U.S. markets rebounded on Thursday while closing higher for the first time this week and snapping multi-session losing streaks. News that the U.S. and China have intensified efforts to strike a truce at the G20 helped fuel momentum.
The major indexes did set lower lows for the week and was a slight concern as trading was choppy before the bounce off the lows.
Volatility also set a weekly high but held near-term resistance for a 2nd-straight session.
The Nasdaq surged 1.7% following the late day run to 7,272. Prior resistance at 7,300-7,350 held with more important hurdles at 7,500-7,550 and the 200-day moving average.
The S&P 500 jumped 1.1% after reaching an intraday peak of 2,735. Resistance at 2,750-2,775 and the 200-day moving average easily held with continued closes above the latter being a slightly bullish signal.
The Dow snapped a 4-session slide after adding 0.8% and tapping a second half high of 25,354. Fresh and lower resistance at 25,200-25,400 was reclaimed on the close back above the 200-day moving average.
The Russell 2000 soared 1.4% after tapping a session high of 1,524. Lower resistance at 1,525-1,540 held with continued closes back above 1,560-1,580 signaling a possible near-term bottom.
Technology led sector strength after zooming 2.5% while Financials and Energy jumped 1.5%.
Utilities and Real Estate tanked 0.8% to pace sector weakness. Consumer Discretionary and Consumer Staples slipped 0.2% to round out the losers.
Analyst Upgrades / Downgrades
Athenex (ATNX) upgraded to Overweight from Neutral at JPMorgan
Coty (COTY) upgraded to Outperform from Market Perform at BMO Capital
Voyager Therapeutics (VYGR) upgraded to Strong Buy from Outperform at Raymond James
Blue Apron (APRN) downgraded to Neutral from Buy at Guggenheim Horizon Pharma (HZNP) downgraded to Neutral from Buy at Mizuho PG&E (PCG) downgraded to Equal Weight from Overweight at Morgan Stanley
Friday’s Economic Reports
Industrial Production – 9:15am
Quarterly Services Report – 10:00am
Kansas City Fed Manufacturing Index – 11:00am
Baker-Hughes Rig Count – 1:00pm
Friday’s Earnings Announcements
Before the open: Frontline (FRO), Helmerich & Payne (HP), Viacom (VIAB)
After the close: No major announcements.
Metals / Oil
Gold closed at $1,215.00 an ounce, up $4.90
Silver settled at $14.26 an ounce, up $0.18
Copper finished at $2.71 a pound, up $0.04
Crude Oil is at $56.57 a barrel, up $0.46
Bitcoin Investment Trust (GBTC) ended at $6.25,
Have a great evening and I hope you find this update helpful.