U.S. markets traded higher for a third-straight session after showing late afternoon strength following first half weakness. The action remains slightly bullish as the major indexes continue to push near-term resistance levels.
The Nasdaq gained 0.5% after testing to an intraday high of 7,025 while closing back above the 7,000 level for the first time in four sessions. The Russell 2000 advanced 0.3% after testing a high of 1,494 while failing near-term resistance at 1,500.
The S&P 500 rose 0.3% after making a run to 2,668 but the lower high than Monday’s 2,672 print was a slightly bearish development. The Dow added 0.2% after trading up to 24,705 but remains over 1% away from clearing its 50-day moving average.
TRADE OF THE DAY
ANALYST UPGRADES / DOWNGRADES
Boeing (BA) upgraded to Buy from Hold at Edward Jones
JPMorgan (JPM) upgraded to Outperform from Market Perform at Keefe Bruyette
Quest Diagnostics (DGX) upgraded to Outperform from Neutral at Credit Suisse
BP (BP) downgraded to Equal Weight from Overweight at Morgan Stanley Eversource (ES) downgraded to Equal Weight from Overweight at Morgan Stanley Validus (VR) downgraded to Neutral from Buy at Buckingham
Wednesday’s scheduled earnings include:
Before the open: Bunge (BG), Cedar Fair Entertainment (FUN), CMS Energy (CMS), Dr Pepper Snapple Group (DPS), Groupon (GRPN), Interpublic Group (IPG), Molson Coors Brewing (TAP), Owens & Minor (OMI), Photronics (PLAB), Shire (SHPG), SodaStream International (SODA), Terex (TEX), Wyndham Worldwide (WYN)
After the close: Applied Materials (AMATWealth Strength IndexAMAT is Moderately Flat and trending Down), Barrick Gold (ABX), Chemours (CC), Cisco Systems (CSCOWealth Strength IndexCSCO is Extremely Down and trending Down), Equinix (EQIX), Goldcorp (GG), Hyatt Hotels (H), Marriott International (MARWealth Strength IndexMAR is Extremely Down and trending Down), NetApp (NTAP), SolarEdge Technologies (SEDG), TripAdvisor (TRIPWealth Strength IndexTRIP is Extremely Down and trending Down), Waste Connections (WCN)
UPCOMING ECONOMIC NEWS
Wednesday’s economic reports (EST):
MBA Mortgage Applications – 7:00am
Consumer Price Index – 8:30am
Retail Sales – 8:30am
Atlantic Fed Business Inflation Expectations – 10:00am
Business Inventories -10:00am
METALS / OIL
Gold closed at $1,330.40 an ounce, up $4.00
Silver settled at $16.53 an ounce, down $0.04
Copper finished at $3.16 a pound, up $0.08
Crude Oil closed at $59.19 a barrel, down $0.10
Bitcoin Investment Trust (GBTC) settled at $14.39, down $0.48
Make it a great day!
QUOTE OF THE DAY