Dow Closes Slightly Lower 01-24-2018

MARKET SUMMARY

​U.S. markets closed mostly higher to continue their run towards all-time highs after the President signed a stopgap funding bill to end the government shutdown.

The Nasdaq showed the most strength after rising 0.7% and trading to an intraday record high of 7,465. The Russell 2000 was higher by 0.4% after testing a lifetime peak of 1,612 while closing above the 1,600 level for the second-straight session.

The S&P 500 kissed an all-time high of 2,842 after adding 0.2% for the session. Meanwhile, the Dow fell 3 points, or 0.01% after trading to an intraday and lifetime high of 26,246.

ANALYST UPGRADES / DOWNGRADES

Caterpillar (CAT) upgraded to Buy from Neutral at Seaport Global
Dollar General (DG) upgraded to Outperform from Underperform at Wells Fargo
Dick’s Sporting (DKS) upgraded to Positive from Neutral at Susquehanna

Netflix (NFLX) downgraded to Neutral from Buy at Buckingham
GoPro (GPRO) downgraded to Underweight from Equal Weight at Morgan Stanley
Wayfair (W) downgraded to Hold from Buy at Stifel

EARNINGS
Wednesday’s scheduled earnings include:

Before the open: Abbott Laboratories (ABT), Baker Hughes (BHGE), Comcast (CMCSA), General Dynamics (GD), General Electric (GE), Illinois Tool Works (ITW), Norfolk Southern (NSC), Progressive (PGR), Rockwell Automation (ROK), Royal Caribbean Cruises (RCL), Stanley Black & Decker (SWK), United Technologies (UTX)
After the close: Aspen Technology (AZPN), Briggs & Stratton (BGG), Cohen & Steers (CNS), Discover Financial Services (DFS), Ethan Allen Interiors (ETH), F5 Networks (FFIV), Ford Motor (F), Las Vegas Sands (LVS), Legg Mason (LM), NovaGold Resources (NG), Raymond James Financial (RJF), Teradyne (TER), United Rentals (URI), Whirlpool (WHR), Xilinx (XLNX)

UPCOMING ECONOMIC NEWS
Wednesday’s economic reports (EST):

MBA Mortgage Applications – 7:00am
FHFA House Price Index – 9:00am
PMI Composite Flash – 9:45am
Existing Home Sales – 10:00am

METALS / OIL
Gold closed at $1,336.70 an ounce, up $4.80

Silver settled at $16.91 an ounce, down $0.08

Copper finished at $3.11 a pound, down $0.09

Crude Oil closed at $64.42 a barrel, down $0.04

Bitcoin Investment Trust (GBTC) settled at $1,652.65, down $33.35

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY