Fed Hikes Rates, Bulls Give Up Gains

MARKET SUMMARY
U.S.markets ended the session broadly lower, giving up earlier gains following the Federal Reserve’s move to raise the benchmark interest rate. The choppy session was less volatile than the past two but the lack of leadership and sector rotation remains a concern.

The Nasdaq gave back 0.3% after trading up to 7,412 but was unable to hold near-term resistance at the 7,400 level for a third-straight session.

The Dow declined 0.2% despite making a run towards resistance at 25,000 after reaching a peak of 24,977.

The S&P 500 stumbled 0.2% following a late session push to 2,739 before holding the 2,700 for the third-straight session into the closing bell.

The Russell 2000 bucked the trend after rising 0.2% while reaching an intraday peak of 1,587.

TRADE OF THE DAY

ANALYST UPGRADES / DOWNGRADES
Myriad Genetics (MYGN) upgraded to Equal Weight from Underweight at Morgan Stanley
FedEx (FDX) upgraded to Buy from Hold at Stifel
WellCare (WCG) upgraded to Outperform from Market Perform at Wells Fargo

Match Group (MTCH) downgraded to Neutral from Buy at Guggenheim OncoCyte (OCX) downgraded to Neutral from Buy at Janney Capital
Cboe Global Markets (CBOE) downgraded to Underweight from Neutral at JPMorgan

EARNINGS
Thursday’s scheduled earnings (EST):
Before the open: Accenture (ACN), Carnival (CCL), Conagra Brands (CAG), Darden Restaurants (DRI), JinkoSolar Holding (JKS), Lands’ End (LE), Michaels Companies (MIK), Neogen (NEOG), Nomad Foods (NOMD), Superconductor Technologies (SCON)

After the close: At Home Group (HOME), Cintas (CTAS), iCAD (ICAD), Jagged Peak Energy (JAG), KB Home (KBH), Micron Technology (MU), Nike (NKE), Sierra Metals (SMTS), YogaWorks (YOGA)

UPCOMING ECONOMIC NEWS
Thursday’s economic reports (EST):
Jobless Claims – 8:30am
FHFA House Price Index – 9:00am
Bloomberg Consumer Comfort Index – 9:45am
PMI Composite Flash – 10:00am
Leading Indicators – 10:00am
Kansas Fed Manufacturing Index – 11:00am

METALS / OIL
Gold closed at $1,321.50 an ounce, up $9.60
Silver closed at $16.42 an ounce, up $0.22
Copper finished at $3.05 a pound, up $0.02
Crude Oil closed at $65.49 a barrel, up $1.95
Bitcoin Investment Trust (GBTC) settled at $14.75 up $0.15

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY