Market Up on Tariffs

MARKET SUMMARY
U.S. markets finished mostly higher on Thursday while showing overall strength for a fifth-straight session. The late session rally held despite the signing of the declaration of a 25% tariff on imported steel and a 10% tariff on imported aluminum. The market took it as a good sign as Canada and Mexico are being exempt, for now from the tariffs, while NAFTA negotiations are ongoing.

The S&P 500 gained 0.5% after testing a high of 2,740 while closing less than a point below its 50-day moving average. The Dow was up 0.4%, after trading to a high of 24,950 with near-term resistance at 25,000 holding.

ANALYST UPGRADES / DOWNGRADES
Barclays (BCS) upgraded to Neutral from Sell at Goldman Sachs
Splunk (SPLK) upgraded to Buy from Hold at Argus
Wendy’s (WEN) upgraded to Buy from Neutral at Longbow

CF Industries (CF) downgraded to Underperform from Buy at BofA/Merrill
Veon (VEON) downgraded to Hold from Buy at HSBC
Zagg (ZAGG) downgraded to Neutral from Buy at B. Riley FBR

EARNINGS
Friday’s scheduled earnings (EST):
American Woodmark (AMWD), Big Lots (BIG), Global Water Resources (GWRS), Revlon (REV), Spark Energy (SPKE)

UPCOMING ECONOMIC NEWS
Friday’s economic reports (EST):
Unemployment report – 8:30am
Wholesale Trade – 10:00am
Baker-Hughes Rig Count – 1:00pm

METALS / OIL
Gold closed at $1,321.70 an ounce, down $5.90
Silver closed at $16.50 an ounce, up $0.01
Copper finished at $3.07 a pound, down $0.06
Crude Oil closed at $60.29 a barrel, up $0.17
Bitcoin Investment Trust (GBTC) settled at $15.74, unchanged

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY