U.S. markets showed overall strength for a 4th-straight session despite concerns about President Trump’s legal woes after his former lawyer pleaded guilty to illegal campaign finance charges.
The release of the Fed minutes had little impact on the market. Volatility closed below a key level of support after falling nearly 5% and is suggesting continued market strength.
The Nasdaq advanced 0.4% following the late day test to 7,897. Major resistance at 7,900 held for a 2nd-straight session with a close above this level signaling additional strength.
The Russell 2000 edged up 0.3% after trading to another record high of 1,723. Fresh and lower resistance at 1,725-1,740 held.
The S&P 500 slipped a point, or 0.04%, despite the intraday run to 2,867. Fresh support at 2,860-2,850 was split but held into the closing bell.
The Dow fell for the first time in 5 sessions after declining 0.3% and testing a second half low of 25,722. Fresh support at 25,600 held on the close back below 25,800.
Energy surged 1.2% to pace sector strength while Technology rose 0.3%. Consumer Discretionary and Healthcare added 0.1%.
Industrials were down 1% to led sector weakness. Utilities sank 0.8% while Consumer Staples and Real Estate fell 0.6%.
Itron (ITRI) upgraded to Buy from Hold at Argus
MercadoLibre (MELI) upgraded to Buy from Hold at Stifel
YRC Worldwide (YRCW) upgraded to Buy from Hold at Deutsche Bank
AT&T (T) downgraded to Market Perform from Outperform at Wells Fargo
Coty (COTY) downgraded to Hold from Buy at Societe Generale
Tiffany (TIF) downgraded to Neutral from Buy at BofA/Merrill
Thursday’s earnings announcements (EST):
Before the open: Alibaba (BABA), Children’s Place Retail Stores (PLCE), Fly Leasing (FLY), GreenTree Hospitality Group (GHG), Hormel Foods (HRL), Sanderson Farms (SAFM), Toro (TTC)
After the close: Autodesk (ADSKWealth Strength IndexADSK is Extremely Flat and trending Down), Gap (GPS), Globant (GLOB), HP (HPQ), Intuit (INTUWealth Strength IndexINTU is Extremely Up and trending Up), New York & Company (NWY), OSI Systems (OSIS), Ross Stores (ROSTWealth Strength IndexROST is Moderately Up and trending Up), Splunk (SPLK), Veeva Systems (VEEV), VMware (VMW)
Thursday’s economic reports (EST):
Jobless Claims – 8:30am
FHFA House Price Index – 9:00am
PMI Composite Flash – 10:00am
New Home Sales – 10:00am
Kansas City Fed Manufacturing Index – 11:00am
METALS / OIL
Gold closed at $1,203.30 an ounce, up $3.30
Silver settled at $14.75 an ounce, down $0.02
Copper finished at $2.67 a pound, down $0.03
Crude Oil is at $67.32 barrel, up $0.70
Bitcoin Investment Trust (GBTC) ended at $8.93 up $0.06
Make it a great day!