.6%) with the intraday low hitting 2,348. Fresh and upper support 2,350-2,325 was breached but held. A drop below the latter would suggest additional weakness towards 2,300-2,275 and the 50-day moving average. 

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ANALYST UPGRADES/DOWNGRADES

Boeing (BA) upgraded to Overweight from Neutral at JPMorgan
GoPro (GPRO) upgraded to Overweight from Neutral at JPMorgan
Oatly Group (OTLY) upgraded to Overweight from Equal Weight at Morgan Stanley

Activision Blizzard (ATVI) downgraded to Neutral from Overweight at JPMorgan
Atea Pharmaceuticals (AVIR) downgraded to Market Perform from Outperform at SVB Leerink
Santander Mexico (BSMX) double downgraded to Underperform from Buy at BofA

FRIDAY'S EARNINGS ANNOUNCEMENTS 
Before the open: ​Buckle (BKE), Fangdd Network Group (DUO), Foot Locker (FL), So-Young International (SY), Tuniu (TOUR)

After the close: None

FRIDAY'S ECONOMIC NEWS
Baker-Hughes Rig Count - 1:00pm

METALS/ OIL
Gold closed at $1,861.40 an ounce, down $8.80
Silver settled at $24.90 an ounce, down $0.27
Copper finished at $4.30 a pound, up $0.03
Crude Oil was at $78.78 a barrel, up $0.55
Bitcoin Investment Trust (GBTC) ended at $46.48, down $1.90

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

 Todd Mitchell

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