Tech Keeps Momentum

MARKET SUMMARY

U.S. markets opened higher following better-than-expected economic reports, including monthly retail sales figures and weekly jobless claims data. The rebound from prior session losses lost a little steam afterwards as the blue-chips and small-caps fell into negative territory. Meanwhile, Tech zoomed to a fresh all-time high as volatility matched its weekly low intraday and is still signaling higher highs for the overall market.

The Nasdaq surged 0.9% after tapping a record high of 7,768 while recording its 100th record close since the Presidential election.

The S&P 500 advanced 0.3% after making a run to 2,789 with major resistance from mid-March at 2,800 still in play.

The Russell 2000 gained 0.5% after closing north of 1,684 and session high while failing a fresh record peak for a 2nd-straight session by less than 2 points.

The Dow dropped 0.1% following the back-test to 25,138 with support at 25,000 easily holding for the 2nd-straight day.

ANALYST UPGRADES/DOWNGRADES

American Campus (ACC) upgraded to Buy from Neutral at BofA/Merrill
Capital One (COF) upgraded to Overweight from Neutral at Piper Jaffray
NL Industries (NL) upgraded to Equal Weight from Underweight at Barclays
Oracle (ORCL) downgraded to Neutral from Overweight at JPMorgan
Kohl’s (KSS) downgraded to Neutral from Buy at Citi
Toll Brothers (TOL) downgraded to Hold from Buy at Zelman

EARNINGS

Thursday’s earnings reports (EST): 

Before the open: ​Canada Goose (GOOS), Halifax (HX), Tsakos Energy Navigation (TNP)
After the close: ​Azure Power Global (AZRE)

UPCOMING ECONOMIC NEWS

Thursday’s economic reports (EST): 

Empire State Manufacturing Survey – 8:30am
Industrial Production – 9:15am
Consumer Sentiment – 10:00am
Baker-Hughes Rig Count – 1:00pm

METALS / OIL

Gold closed at $1308.30 an ounce, up $7.00
Silver settled at $17.25 an ounce, up $0.26
Copper finished at $3.22 a pound, down$0.03
Crude Oil is at $65.86 a barrel, unchanged
Bitcoin Investment Trust (GBTC) ended at $11.53 up $0.93

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY