Small-Caps Tag Record High

Wall Street closed higher on Friday to close out a strong week, overall, with the S&P 500 closing at a record high while the Russell 2000 also tagging a fresh all-rime peak. Better-than-expected earnings from Cisco Systems Inc. (Nasdaq: CSCO) and Walt Disney Co. (NYSE: DIS) helped the blue-chips after both companies reported better-than-expected earnings.

Tech also closed higher but lagged after posting a weekly loss. Meanwhile, volatility continued to ease but remains slightly elevated as ongoing coronavirus and fresh lockdowns in Chicago and New York remain a concern going forward.

The Russell 2000 tagged a late day high of 1,749 while settling at 1,744 (+2.1%). Unchartered territory and lower resistance at 1,740-1,755 was cleared and held. A close above the latter would be an ongoing bullish signal for continued momentum towards 1,760-1,775.

The Dow traded to an intraday peak of 29,559 before closing at 29,479 (+1.4%). Current and lower resistance at 29,500-29,750 was tripped but held. A move above the latter would indicate additional upside towards 30,250-30,500 and fresh all-time highs.

The S&P 500 ended at 3,585 (+1.4%) after topping out at 3,593 just before the closing bell. Current and lower resistance at 3,585-3,600 was cleared but held. A close above the latter would suggest a retest towards 3,625-3,650 with last Monday’s all-time high at 3,645.

The Nasdaq tapped an afternoon high of 11,849 while finishing at 11,829 (+1%). Near-term and lower resistance at 11,800-11,900 was recovered. A pop above the latter would signal another run towards 12,000-12,100 with the current lifetime peak at 12,108.

For the week, the Dow zoomed 4.1% and the S&P 500 gained 2.1%. The Russell 2000 skyrocketed 5.6% while the Nasdaq lost 0.6%.

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Walt Disney (DIS) upgraded to Outperform from Sector Perform at RBC Capital
Pinduoduo (PDD) upgraded to Buy from Neutral at BofA
Utz Brands (UTZ) upgraded to Overweight from Neutral at Piper Sandler

CMC Materials (CCMP) downgraded to Sell from Neutral at Citi
Kodiak Sciences (KOD) downgraded to Neutral from Buy at Goldman Sachs
Palantir (PLTR) downgraded to Equal Weight from Overweight at Morgan Stanley


Before the open:  Advantage Solutions (ADV), Cerence (CRNC), Diamond S Shipping (DSSI), (JD), Magic Software Enterprises (MGIC), Palo Alto Networks (PANW), Tyson Foods (TSN), Venus Concept (VERO)

After the close: Americas CarMart (CRMT), Baidu (BIDU), Co-Diagnostics (CODX), Flotek Industries (FTK), Joyy (YY), Madison Square Garden (MSGE), Novus Therapeutics (NVUS), Remark Holdings (MARK), SmileDirectClub (SDC), WidePoint (WYY)

New York Empire State Manufacturing Survey - 8:30am

Gold closed at $1,886.20 an ounce,  up $12.90
Silver settled at $24.77 an ounce, up $0.46
Copper finished at $3.18 a pound, up $0.04
Crude Oil was at $40.12 a barrel, 
down $0.85
Bitcoin Investment Trust (GBTC) ended at $17.96 down $0.28

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

   Todd Mitchell

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