S&P Slips For The Week

U.S. markets opened slightly lower on Friday after the monthly jobs report showed the headline unemployment number dipped below 4% for the first time since 2000. That was the good news as the number of jobs created during the month fell short of expectations. However, the major indexes rebounded shortly afterwards while adding steady gains throughout the session, to finish mixed for the week.

The Nasdaq zoomed 1.7% after testing a high of 7,228 while closing back above its 50-day moving average. The Russell 2000 rallied 1.2% after trading to a high of 1,572 while clearing and holding its 50-day moving average, as well. For the week, Tech added 1.2% while the small-caps were up 0.7%.

The Dow jumped 1.4% to regain the 24,000 level after testing a late session high of 24,333. The S&P 500 soared 1.3% after reaching an intraday peak of 2,670 and is less than 1% away from clearing its 50-day moving average. For the week, the blue-chips added 0.2% while the S&P 500 slipped 0.3%.

Emcore (EMKR) upgraded to Buy from Neutral at B. Riley FBR
Pandora (P) upgraded to Buy from Neutral at B. Riley FBR
Terex (TEX) upgraded to Buy from Hold at Vertical Research
Colfax (CFX) downgraded to Sector Perform from Outperform at RBC Capital Diebold (DBD) downgraded to Neutral from Outperform at Credit Suisse
Fluor (FLR) downgraded to Neutral from Outperform at Baird

Monday’s Earnings:
Before the Open: Cognizant Technology Solutions (CTSHWealth Strength IndexCTSH is Extremely Flat and trending Up), Del Frisco’s Restaurant (DFRG), Gannett (GCI), LouisianaPacific (LPX), PetMed Express (PETS), Sysco (SYY), Tower Semiconductor (TSEM), Tyson Foods (TSN), Welbilt (WBT)

After the Close: Amedisys (AMED), Black Knight (BKI), Cabot (CBT), Fabrinet (FN), j2 Global Communications (JCOM), Monster Beverage (MNSTWealth Strength IndexMNST is Extremely Flat and trending Down), Otter Tail (OTTR), Premier (PINC), Southwest Gas (SWX), Trex (TREX), Veeco Instruments (VECO), Zillow (Z)

Monday’s economic reports (EST):
TD Ameritrade IMX – 12:30pm
Consumer Credit – 3:00pm






Make it a great day!

Todd Mitchell