Russell 2000 Shows Continued Strength

U.S. markets were choppy throughout Thursday’s session as concerns over trade talks, rising interest rates, and higher oil prices worried Wall Street. The T-note yield tapped 3.12% intraday and the bond yield eyed 3.25% before pulling back while crude oil cleared $72 barrel. Volatility was relatively calm which help keep losses in check with the small-caps showing continued strength.

The Russell 2000 was higher for a 2nd-straight session after climbing 0.6% while tapping a fresh all-time high of 1,627. The Nasdaq gave back 0.2% despite making a morning push to 7,425 while closing below the 7,400 for a 3rd-straight session.

The S&P 500 slipped 0.1% following a back-test to 2,711 but has been holding the 2,700 for 6-straight sessions. The Dow closed lower for just the 2nd time in 11 sessions after declining 0.2% while bottoming at 24,639 intraday.

Coca-Cola (KO) upgraded to Overweight from Equal Weight at Barclays ManTech (MANT) upgraded to Outperform from Market Perform at Wells Fargo Valero (VLO) upgraded to Overweight from Equal Weight at Morgan Stanley CBS (CBS) downgraded to Neutral from Buy at BofA/Merrill
Molson Coors (TAP) downgraded to Hold from Buy at Stifel
Progressive (PGR) downgraded to Market Perform from Outperform at Keefe Bruyette

Friday’s Earnings:
Apollo Investment (AINV), AstraZeneca (AZN), Campbell Soup (CPS), Deere & Company (DE)

Friday’s economic reports (EST):
Baker-Hughes Rig Count – 1:00pm

Gold closed at $1,289.40 an ounce, down $2.10
Silver settled at $16.48 an ounce, up $0.11
Copper finished at $3.08 a pound, up $0.01
Crude Oil is at $71.54 a barrel, up $0.61
Bitcoin Investment Trust (GBTC) ended at $13.53 down $0.22

Make it a great day!

Todd Mitchell

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