S&P 500 Reclaims 200-Day MA

MARKET SUMMARY
U.S. markets opened higher before giving up gains shortly afterwards as they were unable to establish any early momentum. However, buyers re-emerged late in the afternoon and pushed the market to its best levels just ahead of the closing bell. Volatility relaxed but remains slightly elevated ahead of Friday’s jobs report.

The Dow gained 1.7% after trading to a high of 24,044 while holding the 24,000 level into the closing bell. The S&P 500 advanced 1.3% after making a run to 2,619 to close back above the 2,600 level and its 200-day moving averages.

The Russell 2000 rallied 1.3% after reaching a peak of 1,519 to close above the 1,500 level.The Nasdaq was up 1% after testing an intraday high of 6,963 while closing below the 7,000 level for the second-straight session.

ANALYST UPGRADES / DOWNGRADES
Baker Hughes (BHGE) upgraded to Overweight from Neutral at Piper Jaffray Cognex (CGNX) upgraded to Neutral from Underweight at JPMorgan Schlumberger (SLB) upgraded to Buy from Hold at SunTrust

Commercial Metals (CMC) downgraded to Neutral from Buy at Citi
GameStop (GME) downgraded to Hold from Buy at Loop Capital
Weatherford (WFT) downgraded to Neutral from Overweight at Piper Jaffray

EARNINGS
Wednesday’s earnings:
Before the open: Acuity Brands (AYI), Carmax (KMX), Lennar (LEN)
After the close: Dolphin Entertainment (DLPN), Franklin Covey (FC), Legacy Education Alliance (LEAI), NovaGold Resources (NG), Ollie’s Bargain Outlet Holdings (OLLI), Resources Connection (RECN)

UPCOMING ECONOMIC NEWS
Wednesday’s economic reports (EST):
MBA Mortgage Applications – 7:00am
ADP Employment Report – 8:15am
PMI Services Index – 9:45am
Factory Orders – 10:00am ISM
Non-Manufacturing Index – 10:00am

METALS / OIL
Gold closed at $1,337.30 an ounce, down $9.60
Silver closed at $16.39 an ounce, down $0.28
Copper finished at $3.06 a pound, up $0.01
Crude Oil closed at $63.57 a barrel, up $0.53
Bitcoin Investment Trust (GBTC) settled at $12.67 up $1.48

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY