Nasdaq Down 5-Straight Sessions

U.S. markets opened in negative territory despite another round of solid earnings as comments from several companies stoked worries that earnings may have peaked. Overall, this is not likely the case, as the market showed afternoon strength to finish mixed. Volatility remains slightly elevated but continues to hold a key level of resistance.

The Dow gained 0.3% following the morning backtest to 23,823 and fresh weekly low but reclaimed the 24,000 level afterwards to snap a five-session slide.

The S&P 500 was up 0.2% after making a late day run to 2,645 while holding support at 2,600 on the opening weakness.

The Nasdaq extended its losing streak to 5-straight sessions after slipping 0.1%. The index tapped to an afternoon high of 7,030 and was able to hold support at the 7,000 level into the close. The Russell 2000 slipped 0.2% after trading in the red for much of the session with the low reaching 1,539. The index held its 50-day moving average into the close for the 2nd-straight session.


Disney (DIS) upgraded to Market Perform from Underperform at BMO Capital
PulteGroup (PHM) upgraded to Buy from Neutral at B. Riley FBR
Verizon (VZ) upgraded to Buy from Hold at SunTrust

Biogen (BIIBWealth Strength IndexBIIB is Moderately Flat and trending Down) downgraded to Buy from Conviction Buy at Goldman Sachs
Edwards Lifesciences (EW) downgraded to Market Perform from Outperform at Northland
GrubHub (GRUB) downgraded to Neutral on valuation at Roth Capital

Thursday’s earnings:
Before the open: Altria Group (MO), American Airlines (AALWealth Strength IndexAAL is Extremely Up and trending Up), Baxter International (BAX), CME Group (CME), ConocoPhillips (COP), Domino’s (DPZ), Dunkin’ Brands Group (DNKN), Frankin Resources (BEN), General Motors (GM), GNC Holdings (GNC), Hershey (HSY), Illinois Tool Works (ITW), KBR (KBR), Lending Tree (TREE), MGM Resorts International (MGM),Nokia (NOK), Oshkosh (OSK). PepsiCo (PEP), Raytheon (RTN), Shutterstock (SSTK), Time Warner (TWX), United Parcel Service (UPS), Valero Energy (VLO)
After the close: (AMZNWealth Strength IndexAMZN is Extremely Up and trending Up), AthenaHealth (ATHN), BJ’s Restaurants (BJRI), Cypress Semiconductor (CY), Discover Financial Services (DFS), Ethan Allen Interiors (ETH), First Solar (FSLR), Hilltop Holdings (HTH), Intel (INTCWealth Strength IndexINTC is Moderately Flat and trending Up), KLA-Tencor (KLACWealth Strength IndexKLAC is Moderately Flat and trending Up), LogMeIn (LOGM), Mattel, (MATWealth Strength IndexMAT is Extremely Up and trending Up), Microsoft (MSFTWealth Strength IndexMSFT is Extremely Flat and trending Up), OSI Systems (OSIS), Proofpoint (PFPT), ResMed (RMD), SkyWest (SKYW), Starbucks (SBUXWealth Strength IndexSBUX is Extremely Up and trending Up), United States Steel (X), VeriSign (VRSN), Western Digital (WDCWealth Strength IndexWDC is Moderately Flat and trending Up)

Thursday’s economic reports (EST):

Jobless Claims – 8:30am
International Trade in Goods – 8:30am
Durable Goods Orders – 8:30am
Retail Inventories – 8:30am
Wholesale Inventories – 8:30am
Bloomberg Consumer Comfort Index – 9:45am
Kansas Fed Manufacturing Index – 11:00am

Gold closed at $1,322.80 an ounce, down $10.20
Silver settled at $16.50 an ounce, down $0.20
Copper finished at $3.12 a pound, down $0.01
Crude Oil closed at $68.03 a barrel, up $0.33
Bitcoin Investment Trust (GBTC) settled at $15.07 down $1.81

Make it a great day!

Todd Mitchell