U.S.markets tried rebounding for the second-straight session following Wednesday’s run to higher highs, but the gains faded throughout the session with the major indexes settling mixed. Volatility was slightly subdued compared to recent sessions but the whipsaw action remains in place and will likely continue for the foreseeable future.
The Dow slipped 0.1% after trading to a high of 25,293 while closing below the 25,000 level for the 3rd-straight session. The S&P 500 sagged 0.5% following a morning run to 2,727 but has failed to hold 2,700 all week.
The Nasdaq was lower by 0.9% after testing a high of 7,170 but hełd the 7,000 level for the 2nd-straight session following the second-half weakness. The Russell 2000 was up less than a point, or 0.05%, after peaking at 1,517 while holding the 1,500 level throughout the day.
TRADE OF THE DAY
ANALYST UPGRADES / DOWNGRADES
Lennar (LEN) upgraded to Overweight from Equal Weight at Barclays
Chevron (CVX) upgraded to Outperform from Market Perform at Wells Fargo Spirit Airlines (SAVE) was upgraded to Outperform from Neutral at Macquarie
Wynn Resorts (WYNN) downgraded to Neutral from Buy at Roth Capital Chipotle (CMG) was downgraded to Sell from Hold at Stifel
Macom (MTSI) was downgraded to Neutral from Overweight at JPMorgan
Thursday’s scheduled earnings include:
Before the open: Alexion Pharmaceuticals (ALXNWealth Strength IndexAAPL is Extremely Up and trending Up), BorgWarner (BWA), Cambrex (CBM), Canada Goose Holdings (GOOS), CVS Holdings (CVS), Good Year Tire & Rubber (GT), Grub Hub (GRUB), HanesBrands (HBI), Kellogg (K), Masco (MAS), New York Times (NYT), Philip Morris International (PM), Sealed Air (SEE), Snap-On (SNA), Telus (TU), Twitter (TWTRWealth Strength IndexAAPL is Extremely Up and trending Up), Viacom (VIABWealth Strength IndexAAPL is Extremely Up and trending Up), World Wrestling Federation (WWE), Yum Brands (YUM)
After the close: Activision Blizzard (ATVIWealth Strength IndexAAPL is Extremely Up and trending Up), Beacon Roofing (BECN), Columbia Sportsware (COLM), Expedia (EXPEWealth Strength IndexAAPL is Extremely Up and trending Up), Hologic (HOLXWealth Strength IndexAAPL is Extremely Up and trending Up), Knoll (KNL), NCR (NCR), Quantum (QTM), Sketchers (SKX), VeriSign (VRSN), Zillow Group (ZG)
UPCOMING ECONOMIC NEWS
Thursday’s economic reports (EST):
Chain Store Sales – 7:00am
Jobless Claims – 8:30am
Bloomberg Consumer Comfort Index – 9:45am
METALS / OIL
Gold closed at $1,314.60 an ounce, down $14.90
Silver settled at $16.24 an ounce, down $0.34
Copper finished at $3.08 a pound, down $0.10
Crude Oil closed at $61.75 a barrel, down $0.04
Bitcoin Investment Trust (GBTC) settled at $13.69, up $1.38
Make it a great day!
QUOTE OF THE DAY