Sector Rotation Hits Tech
MARKET SUMMARY
U.S. markets pushed new record highs on Wednesday’s open with selling pressure and sector rotation hitting shortly afterwards. The mixed finish was slightly bearish with the Nasdaq tumbling 1.3% while holding shaky support at the 6,800 level. The S&P 500 traded to an all-time peak just south of 2,635 before slipping a point, or 0.04%, while easily holding the 2,600 level on the pullback.
The Dow was up 0.4% after kissing a lifetime peak of 23,959 while holding positive territory throughout the session. The Russell 2000 followed suit after tapping a record high of 1,547 and also gaining 0.4%.
TRADE OF THE DAY
THE WINNING TRADER'S MINDSET - PART 1
ANALYST UPGRADES / DOWNGRADES
Domino's Pizza (DPZ) upgraded to Buy from Neutral at Nomura Instinet
Steven Madden (SHOO) upgraded to Buy from Neutral at Buckingham
Zoetis (ZTS) upgraded to Overweight from Equal Weight at Morgan Stanley
Chipotle (CMG) downgraded to Market Perform from Outperform at William Blair
MAA (MAA) downgraded to Market Perform from Outperform at Raymond James
Qualcomm (QCOM) downgraded to Hold at Stifel
EARNINGS
Thursday's scheduled earnings include:
At Home Group (HOME), Box (BOX), Descartes Systems Group (DSGX), Jack in the Box (JACK), La-Z-Boy (LZB), New York & Company (NWY), PVH (PVH), Semtech (SMTC), Tilly’s (TLYS), Workday (WDAY)
UPCOMING ECONOMIC NEWS
Thursday's economic reports (EST):
Jobless Claims - 8:30am
Personal Income and Outlays - 8:30am
Chicago PMI - 9:45am
Bloomberg Consumer Comfort Index - 9:45am
METALS / OIL
Gold closed at $1,286.20 an ounce, down $13.00
Silver settled at $16.56 an ounce, down $0.36
Copper finished at $3.07 a pound, down $0.03
Crude Oil closed at $57.39 a barrel, down $0.60
ARTICLE OF THE DAY
What is a System Health Monitor?
In spite of today's big sell-off in the tech sector, I thought it would make sense to discuss what a 'system health monitor' is...[read more]
Make it a great day!
Todd Mitchell
QUOTE OF THE DAY
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