Nasdaq Clears and Holds 7,400

MARKET SUMMARY
U.S. markets traded in negative territory throughout much of Wednesday’s action as concerns for an impactful trade deal with China lingered and also for whether or not a planned summit between the U.S. and North Korea will actually be held. The afternoon release of the Fed minutes helped the market rebound as the major indexes turned positive afterwards while holding onto gains into the closing bell.

The Nasdaq showed the most strength after jumping 0.6% while reaching a peak of 7,426 to regain the 7,400 level for the first time in 7 sessions. The S&P 500 gained 0.3% after closing on its session high of 2,733 while holding the 2,700 level for the 10th-straight session.

The Dow climbed 0.2% despite trading to a morning low of 24,667 while closing below the 25,000 level for the 2nd-straight day. The Russell 2000 also added 0.2% following a pullback to 1,618 while closing higher for the 5th time in 6 sessions.

TRADE OF THE DAY

ANALYST UPGRADES / DOWNGRADES
Ameren (AEE) upgraded to Neutral from Sell at Goldman Sachs
Celgene (CELG) upgraded to Outperform from Market Perform at Bernstein Freeport McMoRan (FCX) upgraded to Buy from Neutral at B. Riley FBR Celgene (CELG) downgraded to Hold from Buy at Argus, Intuit (INTU) downgraded to Underweight from Equal-Weight at First Analysis Shake Shack (SHAK) downgraded to Neutral from Buy at Longbow

EARNINGS
Thursday’s Earnings:
Before the open: Best Buy (BBY), Hormel Foods (HRL), Luxoft Holding (LXFT), McKesson (MCK), Medtronic (MDT), Royal Bank of Canada (RY), Sanderson Farms (SAFM), TD Bank Group (TD), Toro (TTC)

After the close: Autodesk (ADSK), Deckers Outdoor (DECK), DXC Technology (DXC), ePlus (PLUS), Gap (GPS), New York & Company (NWY), Quality Systems (QSII), Ross Stores (ROST), Shoe Carnival (SCVL), Splunk (SPLK), Veeva Systems (VEEV), Zoe’s Kitchen (ZOES)

UPCOMING ECONOMIC NEWS
Thursday’s economic reports (EST):
Jobless Claims – 8:30am
FHFA House Price Index – 9:00am
Bloomberg Consumer Comfort Index – 9:45am
Existing Home Sales – 10:00am
Kansas Fed Manufacturing Index – 11:00am

METALS / OIL

Gold closed at $1,289.60 an ounce, down $2.40
Silver settled at $16.41 an ounce, down $0.17
Copper finished at $3.07 a pound, down $0.06
Crude Oil is at $72.09 a barrel, down $0.15
Bitcoin Investment Trust (GBTC) ended at $12.22 down $0.86

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY