Market Fades Ahead Of Fed Minutes

MARKET SUMMARY
U.S. markets traded higher to start Tuesday’s session but lost momentum into the closing bell to finish lower for the session. Some of the nervousness comes ahead of Wednesday’s Fed minutes along with continued uncertainty over trade policy and other geopolitical issues. Volatility ticked slightly higher but remains at relaxed levels.

The Russell 2000 set a record intraday high for the 5th-straight session after coming within spitting distance of clearing 1,640 before giving back 0.8%. The Dow fell 0.7% after testing a morning high of 25,064 but failed to hold the 25,000 level.

The S&P 500 slipped 0.3% despite tapping a fresh month high north of 2,742 but was able to hold the 2,700 level for the 9th-straight session. The Nasdaq dipped 0.2% after reaching a peak of 7,432 while closing below the 7,400 level for a 6th-straight session.

ANALYST UPGRADES / DOWNGRADES
AB InBev (BUD) upgraded to Sector Perform from Underperform at RBC Capital IHS Markit (INFO) upgraded to Outperform from Neutral at Macquarie
Macy’s (M) upgraded to Positive from Neutral at Susquehanna
BofI Holding (BOFI) downgraded to Neutral from Buy at Compass Point Cameco (CCJ) downgraded to Sector Perform from Outperform at RBC Capital Manchester United (MANU) downgraded to Hold from Buy at Deutsche Bank

EARNINGS
Wednesday’s Earnings:
Before the open: Canadian Imperial Bank (CM), iClick (ICLK), Qiwi (QIWI), Ralph Lauren (RL), Target (TGT), Tiffany & Co. (TIF)
After the close: Bilibili (BILI), Copart (CPRT), L Brands (LB), Modine Manufacturing (MOD), NetApp (NTAP), nLight (LASR), Synopsys (SNPS), Westell Technologies (WSTL), Williams-Sonoma (WSM)

UPCOMING ECONOMIC NEWS
Wednesday’s economic reports (EST):
MBA Mortgage Applications – 7:00am
PMI Composite Flash – 10:00am
New Home Sales – 10:00am
FOMC Minutes – 2:00pm

METALS / OIL
Gold closed at $1,292.00 an ounce, up $1.10
Silver settled at $16.58 an ounce, up $0.06
Copper finished at $3.13 a pound, up $0.04
Crude Oil is at $72.09 a barrel, down $0.15
Bitcoin Investment Trust (GBTC) ended at $13.08 down $0.53

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY