Dow Back In The Red

MARKET SUMMARY
U.S. markets traded lower throughout the session as the latest round of earnings failed to extend the recent rally. However, the major indexes rebounded off their lows into the close following news President Donald Trump had been told he wasn’t a target of special counsel Robert Mueller’s probe. While this had already been reported earlier this month, the renewed news seemed to lessen some of the political uncertainty swirling around market.

The Nasdaq gave back 0.8% after trading to a low of 7,215 but was able to hold the 7,200 level for the third-straight session. The S&P 500 was lower by 0.6% following the back test to 2,681 but held its 50-day moving average into the closing bell.

The Russell 2000 fell 0.5% after testing a low 1,569 but remains 2% above its 50-day moving average. The Dow slipped 0.3% despite showing some strength after the open with the afternoon low reaching 24,557. The blue-chips are back in negative territory for the year but held their 50-day moving average.

TRADE OF THE DAY

ANALYST UPGRADES / DOWNGRADES
Walmart (WMT) upgraded to Buy from Hold at Argus
Sprint (S) upgraded to Neutral from Underperform at Macquarie
iRobot (IRBT) upgraded to Overweight from Neutral at Piper Jaffray

Clorox (CLX) downgraded to Underweight from Equal Weight at Morgan Stanley Adtran (ADTN) downgraded to Hold from Buy at Argus Conoco
Phillips (COP) downgraded to Hold from Buy at Edward Jones
Valvoline (VVV) downgraded to Neutral from Buy at Longbow

EARNINGS
Friday’s earnings:
Before the open: Acme United (ACU), Baker Hughes (BHGE), Citizens Financial Group (CFG), Ericsson (ERIC), General Electric (GE), Honeywell International (HON), Kansas City Southern (KSU), ManpowerGroup (MAN), Mobile Mini (MINI), Roper Technologies (ROP), Schlumberger (SLM), Stanley Black & Decker (SWK), SunTrust Banks (STI), TransUnion (TRU), Waste Management (WM)

After the close: Washington Trust Bancorp (WASH)

UPCOMING ECONOMIC NEWS
Friday’s economic reports (EST):
Baker-Hughes Rig Count – 1:00pm

METALS / OIL
Gold closed at $1348.80 an ounce, down $4.70
Silver closed at $17.24 an ounce, down $0.01
Copper finished at $3.13 a pound, down $0.02
Crude Oil closed at $68.29 a barrel, down $0.54
Bitcoin Investment Trust (GBTC) settled at $13.65 up $0.41

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY