U.S. markets closed mostly lower on Tuesday, reversing earlier gains as Technology and Financials stocks struggled. Trading volume dropped following the morning highs, and as the news flow slowed, the major indexes drifted lower.
The small-caps showed strength but volatility remained slightly elevated with the market closed on Wednesday and ahead of Thursday’s FOMC minutes.
The Dow declined 0.5% after giving up a 137-point gain while testing a late day low of 24,150. The index closed below its 200-day moving average for the 6th-straight session.
The S&P 500 sank 0.5% after trading in a 25-point range and making a late day pullback to 2,711. Consecutive closes below 2,700 would be a very bearish development.
The Nasdaq made a run to 7,594 before giving back 0.9% on the fade to 7,498. A move below 7,450 and the 50-day moving average would be a bearish signal.
The Russell 2000 gained 0.3% after testing a high of 1,667 and holding positive territory throughout the shortened session. Near-term resistance is at 1,670-1,675 with a close above the latter being a continued bullish development.
Albemarle (ALB) upgraded to Buy from Neutral at Goldman Sachs
Roku (ROKU) upgraded to Outperform from Perform at Oppenheimer
Veon (VEON) upgraded to Overweight from Neutral at JPMorgan
American Airlines (AAL) downgraded to Hold from Buy at Deutsche Bank
Belmond (BEL) downgraded to Underweight from Overweight at Barclays
Watsco (WSO) downgraded to Neutral from Outperform at Baird
Wednesday’s earnings reports (EST):
UPCOMING ECONOMIC NEWS
Wednesday’s economic reports (EST):
METALS / OIL
Gold closed at $1253.50 an ounce, up $11.80
Silver settled at $16.04 an ounce, up $0.20
Copper finished at $2.92 a pound, down $0.02
Crude Oil is at $74.14 barrel, up $0.10
Bitcoin Investment Trust (GBTC) ended at $10.01 down $0.19
Make it a great day!
QUOTE OF THE DAY