Mid-February Support in Play

U.S. markets suffered steep losses after President Trump said he would be instituting trade tariffs on steel and aluminum to elevate concerns over protectionist trade policies. The Dow and S&P 500 closed below their 50-day moving averages to follow the small-caps lead after they closed below this technical level on Wednesday.

The Dow fell 1.7% after trading down to 24,442 while closing back below the 25,000 level for the first time in five sessions.

The S&P 500 stumbled 1.3% after testing a low of 2,659 to close below 2,700 and a level that had been holding since mid-February.

The Nasdaq tumbled 1.3% following the backtest to 7,117 and mid-February support while closing below the 7,200 level. The index held its 50-day moving average into the close after dipping below this level intraday.

The Russell 2000 slipped 0.3% after kissing an intraday low of 1,494 but held 1,500 and a level that has been holding since February 13th.

Carrizo Oil & Gas (CRZO) upgraded to Buy from Hold at Jefferies
Eaton (ETN) upgraded to Neutral from Underweight at JPMorgan
Macy’s (M) upgraded to Buy from Hold at Gordon Haskett

Campbell Soup (CPB) downgraded to Underweight from Neutral at Piper Jaffray
Gibraltar Industries (ROCK) downgraded to Sector Weight from Overweight at KeyBanc
Mohawk (MHK) downgraded to Buy from Conviction Buy at Goldman Sachs

Friday’s scheduled earnings (EST):
Footlocker (FL), JC Penney (JCP), JDWealth Strength IndexJD is Extremely Flat and trending Up.com (JDWealth Strength IndexJD is Extremely Flat and trending Up), Olympic Steel (ZEUS), Revlon (REV), Whitehorse Finance (WHF)

Friday’s economic reports (EST):
Consumer Sentiment – 10:00am
Baker-Hughes Rig Count – 1:00pm

Gold closed at $1,315.20 an ounce, down $12.70
Silver closed at $16.28 an ounce, down $0.13
Copper finished at $3.12 a pound, down $0.01
Crude Oil closed at $61.35 a barrel, down $0.20
Bitcoin Investment Trust (GBTC) settled at $18.10, up $0.27