Record Highs Remain in Play


U.S. markets traded in a tighter range on Friday while pushing record highs and fresh resistance despite worries over a government shutdown. The Russell 2000 showed the most strength after rising 1.3% but failed the 1,600 level and its all-time high by 7 points. However, the close north of 1,597 and 0.3% weekly pop represented the third-straight week of gains and 8th record closing high of 2018.

The Nasdaq advanced 0.6% after closing at a record high of 7,336 to extend its weekly win streak to 3-straight. The index closed higher for the fifth time in six weeks after rising 1%

The Dow climbed 0.2% while holding the 26,000 level but fell shy of its lifetime high of 26,153 set the prior session by 82 points. The S&P 500 rose 0.4% to finish at a fresh record close and all-time high of 2,810. Both indexes also clinched their third-straight weekly advance and have traded higher in 8 of the past 9 weeks.


Nike (NKE) upgraded to Outperform from Neutral at Wedbush
Foot Locker (FL) upgraded to Outperform from Market Perform at Telsey Advisory
Philip Morris (PM) upgraded to Buy from Hold at Jefferies

Bloomin’ Brands (BLMN) downgraded to Sell from Neutral at Goldman Sachs
Parker-Hannifin (PH) downgraded to Neutral on valuation at Buckingham
McCormick (MKC) downgraded to Sell from Hold at Deutsche Bank


Monday’s scheduled earnings include: 

bank of Hawaii (BOH), Brown & Brown (BRO), Fulton Financial (FULT), HomeStreet (HMST), Logitech (LOGI), Netflix (NFLX), Halliburton (HAL), PetMed Express (PETS), Preferred Bank (PFBC), ResMed (RMD), Steel Dynamics (STLD), TD Ameritrade (AMTD), Woodward (WWD), Zions (ZION)


Monday’s economic reports (EST):

Chicago Fed National Activity Index – 8:30am


Gold closed at $1,333.10 an ounce, up $5.90

Silver settled at $17.04 an ounce, up $0.08

Copper finished at $3.19 a pound, unchanged

Crude Oil closed at $63.57 a barrel, down $0.38

Bitcoin Investment Trust (GBTC) settled at $1,768.03, down $88.97

Make it a great day!

Todd Mitchell