Volatility Spikes As Bears Regain Momentum

MARKET SUMMARY
U.S. markets showed strength on the open but were choppy throughout the first half of action before steadily declining into the closing bell. Volatility spiked with the market moving at least 1% for the 23rd time this year versus 10 times for all of 2017.

The Nasdaq tumbled 2.9% after trading to a low of 6,963 while holding the 7,000 level into the closing bell.

The S&P 500 stumbled 1.7% after making a back test to 2,596 but was able to hold the 2,600 level.

The Dow dropped 1.4% after testing a late session low of 23,708 to finish back below the 24,000 level. The Russell 2000 sank 2% after falling to a low of 1,508 while holding 1,500.

Utilities and Real Estate were the only sectors to show strength after rising 1.4% and 0.2%, respectively. Technology was the weakest sector after sinking 3.2% while and Financials and Consumer Discretionary dropped 2%.

TRADE OF THE DAY

ANALYST UPGRADES / DOWNGRADES
BB&T (BBT) upgraded to Outperform from Market Perform at Wells Fargo Brookfield Property (BPY) upgraded to Buy from Hold at Canaccord
Roku (ROKU) upgraded to Neutral from Sell at Citi

Newell Brands (NWL) downgraded to Hold from Buy at SunTrust
Macerich (MAC) downgraded to Neutral from Overweight at JPMorgan
Range Resources (RRC) downgraded to Market Perform from Outperform at Bernstein

EARNINGS
Wednesday’s scheduled earnings (EST):
Before the open: BlackBerry (BB), eMagin (EMAN), interCLICK (ICLK), Omnova Solutions (OMN), SecureWorks (SCWX), UniFirst (UNF), Walgreen Boot Alliance (WBA)
After the close: Biocept (BIOC), GameStop (GME), Gevo (GEVO), Izea (IZEA), Lonestar Resources (LONE), Manitex International (MNTX), Netshoes (NETS), Nine Energy Service (NINE), Oxford Industries (OXM), Progress Software (PRGS), PVH (PVH), Sportsman’s Warehouse (SPWH), Sunworks (SUNW), Verint Systems (VRNT)

UPCOMING ECONOMIC NEWS
Wednesday’s economic reports (EST):
MBA Mortgage Applications – 7:00am
GDP – 8:30am
International Trade in Goods – 8:30am
Corporate Profits – 8:30am
Retail Inventories – 8:30am
Wholesale Inventories – 8:30am
Pending Home Sales – 10:00am

METALS / OIL
Gold closed at $1,342.00 an ounce, down $13.00
Silver closed at $16.54 an ounce, down $0.14
Copper finished at $3.00 a pound, up $0.03
Crude Oil closed at $64.88 a barrel, down $0.63
Bitcoin Investment Trust (GBTC) settled at $11.95 down $0.66

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY