Vaccine News Weighs on Market Momentum

The stock market was mixed on Tuesday after U.S. federal health officials issued a pause in the rollout of Johnson & Johnson’s (JNJ) coronavirus vaccine following concerns over rare blood clots in some individuals who received the shot. Consumer price inflation was also a little hotter than expectations although the rise was less pronounced when excluding volatile food and energy prices.

Despite the headlines, Tech showed strength while recovering the previous session losses with the broader market rising as well. The blue-chips and small-caps lagged while volatility inched slightly lower ahead of the “official” start to the first quarter earnings season.

The Nasdaq closed at 13,996 (+1.1%) after trading to an afternoon high of 14,011. Prior and lower resistance from mid-February at 14,000-14,150 was breached but held. A move above the latter and the current all-time peak at 14,175 would indicate strength towards 14,200-14,350.

The S&P 500 tested an all-time high of 4,148 while finishing at 4,141 (+0.3%). Unchartered territory and lower resistance at 4,150-4,175 was challenged but held. A close above the latter would suggest ongoing momentum towards 4,200-4,225.

The Russell 2000 tagged a midday low of 2,208 before ending at 2,228 (-0.2%). Prior and upper support at 2,225-2,200 was tripped but held. A drop below the latter would signal a further fade towards 2,175-2,150. Below is a chart of the IWM.

The Dow settled at 33,677 (-0.2%) with the intraday low tagging 33,545 (-0.2%). Near-term and upper support at 33,500-33,250 was challenged but held. A close below the latter would indicate a continued pullback towards 33,000-32,750.

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​Booking Holdings (BKNG) upgraded to Buy from Hold at Jefferies
FedEx (FDX) upgraded to Overweight from Sector Weight at KeyBanc
JetBlue (JBLU) upgraded to Positive from Neutral at Susquehanna

Aphria (APHA) downgraded to Hold from Speculative Buy at Canaccord
Golar LNG (GLNG) downgraded to Underperform from Buy at BofA
Luminex (LMNX) downgraded to Neutral from Buy at BTIG

Before the open: Bed Bath & Beyond (BBBY), First Republic Bank (FRC), Goldman Sachs Group (GS), Hooker Furniture (HOFT), Infosys Technologies (INFY), JPMorgan Chase (JPM), Lovesac (LOVE), Opsens (OPSSF), Pintec Technology Holdings (PT), Wells Fargo (WFC)

After the close: GreenTree Hospitality Group (GHG), KLX Energy Services Holdings (KLXE), Shaw Communications (SJR)

​MBA Mortgage Applications - 7:00am
Import and Export Prices - 8:30am

Gold closed at $1,747.60 an ounce,  up $14.90
Silver settled at $25.43 an ounce, up $0.56
Copper finished at $4.03 a pound, up $0.01
Crude Oil was at $60.39 a barrel, up $0.53
Bitcoin Investment Trust (GBTC) ended at $54.93 up $3.15

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

 Todd Mitchell

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