U.S. markets traded in positive territory during the first half of Wednesday’s action but in a tight range ahead of the Fed minutes. The indexes gained strength heading into the news and traded significantly higher following dovish statements made by the Fed. However, volatility returned as the major indexes gave up their gains to finish mostly in the red.
The Dow declined 0.7% after testing an intraday peak of 25,267 before closing below the 25,000 for the second-straight session. The S&P 500 slipped 0.6% after racing to a high of 2,747 and was able to hold the 2,700 level for the fourth-straight session despite the late day weakness.
The Nasdaq dipped 0.2% despite testing an intraday high of 7,338 to extend its losing streak to 3-straight sessions. The index has been holding the 7,200 level for 4-straight sessions and is just over 1% above its 50-day moving average.
Bucking the trend was the Russell 2000 after rising 0.1% while trading to a high of 1,555. However, resistance at 1,550 and the 50-day moving average continues to be a stickler and levels that failed to hold into the closing bell.
TRADE OF THE DAY
ANALYST UPGRADES / DOWNGRADES
Mosaic (MOS) upgraded to Overweight from Neutral at JPMorgan
Finish Line (FINL) upgraded to Neutral from Underperform at Buckingham
Palo Alto Networks (PANW) upgraded to Positive from Neutral at Susquehanna
BHP Billiton (BHP) downgraded to Neutral from Buy at Citi
Capital One (COF) downgraded to Neutral from Buy at Nomura Instinet
Regeneron (REGN) downgraded to Hold from Buy at Canaccord
Thursday’s scheudled earnings (EST):
Before the open: ACI Worldwide (ACIW), Apache (APA), Bloomin’ Brands (BLMN), Chesapeake Energy (CHK), Gibralta Industries (ROCK), Gildan Activewear (GIL), Gogo (GOGO), Hormel Foods (HRL), Lending Tree (TREE), Newmont Mining (NEM), Sanderson Farms (SAFM), Shutterstock (SSTK), Tempur Sealy (TPX), Toro (TTC), Unit (UNT), Wayfair (W), Zebra Technologies (ZBRA)
After the close: Air Lease (AL), BJ’s Restaurants (BJRI), Edison International (EIX), Exact Sciences (EXAS), First Solar (FSLR), GoDaddy (GDDY), HerbaLife (HLF), Hewlett Packard Enterprises (HPE), HP (HPQ), Intuit (INTU), KBR (KBR), MercadoLibre (MELI), Nordson (NDSN), Planet Fitness (PLNT), Redfin (RDFN), Trade Desk (TTD), Wingstop (WING), Zoe’s Kitchen (ZOES)
UPCOMING ECONOMIC NEWS
Thursday’s economic reports (EST):
Jobless Claims – 8:30am
Bloomberg Consumer Comfort Index – 9:45am
Leading Indicators – 10:00am
Kansas Fed Manufacturing Index – 11:00am
METALS / OIL
Gold closed at $1,332.10 an ounce, up $0.90
Silver closed at $16.62 an ounce, up $0.18
Copper finished at $3.21 a pound, up $0.02
Crude Oil closed at $61.29 a barrel, down $0.50
Bitcoin Investment Trust (GBTC) settled at $17.86, down $2.13
Make it a great day!