Mixed Finish for U.S. Markets

MARKET SUMMARY
U.S. markets opened at their session lows and spent the rest of the session trying to recover before finishing mixed. This week’s action winds up with a number of high profile earnings coming after today’s close and ahead of tomorrow’s opening bell.

The Dow added 0.1% after trading a low of 26,014 while holding the 26,000 level for the 12th-straight session.

The S&P 500 slipped 0.1% after testing a low of 2,813 but was able to hold the 2,800 level for the 10th-straight session and 11-of-the-past-12.

The Nasdaq fell 0.4% after falling to a low of 7,362 late in the session while closing below the 7,400 level for the first time in 9 trading days.

The Russell 2000 was up 0.3% after trading down to 1,563 and setting a lower low for the week. The January 11th low of 1,560 is a crucial area of support going forward.

ANALYST UPGRADES / DOWNGRADES
eBay (EBAY) upgraded to Outperform from Sector Perform at RBC Capital
Baker Hughes (BHGE) upgraded to Neutral from Sell at Goldman Sachs
Textron (TXT) upgraded to Equal Weight from Underweight at Morgan Stanley

Chipotle (CMG) downgraded to Sell from Neutral at UBS
PayPal (PYPL) downgraded to Neutral from Buy at BTIG
Starbucks (SBUX) downgraded to Neutral from Buy at Mizuh

EARNINGS
Friday’s scheduled earnings include:
AstraZeneca (AZN), Chevron (CVX), Co
lorox (CLX), Exxon Mobil (XOM), Honda Motor (HMC), Madison Square Garden (MSG), Merck (MRK), Phillips 66 Partners (PSXP), Sony (SNE), Sprint (S), Valero Energy (VLO), Weyerhaeuser (WY)

UPCOMING ECONOMIC NEWS
Friday’s economic reports (EST):
Jobs Report – 8:30am
Consumer Sentiment – 10:00am
Factory Orders – 10:00am
Baker-Hughes Rig Count – 1:00pm
John Williams speaks – 3:30am

METALS / OIL
Gold closed at $1,347.90 an ounce, up $4.80
Silver settled at $17.16 an ounce, down $0.09
Copper finished at $3.20 a pound, up $0.01
Crude Oil closed at $66.04 a barrel, up $1.31
Bitcoin Investment Trust (GBTC) settled at $13.11, down $2.48

 

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY