Nasdaq, Russell 2000 Continue Record Run

MARKET SUMMARY

U.S. markets closed mostly higher on Tuesday as fresh all-time and closing highs continue to come into play. The intraday weakness led to a slight pullback in the blue-chips as tariffs and trade talks remained in focus. However, volatility settled at its lowest level since late January and below a key level of support.

The Russell 2000 rose 0.7% while setting another intraday all-time and closing high of 1,664 into the closing bell. The Nasdaq was up 0.4% after setting a fresh all-time intraday high of 7,644 while closing above the 7,600 for the second-straight session.

The S&P 500 was up 2 points, or 0.1%, after making a push to 2,752 but failed to hold resistance at 2,750 for a second-straight session. The Dow traded in a tight 128-point range before slipping 0.1% with the session low tapping 24,710 and the index closing a shade below the 24,800 level.

ANALYST UPGRADES/DOWNGRADES

Discovery (DISCA) upgraded to Buy from Neutral at MKM Partners
Gerdau (GGB) upgraded to Overweight from Equal Weight at Morgan Stanley
Paccar (PCAR) upgraded to Outperform from Neutral at Macquarie
Dentsply Sirona (XRAY) downgraded to Neutral from Buy at Northcoast
First Solar (FSLR) downgraded to Neutral from Buy at BofA/Merrill
Take-Two (TTWO) downgraded to Market Perform from Outperform at BMO Capital

EARNINGS

Wednsday’s earnings reports (EST): 

Before the open: Brown-Forman (BF), Knot Offshore Partners (KNOP), SecureWorks (SCWX), Signet Jewelers (SIG), Vera Bradley (VRA)
After the close: ABM Industries (ABM), Couldera (CLDR), Comtech Telecommunications (CMTL), Five Below (FIVE), Goosehead Insurance (GSHD), Greif (GEF), Okta (OKTA), Rev Group (REVG), SeaChange International (SEAC), Thor Industries (THO), United Natural Foods (UNFI), Zscaler (ZS)

UPCOMING ECONOMIC NEWS

Wednesday’s economic reports (EST): 

MBA Mortgage Applications – 7:00am
International Trade in Goods – 8:30am
Productivity and Costs – 8:30am

METALS / OIL

Gold closed at $1,302.20 an ounce, up $4.90
Silver settled at $16.54 an ounce, up $0.11
Copper finished at $3.19 a pound, up $0.06
Crude Oil is at $65.37 a barrel, up $0.49
Bitcoin Investment Trust (GBTC) ended at $12.43 up $0.45

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY