Small-Caps Close Higher

MARKET SUMMARY

​U.S. markets settled mostly lower on Wednesday despite the House passing the Republican-backed tax bill with the legislation marking the President’s first major legislative victory. The official signing remains uncertain but will take effect at the start of 2018.The Russell 2000 traded in positive territory for much of the session after adding 0.3% while closing higher for the third time in four sessions.

The Dow and S&P 500 slipped 0.1% after falling just shy of new all-time highs on the open. Meanwhile, the Nasdaq gave back 3 points, or 0.04% after failing the 7,000 level for the second-straight session.

ANALYST UPGRADES / DOWNGRADES

Steel Dynamics (STLD) was upgraded to Buy from Neutral at Longbow
United Continental (UAL) upgraded to Buy from Neutral at Buckingham
Zimmer Biomet (ZBH) upgraded to Neutral from Sell at Goldman Sachs

Jack in the Box (JACK) downgraded to Hold from Buy at Jefferies
Navistar (NAV) downgraded to Hold from Buy at Gabelli
Spectra Energy Partners (SEP) downgraded to Equal Weight from Overweight at Barclays

EARNINGS

Thursday’s scheduled earnings include:
AAR (AIR), Accenture (ACN), Apogee Enterprises (APOG), CalAmp (CAMP), Carmax (KMX), Cintas (CTAS), Conagra Brands (CAG), Finish Line (FINL), Lindsay Manufacturing (LNN), Nike (NKE), Paychex (PAYX), Smart Global Holdings (SGH)

UPCOMING ECONOMIC NEWS

Thursday’s economic reports (EST):

GDP – 8:30am
Jobless Claims – 8:30am
Philadelphia Fed Business Outlook Survey – 8:30am
Chicago National Fed Activity Index – 8:30am
Corporate Profits – 8:30am
FHFA House Price Index – 9:00am
Bloomberg Consumer Comfort Index – 9:45am
Leading Indicators – 10:00am

METALS / OIL

Gold closed at $1,269.60 an ounce, up $5.40

Silver settled at $16.27 an ounce, up $0.12

Copper finished at $3.20 a pound, up $0.05

Crude Oil closed at $58.07 a barrel, up $0.51
Bitcoin Investment Trust (GBTC)
settled at $2,383.00, down $637.99

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY