Dow Reclaims 25,000 Level 05-21-2018

U.S. markets opened strong and showed steady momentum throughout Monday’s action following chatter China and U.S. trade talks are progressing with tariffs on hold. U.S. Secretary Steve Mnuchin said the U.S. won’t impose tariffs on China, for now, and China proposed to significantly increase purchases of U.S. goods and services.

Volatility remains relaxed and is trying to clear a key level of support to confirm a continued rally this week and possibly into early June.

The Dow traded higher for the 11th-time in 13 sessions after jumping 1.2% while reaching a peak of 25,086 and holding the 25,000 into the closing bell. The S&P 500 soared 0.7% after making a morning run to 2,739 and coming within 3 points of the monthly high at 2,742.

The Russell 2000 closed at a fresh all-time high for the 4th-straight session after gaining 0.7% and reaching an intraday peak of 1,639. The Nasdaq climbed 0.5% after testing a high of 7,431 but fell shy of holding the 7,400 level by a 6-pack.

Ctrip (CTRPWealth Strength IndexCTRP is Flat and trending Up) upgraded to Buy from Hold at TH Data Capital
Dillard’s (DDS) upgraded to Buy from Underperform at BofA/Merrill
Snap (SNAP) upgraded to Neutral from Sell at Moffett Nathanson
Bristol-Myers (BMY) downgraded to Neutral from Buy at UBS
Williams Partners (WPZ) downgraded to Hold from Buy at Stifel

Tuesday’s Earnings:
Before the open: Advance Auto Parts (AAP), AutoZone (AZO), Cracker Barrel (CBRL), Dycom Industries (DY), Eaton Vance (EV), International Game Technology (IGT), Kohl’s (KSS), Photronics (PLAB), TJX Companies (TJX), Toll Brothers (TOL)
After the close: Container Store Group (TCS), Hewlett Packard Enterprises (HPE), Intuit (INTUWealth Strength IndexINTU is Extremely Up and trending Up), Ooma (OOMA), Red Robin Gourmet Burgers (RRGB), Transcat (TRNS). Urban Outfitters (URBN)

Tuesday’s economic reports (EST):
Redbook – 8:55am
Richmond Fed Manufacturing Index – 10:00am


Gold closed at $1,290.90 an ounce, down $0.40
Silver settled at $16.52 an ounce, up $0.07
Copper finished at $3.09 a pound, up $0.03
Crude Oil is at $71.35 a barrel, down $0.19
Bitcoin Investment Trust (GBTC) ended at $13.61 up $0.07

Make it a great day!

Todd Mitchell