Bears Get Second-Straight Win

MARKET SUMMARY
U.S. markets closed lower for a second-straight session as worries of a potential trade war resurfaced after President Donald Trump announced that his administration will seek to trim the U.S.’s trade deficit with China by $100 billion via tariffs.

The Dow declined 1% after testing a low of 24,668 with support at the 100-day moving average holding.

The S&P 500 sank 0.6% after making a backtest to 2,744 but held its 50-day moving average into the closing bell.

The Russell 2000 fell 0.5% after failing resistance at the 1,600 level shortly after the open. The low reached 1,582 with a move below 1,580-1,575 being a slightly bearish development. The Nasdaq gave back 0.2% after testing an intraday low of 7,473 to settle just below the 7,500 level for the first time in three sessions.

TRADE OF THE DAY

ANALYST UPGRADES / DOWNGRADES
BHP Billiton (BHP) upgraded to Neutral from Sell at Goldman Sachs Oceaneering (OII) upgraded to Hold from Underperform at Jefferies
RH (RH) upgraded to Outperform from Market Perform at Raymond James

Cleveland-Cliffs (CLF) downgraded to Sell from Hold at Vertical Group
Inovalon (INOV) downgraded to Underweight from Equal Weight at Morgan Stanley
Ultimate Software (ULTI) downgraded to Neutral from Outperform at Wedbush

EARNINGS
Thursday’s scheduled earnings (EST):
Before the open: ADT (ADT), B2Gold (BTG), Genesco (GCO), Harvest Capital (HCAP), J Jill (JILL), Smart Sand (SND), Superior Industries International (SUP)
After the close: Amyris (AMRS), BioTime (BTX), Broadcom (AVGO), ExOne (XONE), Golden Entertainment (GDEN), Jabil Circuit (JBL), PFSweb (PFSW), Quorum Health (QHC), Salem Media Group (SALM), Ulta Beauty (ULTA), Zumiez (ZUMZ)

UPCOMING ECONOMIC NEWS
Thursday’s economic reports (EST):
Jobless Claims – 8:30am
Philadelphia Fed Business Outlook Survey – 8:30am
Empire State Manufacturing Survey – 8:30am
Import and Export Prices – 8:30am
Bloomberg Consumer Comfort Index – 9:45am
Housing Market Index – 10:00am

METALS / OIL
Gold closed at $1,325.60 an ounce, down $1.50
Silver closed at $16.54 an ounce, down $0.09
Copper finished at $3.16 a pound, up $0.02
Crude Oil closed at $60.91 a barrel, up $0.20
Bitcoin Investment Trust (GBTC) settled at $13.31 down $1.49

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY