Bears Get Weekly Win 04-29-2018

U.S. markets opened in positive territory on Friday but traded in a narrow range afterwards to finish mixed while snapping a two-week win streak. Earnings continue to come in better-then-expected from some of the market’s biggest and most influential companies. With 1Q earnings season halfway over, some of the euphoria seems to be wearing off. However, volatility closed below a key level of support and is suggesting higher highs heading into May.

The Russell 2000 declined for the sixth-time in seven sessions after slipping 0.1% while bottoming at 1,549 intraday. The index held its 50-day moving average for the 4th-straight session. The Dow dipped 11 points, or 0.05% after trading to a low of 24,194 while holding the 24,000 level for the third-straight session. For the week, both indexes gave back 0.6%.

The S&P 500 was up 0.1% after trading to an intraday high of 2,677 and remains less than 1% away from clearing its 50-day moving average. For the week, the index was down a quarter-point, or 0.01%.

The Nasdaq rose a point, or 0.02%, to close higher for a second-straight session after reaching a morning peak of 7,197. The index just missed clearing its 50-day moving average and was down 0.4% for the week.

Facebook (FB) upgraded to Buy from Hold at Stifel
Microsoft (MSFT) upgraded to Overweight from Neutral at JPMorgan
Bristol-Myers (BMY) upgraded to Market Perform from Underperform at BMO Capital
Chipotle (CMG) downgraded to Hold from Buy at Maxim
Symantec (SYMC) downgraded to Market Perform from Outperform at JMP Securities
Sunoco (SUN) downgraded to Underperform from Hold at Jefferies

Monday’s earnings:
Before the open: Allergan (AGN), Cooper Tire & Rubber (CTB), DSP Group (DSPG), First Data (FDC), Insperity (NSP), Loews (L), McDonalds (MCD), RumbleOn (RMBL), US Concrete (USCR)
After the close: Akamai Technologies (AKAM), Blackbaud (BLKB), Cognex (CGNX), HealthStream (HSTM), Inogen (INGN), J&J Snack Foods (JJSF), Mastec (MTZ), NutriSystem (NTRI), One Gas (OGS), Rent-A-Center (RCII), Stifel Financial (SF), TrueBlue (TBI), Vornado Realty Trust (VNO)

Monday’s economic reports (EST):
Personal Income and Outlays – 8:30am
Chicago PMI – 9:45am
Pending Home Sales Index – 10:00am
Dallas Fed Manufacturing Survey – 10:30am

Gold closed at $1323.40 an ounce, up $5.50
Silver closed at $16.50 an ounce, up $0.01
Copper finished at $3.04 a pound, down $0.05
Crude Oil closed at $67.97 a barrel, down $0.22
Bitcoin Investment Trust (GBTC) settled at $15.50 up $0.15

Make it a great day!

Todd Mitchell