The market was weak throughout much of Thursday’s session as risk-off sentiment returned following a Supreme court ruling that will allow the grand jury to have access to President Trump's tax returns and other financial records. The Court blocked Congress' access to the records, but the ruling magnified nervousness over the November presidential election and provided another unwelcome bout of uncertainty for the market.
The Russell 2000 tapped a low of 1,384 while finishing at 1,398 (-2%). Key support at 1,400 failed to hold with continued closes below this level suggesting additional downside weakness towards 1,375.
The Dow traded to an intraday low of 25,523 before settling at 25,706 (-1.4%). Crucial support at 25,500 held with a close below this level opening up additional risk towards 25,250-25,000 in play.
The S&P 500 tested a low of 3,115 before going out at 3,152 (-0.6%). Prior support at 3,125 was breached but held with a close below this level signaling additional downside risk towards 3,100.
The Nasdaq traded to another all-time high of 10,578 before closing lower at 10,547 (+0.5%). Key resistance at 10,500 was cleared and held with continued closes above this level keeping upside towards 10,650-10,750 in focus.
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Becton Dickinson (BDX) upgraded to Overweight from Equal Weight at Barclays
Constellation Brands (STZ) upgraded to Buy from Hold at Argus
Regeneron (REGN) upgraded to Buy from Hold at SunTrust
Plug Power (PLUG) downgraded to Equal Weight from Overweight at Barclays
Square (SQ) downgraded to Market Perform from Outperform at Cowen
Wingstop (WING) downgraded to Neutral from Buy at BTIG
FRIDAY'S EARNINGS ANNOUNCEMENTS
Before the open: Greenbrier Companies (GBX)
After the close: SemiLEDs (LEDS), Shaw Communications (SJR), VOXX International (VOXX)
FRIDAY'S ECONOMIC NEWS
Producer Price Index - 8:30am
Baker-Hughes Rig Count - 1:00pm
Gold closed at $1,803.80 an ounce, down $16.80
Silver settled at $18.96 an ounce, down $0.20
Copper finished at $2.84 a pound, up $0.02
Crude Oil was at $39.61 a barrel, down $1.27
Bitcoin Investment Trust (GBTC) ended at $9.87 down $0.46.
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