Bulls Survive Busy Week

Bulls Survive Busy Week

MARKET SUMMARY

U.S. markets opened lower and traded in negative territory throughout Friday’s session following renewed trade concerns with China. The White House announced a 25% tariff on $50 billion of goods from China and said it will pursue additional tariffs if China engages in retaliatory measures.

In response, China intends to impose tariffs on certain U.S. goods starting the first week of July.

The major indexes finished well off their lows with volatility remaining subdued despite the ongoing tariff tantrums.

The Dow fell 0.3% after testing a morning low of 24,894 while closing above major support at 25,000 for the 8th-straight session. The Nasdaq dipped 0.2% following an intraday pullback to 7,704 while easily holding the 7,700 level into the closing bell.

For the week, the Dow was down 0.9% while the Nasdaq surged 1.3%.

The S&P 500 slipped 0.3% after trading to a low of 2,761 but did see positive territory by a quarter-point late in the day. The Russell 2000 was off less than a point, or 0.05%, following the morning fade to 1,672.

The S&P 500 was lower by a half-point while the Russell 2000 was up 0.6% for the week.

ANALYST UPGRADES/DOWNGRADES

Badger Meter (BMI) upgraded to Hold from Sell at Canaccord
Charles River (CRL) upgraded to Overweight from Sector Weight at KeyBanc
Spire (SR) upgraded to Outperform from Market Perform at Wells Fargo
BHP Billiton (BHP) downgraded to Hold from Buy at Investec
Motorcar Parts (MPAA) downgraded to Neutral from Buy at Roth Capital
Splunk (SPLK) downgraded to Sell from Neutral at Citi

EARNINGS

Monday’s earnings reports (EST): 

No major announcements

UPCOMING ECONOMIC NEWS

Monday’s economic reports (EST): 

Housing Market Index – 10:00am

METALS / OIL

Gold closed at $1278.50 an ounce, down $29.80

Silver settled at $16.48 an ounce, down $0.78

Copper finished at $3.14 a pound, down$0.08

Crude Oil is at $64.38 a barrel, down $2.31

Bitcoin Investment Trust (GBTC) ended at $10.95 down $0.58

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY