U.S. markets suffered steep losses to start the week amid renewed trade worries after China ratcheted up tariffs on a variety of U.S. goods over the weekend. Volatility spiked on the possibility of an escalating trade war between the U.S. and China, which is not good for equities, but held resistance.
The Nasdaq tanked 2.7% after falling to an intraday low of 6,805 to close back below the 7,000 level while giving up its gains for 2018. The Russell 2000 tumbled 2.4% after tapping a low of 1,482 to close back below its 1,500 level for the first time since mid-February. Both indexes held their 200-day moving averages.
The S&P 500 sank 2.2% after trading to a low of 2,553 while closing below its 200-day moving average. The Dow stumbled 1.9% after testing a fresh 2018 low of 23,344 but was able to hold its 200-day moving average into the closing bell.
TRADE OF THE DAY
ANALYST UPGRADES / DOWNGRADES
Allstate (ALL) upgraded to Market Perform from Underperform at Keefe Brunette Discovery (DISCAWealth Strength IndexDISCA is Extremely Down and trending Down) upgraded to Outperform from Market Perform at Wells Fargo Wynn Resorts (WYNN) upgraded to Buy from Neutral at Roth Capital
Energizer (ENR) downgraded to Hold from Buy at Deutsche Bank
Fitbit (FIT) downgraded to Underweight from Equal Weight at Morgan Stanley National Instruments (NATI) downgraded to Neutral from Outperform at Baird
Before the open: BeyondSpring (BYSI), Genius Brands International (GNUS), International Speedway (ISCA)
After the close: China Rapid Finance (XRF), Cloudera (CLDR), Dave & Buster’s Entertainment (PLAY), Intersections (INTX), Landec (LNDC), Spine Injury Group (SPIN)
UPCOMING ECONOMIC NEWS
Tuesday’s economic reports (EST):
Redbook – 8:55am
METALS / OIL
Gold closed at $1,346.90 an ounce, up $19.60
Silver closed at $16.67 an ounce, up $0.40
Copper finished at $3.05 a pound, up $0.03
Crude Oil closed at $63.04 a barrel, down $1.90
Bitcoin Investment Trust (GBTC) settled at $11.19 up $0.70
Make it a great day!
QUOTE OF THE DAY