Small-Caps Near All-Time High

MARKET SUMMARY
U.S. markets opened higher and drifted higher throughout the morning while holding momentum into the closing bell. The extended rally was broad-based as the major indexes extended their winning streaks while pushing early March and April highs.

The S&P 500 rose 0.7% after testing a high of 2,726 while clearing and holding 2,700 for the first time since mid-April.

The Dow climbed 0.8% after reaching a peak of 24,794 to extend its winning streak to 6-straight sessions.

The Nasdaq gained 0.9% to extend its win streak to 5-straight after making a run to 7,414 to clear the 7,400 level for the first time since late March. The Russell 2000 was up 0.5% after trading to a high of 1,609 while clearing and holding the 1,600 level for the first time since March 12th.

The Russell 2000 came within 6 points of clearing its all-time high of 1,615 from late January. The other major indexes are further away from setting lifetime highs but the action in the small-caps is very bullish for the rest of the overall market.

ANALYST UPGRADES / DOWNGRADES
AIG (AIG) upgraded to Buy from Neutral at Goldman Sachs
Halliburton (HAL) upgraded to Buy from Neutral at BofA/Merrill
Wolverine World Wide (WWW) upgraded to Neutral from Negative at Susquehanna

Baker Hughes (BHGE) downgraded to Neutral from Buy at BofA/Merrill
Macy’s (M) downgraded to Underweight from Equal Weight at Morgan Stanley
Tableau (DATA) downgraded to Sell from Neutral at MoffettNathanson

EARNINGS
Friday’s Earnings: Consolidated Water (CWCO), Pilgrim’s Pride (PPC), Thomson Reuters (TRI), WideOpenWest (WOW)

UPCOMING ECONOMIC NEWS
Friday’s economic reports (EST):
Import and Export Prices – 8:30am
Jobs Report – 8:30am
Baker-Hughes Rig Count – 1:00pm
Consumer Sentiment – 10:00am

METALS / OIL
Gold closed at $1,322.30 an ounce, up $9.30
Silver settled at $16.76 an ounce, up $0.22
Copper finished at $3.11 a pound, up $0.06
Crude Oil is at $71.62 a barrel, up $0.38
Bitcoin Investment Trust (GBTC) ended at $14.58 down $0.39

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY