Market Loses Steam Following Rate Hike

MARKET SUMMARY

U.S. markets showed continued momentum throughout much of Wednesday’s session following news the House and Senate have reached an agreeent on a proposed tax bill. However, the Fed decision to raise rates by a quarter-point and the press conference afterwards caused some profit taking ahead of the closing bell. The Russell 2000 led the way higher after jumping 0.6% but is still showing a loss for the month. The Dow added 0.3% while trading to a record intraday high of 24,666 to extend its winning streak to five-straight. The S&P 500 also set a fresh all-time high after reaching an intraday peak of 2,671 but slipped a point, or 0.1%, into the closing bell. The Nasdaq advanced 0.2% but failed near-term resistance near the 6,900 for the second-straight session.

TRADE OF THE DAY

ANALYST UPGRADES / DOWNGRADES

Dentsply Sirona (XRAY) upgraded to Overweight from Neutral at JPMorgan
Extra Space Storage (EXR) upgraded to Equal Weight at Morgan Stanley
Taubman Centers (TCO) upgraded to Market Perform from Underperform at BMO Capital

Accuray (ARAY) downgraded to Underweight from Neutral at JPMorgan
Public Storage (PSA) downgraded to Underweight from Equal Weight at Morgan Stanley
Ralph Lauren (RL) downgraded to Underperform from Neutral at BofA/Merrill

EARNINGS

Thursday’s scheduled earnings include:
Adobe Systems (ADBE), Costco Wholesale (COST), JBL Circuit (JBL), Oracle (ORCL), Sanderson Farms (SAFM), Scholastic (SCHL)

UPCOMING ECONOMIC NEWS

Thursday’s economic reports (EST):

Jobless Claims – 8:30am
Retail Sales – 8:30am
Import and Export Prices – 8:30am
PMI Composite Flash – 9:45am
Bloomberg Consumer Comfort Index – 9:45am
Business Inventories – 10:00am

METALS / OIL

Gold closed at $1,248.60 an ounce, up $6.90

Silver settled at $15.87 an ounce, up $0.20

Copper finished at $3.05 a pound, up $0.03

Crude Oil closed at $56.73 a barrel, down $0.41

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY