Market Slips as Fed Takes Center Stage

U.S. markets showed some strength on the open but failed to hold momentum throughout Thursday’s action. Wall Street seemed slightly nervous ahead of the Fed’s annual 3-day conference in Jackson Hole, WY, and is awaiting clues as to the future course of monetary policy.

Fed Chair Jerome Powell will be making remarks Friday afternoon but won’t likely sway too far from the recent meeting minutes. Volatility tested major support before closing slightly elevated.

The Russell 2000 tumbled 0.3% despite testing another record high north of 1,723 for the 2nd-straight session. Fresh and upper support at 1,710-1,700 held on the backtest to 1,712.

The S&P 500 gave back 0.2% after trading in a tight 14-point range with the low tapping 2,854. Major support at 2,850 held for the 3rd-time in 4 sessions.

The Dow fell 0.2% after testing a low of 25,608. Support at 25,600 held for a 2nd-straight session with risk to 25,400-25,200 on a close below this level.

The Nasdaq cleared major resistance at 7,900 but was unable to hold this level after slipping 0.1%. Support at 7,850 held on the 0.1% pullback and backtest to 7,866.

Technology was the only sector to show strength after adding 0.2%.

Materials led sector weakness after giving back 0.7%. Energy and Financial were lower by 0.5%.


Target (TGT) upgraded to Outperform from Market Perform at Telsey Advisory
Deckers Brands (DECK) upgraded to Neutral from Negative at Susquehanna
Finisar (FNSR) upgraded to Overweight from Neutral at Piper Jaffray
La-Z-Boy (LZB) downgraded to Sector Weight from Overweight at KeyBanc
ABM (ABM) downgraded to Neutral from Outperform at Baird
Coca-Cola Amatil (CCLAY) downgraded to Sell from Neutral at UBS


Friday’s earnings announcements (EST): 

Before the open: Buckle (BKE), Footlocker (FL), Hibbett Sports (HIBB), Ubiquiti Networks (UBNT)
After the close: None

Friday’s economic reports (EST): 

​Durable Goods Orders – 8:30am
Baker-Hughes Rig Count – 1:00pm


Gold closed at $1,194.00 an ounce, down $9.30

Silver settled at $14.54 an ounce, down $0.21

Copper finished at $2.65 a pound, down $0.02

Crude Oil is at $67.89 barrel, up $0.57

Bitcoin Investment Trust (GBTC) ended at $8.82 down $0.11

Make it a great day!

   Todd Mitchell