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Small-Caps Struggle on Rebound Bounce
MARKET SUMMARY
U.S. markets rebounded on Wednesday to snap a two-session slide following a choppy session while booking monthly gains. The major indexes slipped into negative territory late in the afternoon after the Federal Reserve hinted that it is set to raise interest rates as early as its next meeting in March before closing the session mostly higher.
The Dow added 0.3% after testing a high of 26,338 while the S&P 500 climbed 0.1% after making a run to 2,839. For the month, both indexes were up 5.8% and 5.6%, respectively, to extend its monthly win streak to 10-straight.
The Nasdaq was up 0.1% after trading a high of 7,453 before slipping below the 7,400 level late in the session. This area of support held for the 8th-straight session with the index gaining 7.4% for the month.
The Russell 2000 opened higher to reach a peak of 1,594 before slipping into negative territory an hour into trading. The mid-January lows were taken out on the backtest to 1,571 and the 0.5% negative close to lower the small-caps monthly gain to 2.7%.
TRADE OF THE DAY
THE WINNING TRADER'S MINDSET - PART 1
ANALYST UPGRADES / DOWNGRADES
Autoliv (ALV) upgraded to Outperform from Neutral at Baird
Biogen (BIIB) upgraded to Buy from Neutral at UBS
Foot Locker (FL) upgraded to Outperform from Perform at Oppenheimer
Apple (AAPL) downgraded to Market Perform from Outperform at BMO Capital
MetLife (MET) downgraded to Buy from Conviction Buy at Goldman Sachs
U.S. Bancorp (USB) downgraded to Underweight from Neutral at JPMorgan
EARNINGS
Thursday's scheduled earnings include:
Before the open: Alibaba Group (BABA), Altria Group (MO), AutoNation (AN), Bemis (BMS), Boston Scientific (BSX), CME Group (CME), ConocoPhillips (COP), DSP Group (DSPG), Eaton (ETN), Hershey (HSY), International Paper (IP), Kemet (KEM), Mastercard (MA), Nokia (NOK), Prestige Brands Holdings (PBH), Ralph Lauren (RL), Time Warner (TWX), United Parcel Service (UPS), Valero Energy (VLO), Xylem (XYL)
After the close: Alphabet (GOOGL), Amazon.com (AMZN), Amgen (AMGN), Apple (AAPL), Brooks Automation (BRKS), Cypress Semiconductor (CY), Deckers Outdoor (DECK), Edwards Lifesciences (EW), GoPro (GPRO), Mattel (MAT), OSI Systems (OSIS), Post Holdings (POST), SkyWest (SKYW), Viavi Solutions (VIAV), Visa (V)
UPCOMING ECONOMIC NEWS
Thursday's economic reports (EST):
Challenge Job-Cut Report - 7:30am
Jobless Claims - 8:30am
Productivity and Costs - 8:30am
PMI Manufacturing Index - 9:45am
Bloomberg Consumer Comfort Index - 9:45am
ISM Manufacturing Index - 10:00am
Construction Spending - 10:00am
METALS / OIL
Gold closed at $1,343.10 an ounce, up $3.10
Silver settled at $17.24 an ounce, up $0.18
Copper finished at $3.19 a pound, up $0.01
Crude Oil closed at $64.77 a barrel, up $0.27
Bitcoin Investment Trust (GBTC) settled at $15.59, down $1.92 (Note: The 91-1 stock-split took place after Friday’s closing bell)
ARTICLE OF THE DAY
Here are 20 rules that you need to use in order to become a consistently successful trader over the long run... [read more]
Make it a great day!
Todd Mitchell
QUOTE OF THE DAY