U.S. markets closed slightly lower on Friday despite the official signing of the tax reform bill into law while ending the week with slight gains. The Dow and S&P 500 declined 0.1% but advanced 0.4% and 0.3%, respectively, for the week. Both indexes are working on 5-week winning streaks.
The Nasdaq also slipped 0.1% after trading in negative territory throughout the session but added 0.3% last week. Meanwhile, the Russell 2000 fell 0.3% on Friday while gaining 0.8% for the week.
Real Estate rebounded 0.7% while snapping a 3-session slide while Materials were up 0.4% to lead sector strength. Health Care and the Financial sectors were off 0.3% with Consumer Discretionary down 0.2%.
Energy surged 4.7% and Material rose 2.1% over the week while Utilities tanked 4.7% and Real Estate sank 2.3%.
ANALYST UPGRADES / DOWNGRADES
Capital One (COF) upgraded to Buy from Neutral at Compass Point
Red Robin (RRGB) was upgraded to Buy from Hold at Jefferies
RE/MAX Holdings (RMAX) upgraded to Neutral from Sell at Compass Point
Bojangles (BOJA) was downgraded to Hold from Buy at Jefferies
Hovnanian (HOV) downgraded to Sell from Neutral at MKM Partners
WWE (WWE) downgraded to Neutral from Buy at Citi
Tuesday’s scheduled earnings include:
There are no major companies reporting 12-26-2017.
UPCOMING ECONOMIC NEWS
Tuesday’s economic reports (EST):
Richmond Fed Manufacturing Index – 10:00am
State Street Investor Confidence – 10:00am
Dallas Fed Manufacturing Survey – 10:30am
METALS / OIL
Gold closed at $1,278.80 an ounce, up $8.20
Silver settled at $16.44 an ounce, up $0.20
Copper finished at $3.24 a pound, up $0.02
Crude Oil closed at $58.35 a barrel, down $0.01
Bitcoin Investment Trust (GBTC) settled at $1,990.00, up $218.00
From all of us at Trading Concepts, we wish you a very Merry Christmas and a blessed holiday season!
Maket it a great holiday!