Nasdaq Down 5-Straight Sessions

MARKET SUMMARY
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.

TRADE OF THE DAY

ANALYST UPGRADES / DOWNGRADES
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 (BIIB) 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

EARNINGS
Thursday’s earnings:
Before the open: Altria Group (MO), American Airlines (AAL), 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: Amazon.com (AMZN), AthenaHealth (ATHN), BJ’s Restaurants (BJRI), Cypress Semiconductor (CY), Discover Financial Services (DFS), Ethan Allen Interiors (ETH), First Solar (FSLR), Hilltop Holdings (HTH), Intel (INTC), KLA-Tencor (KLAC), LogMeIn (LOGM), Mattel, (MAT), Microsoft (MSFT), OSI Systems (OSIS), Proofpoint (PFPT), ResMed (RMD), SkyWest (SKYW), Starbucks (SBUX), United States Steel (X), VeriSign (VRSN), Western Digital (WDC)

UPCOMING ECONOMIC NEWS
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

METALS / OIL
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

QUOTE OF THE DAY