Another Breakout to Fresh All-Time Highs
MARKET SUMMARY
U.S. markets traded to fresh all-time highs throughout Tuesday’s session despite pulling back midday on news that North Korea has fired another ballistic missile. The Dow gained 1.1% after testing 23,849 to pull within 1% of clearing the 24,000 level. The S&P 500 made a record run to 2,627 after rising 1% while holding the 2,600 level for the 3rd-straight session.
The Nasdaq reached a lifetime peak of 6,914 after rising 0.5% into the closing bell despite slipping into negative territory intraday. The Russell 2000 cleared its previous record peak of 1,524 to reach an all-time high of 1,536 while holding positive territory throughout the session.
TRADE OF THE DAY
TIMING IS EVERYTHING
ANALYST UPGRADES / DOWNGRADES
Home Depot (HD) upgraded to Overweight from Neutral at Atlantic Equities
Mellanox (MLNX) upgraded to Equal Weight from Underweight at Barclays
Triple Point Venture (TPVG) upgraded to Buy from Neutral at Compass
PointCoreLogic (CLGX) downgraded to Hold from Buy at SunTrust
Lowe's (LOW) downgraded to Neutral from Overweight at Atlantic Equities
Nike (NKE) downgraded to Hold from Buy at HSBC
EARNINGS
Wednesday'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
Wednesday's economic reports (EST):
MBA Mortgage Applications - 7:00am
GDP- 8:30am
Corporate Profits - 8:30am
Pending Home Sales Index - 10:00am
Beige Book - 2:00pm
METALS / OIL
Gold closed at $1,294.90 an ounce, up $0.50
Silver settled at $16.82 an ounce, down $0.20
Copper finished at $3.10 a pound, down $0.03
Crude Oil closed at $57.64 a barrel, down $0.47
ARTICLE OF THE DAY
20 Survival Skills for the Trader
The road to trading success is never a straight line... [read more]
Make it a great day!
Todd Mitchell
QUOTE OF THE DAY
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