Market Weak on Fed Speak

MARKET SUMMARY
U.S. markets pulled back on Tuesday after Fed chair Jerome Powell gave his semiannual monetary policy report. There were no major surprises as analysts digested the news throughout the session. However, the losses worsened into the closing bell with volatility spiking ahead of tomorrow and the last trading day for the month.

The Russell 2000 stumbled 1.5% while closing at its session low of 1,536 and back below its 50-day moving average. The Nasdaq tumbled 1.2% after testing a low of 7,330 to give up February gains but remains 2% above its 50-day moving average.

The Dow dropped 1.2% after trading down to 25,407 while the S&P 500 sank 1.3% after closing on its session low of 2,744. Both indexes are holding their 50-day moving averages by less than 1% and remain in negative territory for the month.

TRADE OF THE DAY

ANALYST UPGRADES / DOWNGRADES
Chipotle (CMG) upgraded to Outperform from Neutral at Baird
Itron (ITRI) upgraded to Buy from Hold at Cannacord Genuity
Winnebago (WGO) upgraded to Outperform from Market Perform at BMO Capital

Akcea Therapeutics (AKCA) downgraded to Market Perform from Outperform at Wells Fargo
Carrizo Oil & Gas (CRZO) downgraded to Sector Weight from Overweight at KeyBanc
Ingevity (NGVT) downgraded to Hold from Buy at Loop Capital

EARNINGS
Wednesday’s scheduled earnings (EST):
Before the open: Analog Devices (ADI), Clean Harbors (CLH), Dycom Industries (DY), Horizon Pharma (HZNP), Lowe’s (LOW), Office Depot (ODP), Sinclair Broadcast Group (SBGI), Stratasys (SSYS), TJX Companies (TJX), Vale (VALE)

After the close: 3D Systems (DDD), Box (BOX), Churchill Downs (CHDN), Ferro (FOE), Greif (GEF), Habit Restaurants (HABT), Hostess Brands (TWNK), L Brands (LB), Monster Beverage (MNST), Mylan (MYL), Salesforce (CRM), Universal Health Services (UHS)

UPCOMING ECONOMIC NEWS
Wednesday’s economic reports (EST):
MBA Mortgage Applications – 7:00am
GDP – 8:30am
Chicago PMI – 9:45am
Pending Home Sales – 10:00am

METALS / OIL
Gold closed at $1,318.60 an ounce, down $14.20
Silver closed at $16.53 an ounce, down $0.12
Copper finished at $3.18 a pound, down $0.04
Crude Oil closed at $62.84 a barrel, down $1.07
Bitcoin Investment Trust (GBTC) settled at $18.16, up $0.34

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY