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MARKET SUMMARY
U.S. markets
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The S&P 500 stumbled 1.3% after testing a low of to 2,617 while holding 2,600 and a level that has held the majority of April. Both indexes came within 1% of breaching their 200-day moving averages.
The Nasdaq fell for the 4th-straight session after tumbling 1.7% on the fade to 6,961. The index has been holding 7,000 for 11th-straight sessions with a close below this level being a bearish development. The Russell 2000 gave back 0.6% following the backtest to 1,542 but was able to hold its 50-day moving average into the closing bell.
TRADE OF THE DAY
TOLERATING UNCERTAINTY
ANALYST UPGRADES / DOWNGRADES
BP (BP) upgraded to Buy from Neutral at Goldman Sachs
Discovery (DISCA) upgraded to Buy from Hold at Deutsche Bank
Hasbro (HAS) upgraded to Buy from Neutral at Monness Crespi
Alcoa (AA) downgraded to Neutral from Buy at Citi
Dynagas (DLNG) downgraded to Underperform from Market Perform at Wells Fargo
Skyworks (SWKS) downgraded to Neutral from Buy at Mizuho
EARNINGS
Wednesday’s earnings:
Before the open: Anthem (ANTM), Boeing (BA), Boston Scientific (BSX), Brink’s (BCO), Comcast (CMCSA), Dr Pepper Snapple (DPS), Evercore (EVR), General Dynamics (GD), Hess(HES), Ingersoll-Rand (IR), Norfolk Southern (NSC), Peabody Energy (BTU), Rockwell Automation (ROK), Silicon Laboratories (SLAB), T. Rowe Price Group (TROW), Tupperware (TUP), Twitter (TWTR), Viacom (VIA)
After the close: Advanced Medical Devices (AMD), AT&T (T), Boston Beer Company (SAM), Cheesecake Factory (CAKE), Citrix Systems (CTXS), eBay (EBAY), F5 Networks (FFIV), Ford Motor (F), Goldcorp (GG), Kaiser Aluminum (KALU), Las Vegas Sands (LVS), Legg Mason (LM), NetGear (NTGR), PayPal (PYPL), Public Storage (PSA), Qualcomm (QCOM), Raymond James Financial (RJF), ServiceNow (NOW), Ultra Clean Holdings (UCTT), Visa (V), Xilinx (XLNX)
UPCOMING ECONOMIC NEWS
Wednesday's economic reports (EST):
MBA Mortgage Applications - 7:00am
METALS / OIL
Gold closed at $1,333.00 an ounce, up $9.00
Silver settled at $16.70 an ounce, up $0.11
Copper finished at $3.14 a pound, up $0.03
Crude Oil closed at $67.70 a barrel, down $1.23
Bitcoin Investment Trust (GBTC) settled at $16.88 up $1.63
The biggest mistake that beginners make, especially when they win for a period of time is thinking that the market is going to stay in the same character...[read more]
Make it a great day!
Todd Mitchell
QUOTE OF THE DAY
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