S&P 500 Tags Fresh Record High

The stock market closed mostly higher on Wednesday on the heels of President Biden’s infrastructure program that was unveiled in Pittsburg, PA. Estimates have the price tag at $2.3 trillion, with the program focused on infrastructure, housing, green energy and manufacturing.

While additional stimulus might be welcomed by Wall Street, the prospect of higher taxes needed to pay for it remains to be seen. The news helped push the S&P 500 to a new all-time high while Tech showed the most strength.

The Nasdaq traded to an intraday peak of 13,325 while ending at 13,246 (+1.5%). Prior and lower resistance at 13,300-13,450 was cleared but held. A close above the latter and the 50-day moving average would signal additional upside towards 13,500-13,650.

The Russell 2000 closed at 2,220 (+1.1%) after testing a second half high of 2,237 while closing back above its 50-day moving average. Current and lower resistance at 2,225-2,250 was breached but held. A pop above the latter would suggest ongoing strength towards 2,275-2,300. 

The S&P 500 tagged a fresh record high of 3,994 before settling at 3,972 (+0.4%). Unchartered territory and lower resistance at 3,975-4,000 was cleared but failed to hold. A move the latter would indicate a further breakout towards 4,025-4,050.

The Dow finished at 32,981 (-0.3%) with the late day low hitting 32,980. Key support at 33,000 failed to hold. Continued closes below this level keeps downside risk towards 32,750-32,500 in play.

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ANALYST UPGRADES/DOWNGRADES

Apple (AAPL) upgraded to Buy from Neutral at UBS
BlackBerry (BB) upgraded to Hold from Sell at Canaccord
Carrier Global (CARR) upgraded to Outperform from Sector Perform at RBC Capital

Brookfield (BAM) downgraded to Neutral from Outperform at Credit Suisse
Johnson Controls (JCI) downgraded to Sector Perform from Outperform at RBC Capital
Schneider National (SNDR) downgraded to Equal Weight from Overweight at Stephens

THURSDAY'S EARNINGS ANNOUNCEMENTS 
Before the open: Agrify Corporation (AGFY), Akumin (AKU), CarMax (KMX), Consolidated Water (CWCO), omniQ (OMQS)

After the close: Franklin Covey (FC), Progressive Care (RXMD)

THURSDAY’S ECONOMIC NEWS
​​Challenger Job-Cut Report - 7:30am
Jobless Claims - 8:30am
PMI Manufacturing Index - 9:45am
Construction Spending - 10:00am
Baker-Hughes Rig Count - 1:00pm

METALS/ OIL
Gold closed at $1,715.60 an ounce,  up $29.60
Silver settled at $24.53 an ounce, up $0.39
Copper finished at $4.00 a pound, up $0.02
Crude Oil was at $59.33 a barrel, down $1.13
Bitcoin Investment Trust (GBTC) ended at $50.04 down $0.78

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

 Todd Mitchell

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