U.S. markets started the week with strong gains as traders shrugged off the air strikes on Syria over the weekend and instead, focused on the earnings season, which will pick up in earnest this week. Volatility continues to subside with the major indexes making a strong run towards key resistance levels.
The Russell 2000 closed higher for the fifth-time in six sessions after rallying 0.9% while making a late session run to 1,566. The Dow also gained 0.9% after testing a high to 24,675 to clear its 50-day moving average but a level that failed to hold into the close.
The S&P 500 added 0.8% after trading to an intraday high of 2,686 while falling a half-point shy of clearing its 50-day moving average. The Nasdaq was higher by 0.7% after reaching an intraday peak of 7,178 but fell shy of challenging its 50-day moving average just south of the 7,200 level.
TRADE OF THE DAY
ANALYST UPGRADES / DOWNGRADES
Costco (COSTWealth Strength IndexCOST is Extremely Up and trending Up) upgraded to Outperform from Market Perform at Wells Fargo Boston Beer (SAM) upgraded to Neutral from Sell at Goldman Sachs
Ulta Beauty (ULTAWealth Strength IndexULTA is Flat and trending Up) upgraded to Buy from Neutral at Guggenheim
McDonald’s (MCD) downgraded to Equal Weight from Overweight at Stephens J.M. Smucker (SJM) downgraded to Underperform from Neutral at Credit Suisse Big Lots (BIG) were downgraded to Outperform from Strong Buy at Raymond James
Before the open: Comerica (CMA), Goldman Sachs (GS), Johnson & Johnson (JNJ), Mellanox Technologies (MLNX), Mercantile Bank (MBWM), Northern Trust (NTRS), Omnicom (OMC), Progressive (PGR), Prologis (PLD), UnitedHealth Group (UNH)
After the close: Adtran (ADTN), Badger Meter (BMI), CSXWealth Strength IndexCSX is Moderately Flat and trending Down (CSXWealth Strength IndexCSX is Moderately Flat and trending Down), Fulton Financial (FULT), Hancock Holding (HBHC), Interactive Brokers (IBKR), International Business Machines (IBM), Intuitive Surgical (ISRGWealth Strength IndexISRG is Extremely Flat and trending Up), Lam Research (LRCXWealth Strength IndexLRCX is Moderately Flat and trending Down), United Continental (UAL), WesBanco (WSBC)
UPCOMING ECONOMIC NEWS
Tuesday’s economic reports (EST):
Housing Starts – 8:30am
Redbook – 8:55am
Industrial Production – 9:15am
METALS / OIL
Gold closed at $1350.70 an ounce, up $2.80
Silver closed at $16.68 an ounce, up $0.02
Copper finished at $3.09 a pound, up $0.02
Crude Oil closed at $67.39 a barrel, up $0.26
Bitcoin Investment Trust (GBTC) settled at $13.18 down $0.34
Make it a great day!
QUOTE OF THE DAY