Markets Slip Ahead of Tax Reform

MARKET SUMMARY

U.S. markets opened mixed and were slightly weak throughout Tuesday’s session and ahead of the House vote on the Republican tax-reform package. After the vote was passed, the market rebounded off its lows but still closed in the red as the bill now gets sent to the Senate for a vote tonight.

The Russell 2000 was the weakest link after tumbling 0.8% while finishing a point off its session low. The S&P dropped 0.3% while the Dow fell 0.2% to snap two-session win streaks. The Nasdaq stumbled 0.4% after failing to hold the 7,000 level for the second-straight session.

TRADE OF THE DAY

 

ANALYST UPGRADES / DOWNGRADES

Altria Group (MO) upgraded to Buy from Hold at Berenberg
Cabot (CBT) upgraded to Buy from Hold at SunTrust
Walmart (WMT) upgraded to Buy from Neutral at Citi

Apple (AAPL) downgraded to Neutral from Buy at Nomura Instinet
Chubb (CB) downgraded to Neutral from Outperform at Credit Suisse
KB Home (KBH) downgraded to Underweight from Neutral at JPMorgan

EARNINGS

Wednesday’s scheduled earnings include:
Actuant (ATU), Bed, Bath & Beyond (BBBY), BlackBerry (BB), General Mills (GIS), Herman Miller (MLHR), Winnebago Industries (WGO)

UPCOMING ECONOMIC NEWS

Wednesday’s economic reports (EST):

MBA Mortgage Applications – 7:00am
Existing Home Sales – 10:00am

METALS / OIL

Gold closed at $1,264.30 an ounce, down $1.20

Silver settled at $16.15 an ounce, down $0.05

Copper finished at $3.15 a pound, unchanged

Crude Oil closed at $57.49 a barrel, up $0.33
Bitcoin Investment Trust (GBTC)
settled at $3,020.99, down $442.01

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY