Bulls Continue Record Run

MARKET SUMMARY

U.S. markets continued their flight towards fresh all-times highs but settled mixed ahead of Wednesday’s Fed decision on interest rates. The Dow and S&P 500 climbed 0.5% and 0.2%, respectively, with both indexes extending their winning streaks to four-straight. The Nasdaq slipped 0.2% after failing near-term resistance to snap its four-session win streak. Meanwhile, the Russell 2000 traded showed strength in the first half of trading before weakening while closing lower by 0.2%.

TRADE OF THE DAY

ANALYST UPGRADES / DOWNGRADES

Activision Blizzard (ATVI) upgraded to Buy from Neutral at Goldman Sachs
Northrop Grumman (NOC) upgraded to Overweight from Neutral at JPMorgan
Verizon (VZ) upgraded to Buy from Neutral at Nomura

Electronic Arts (EA) downgraded to Buy from Conviction Buy at Goldman Sachs
General Dynamics (GD) downgraded to Underweight from Neutral at JPMorgan
Spark Therapeutics (ONCE) downgraded to Neutral from Buy at UBS

EARNINGS

Wednesday’s scheduled earnings include:
ABM Industries (ABM), Aspen Group (ASPU), Nordson (NDSN), Pier 1 Imports (PIR), Tintri (TNTR)

UPCOMING ECONOMIC NEWS

Wednesday’s economic reports (EST):
MBA Mortgage Applications – 7:00am
Consumer Price Index – 8:30am
FOMC Minutes – 2:00pm

METALS / OIL

Gold closed at $1,241.70 an ounce, down $5.20

Silver settled at $15.67 an ounce, down $0.11

Copper finished at $3.02 a pound, up $0.01

Crude Oil closed at $57.26 a barrel, down $0.73

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY