Small-caps Tap Fresh All-time High

MARKET SUMMARY
U.S. markets opened higher and held steady throughout the first half of action despite weaker-than expected economic news and heightened geopolitical concerns. The back-and-forth rhetoric between North Korea and the U.S. was largely ignored as the major indexes showed renewed momentum into the closing bell. Volatility was contained as resistance held with the small-caps breaking out to a fresh all-time high.

The Russell 2000 surged 1% after trading to a fresh all-time high of 1,620 and topping it’s previous January peak of 1,615. The Nasdaq jumped 0.6% after testing a high of 7,413 but missed holding the 7,400 by a couple points.

The S&P 500 gained 0.4% after making a run to 2,727 to closer higher for the 5th-time in 6 sessions. The Dow was up for the 9th-time in 10 sessions after climbing 0.3% and pushing a high of 24,801.

TRADE OF THE DAY

ANALYST UPGRADES / DOWNGRADES
AMD (AMD) upgraded to Neutral from Negative at Susquehanna
TripAdvisor (TRIP) upgraded to Outperform from Underperform at Macquarie Urban Outfitters (URBN) upgraded to Neutral from Sell at MKM Partners
3M (MMM) downgraded to Hold from Buy at Jefferies
F5 Networks (FFIV) downgraded to Neutral from Buy at DA Davidson
Vipshop (VIPS) downgraded to Sector Weight from Overweight at KeyBanc

EARNINGS
Thursday’s Earnings:
Before the open: Albireo Pharma (ALBO), Children’s Place (PLCE), Eagle Point Credit (ECC), JC Penney (JPC), Kemet (KEM), Manchester United (MANU), Teekay Tankers (TNK), Walmart (WMT)
After the close: Applied Materials (AMAT), Nordstrom (JWN), Orion Engineered Carbons (OEC), Raven Industries (RAVN), Taro Pharmaceutical (TARO), Voxeljet (VJET)

UPCOMING ECONOMIC NEWS
Thursday’s economic reports (EST):
Jobless Claims – 8:30am
Philadelphia Fed Business Outlook Survey – 8:30am
Bloomberg Consumer Comfort Index – 9:45am
E-Commerce Retails Sales – 10:00am
Leading Indicators – 10:00am

METALS / OIL
Gold closed at $1,291.50 an ounce, up $1.20
Silver settled at $16.37 an ounce, up $0.10
Copper finished at $3.07 a pound, up $0.02
Crude Oil is at $71.54 a barrel, up $0.61
Bitcoin Investment Trust (GBTC) ended at $13.75 down $0.50

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY