Market Surges for 2nd-Straight Session

MARKET SUMMARY
U.S. markets showed strength for a 2nd-straight session following its worst two-week performance in more than two years. The indexes traded higher throughout the session following some early morning volatility but closed near session highs while pushing short-term resistance levels.

The Dow rallied 1.7% after testing a high of 24,765 and temporarily regaining positive territory for the year.

The S&P 500 soared 1.4% after tapping an intraday high of 2,672 and coming within a point of returning to positive territory for 2018.

The Nasdaq jumped 1.6% after trading to an intraday high of 7,023 while closing just below the 7,000 level. The index is back in positive for the year after closing above 6,903.

The Russell 2000 was slightly weak on the open after testing a low of 1,466 before regaining its footing to push 1,500. The index gained 0.9% but needs to clear 1,535 to get back into positive territory for the year.

TRADE OF THE DAY

ANALYST UPGRADES / DOWNGRADES
Cisco Systems (CSCO) upgraded to Buy from Neutral at Nomura Instinet
Teva (TEVA) upgraded to Outperform from Neutral at Credit Suisse
VF Corp (VFC) upgraded to Buy from hold at Stifel EQT

(EQM) and EQT GP (EQGP) downgraded to Sector Perform from Outperform at RBC Capital
Natural Grocers (NGVC) downgraded to Underweight from Equal Weight at Barclays
Tallgrass Energy GP (TEGP) downgraded to Equal Weight from Overweight at Barclays

EARNINGS
Tuesday’s scheduled earnings include:
Before the open: Aircastle (AYR), Blue Apron (APRN), Charles River Laboratories (CRL), Generac Holdings (GNRC), Himax Technologies (HIMX), LouisianaPacific (LPX), PepsiCo (PEP), Sina (SINA), Tower International (TOWR), Under Armour (UAA)
After the close: (BIDU), Carbonite (CARB), Davita (DVA), Denny’s (DENN), Fossil (FOSL), HubSpot (HUBS), Lattice Semiconductor (LSCC), Metlife (MET), Omega Healthcare (OHI), Retail Properties of America (RPAI), Tanger Factory Outlet (SKT), Twilio (TWLO), Western Union (WU)

UPCOMING ECONOMIC NEWS
Tuesday’s economic reports (EST):
NFIB Small Business Optimism Index – 6:00am
Redbook – 8:55am

METALS / OIL
Gold closed at $1,326.40 an ounce, up $10.70
Silver settled at $16.57 an ounce, up $0.43
Copper finished at $3.08 a pound, up $0.04
Crude Oil closed at $59.29 a barrel, up $0.24
Bitcoin Investment Trust (GBTC) settled at $14.87, up $0.53

 

Make it a great day!
Todd Mitchell

QUOTE OF THE DAY