U.S. markets closed 2017 on a low note as selling pressure erased weekly gains while snapping 5-week win streaks for the Dow and S&P 500. Both indexes fell 0.5% on Friday while giving back 0.1% and 0.4%, respectively, for the week. The Dow gained 1.8% in December and the S&P 500 rose 1%.
The Russell sank 0.9% to lead Friday’s pullback while the Nasdaq tanked 0.7%. Both indexes also ended the week lower by 0.4% and 0.8%, respectively. For the month, the Nasdaq was up 0.4% while the Russell 2000 fell 0.6%.
For the year, the Nasdaq surged 28% while the Dow jumped 25%. The S&P gained just over 19%, and the Russell 2000 rose 13%. It was the best year for the market since 2013, with the Nasdaq rising for its sixth-straight year, its longest such streak since 1975 to 1980.
ANALYST UPGRADES / DOWNGRADES
AstraZeneca (AZN) upgraded to Overweight from Neutral at JPMorgan
PriceSmart (PSMT) upgraded to Outperform from Market Perform at IFS Securities
Novo Nordisk (NVO) upgraded to Neutral from Underweight at JPMorgan
Syntel (SYNT) downgraded to Underperform from Market Perform at Wells Fargo
RioCan (REIT) downgraded to Sector Perform from Outperform at RBC Capital
Tuesday’s scheduled earnings include:
No major earnings announcements. Fourth-quarter earnings season starts next week.
UPCOMING ECONOMIC NEWS
Tuesday’s economic reports (EST):
Manufacturing PMI – 9:45am
METALS / OIL
Gold closed at $1,309.30 an ounce, up $12.10
Silver settled at $17.15 an ounce, up $0.22
Copper finished at $3.30 a pound, down $0.01
Crude Oil closed at $60.10 a barrel, up $0.26
Bitcoin Investment Trust (GBTC) settled at $2,016.00, up $79.00
Make it a great year!