S&P Suffers Worst Loss Since September
MARKET SUMMARY
U.S. markets were weak on Monday’s open while trading in negative territory throughout the session and ahead of a busy week for earnings along with Fed news on interest rates.
The Dow fell 0.7% after finishing 4 points off its low of 26,435 to snap a three-session winning streak. The S&P 500 also sank 0.7% while closing 2 points off its low of 2,851.
The Russell 2000 declined 0.6% after settling back below the 1,600 level for the first time in six trading days. The Nasdaq dropped 0.5% after testing a low of 7,455 ahead of the closing bell but has been holding the 7,400 level for 6-straight sessions.
TRADE OF THE DAY
HOW MARKETS FOOL US
ANALYST UPGRADES / DOWNGRADES
Allergan (AGN) upgraded to Overweight from Equal Weight at Barclays
Halliburton (HAL) upgraded to Neutral from Underweight at Atlantic Equities
Kinder Morgan (KMI) upgraded to Buy from Hold at Argus
CBS (CBS) downgraded to Market Perform from Outperform at Wells Fargo
Oncobiologics (ONS) downgraded to Equal Weight from Overweight at Barclays
Fortis (FTS) downgraded to Underperform from Sector Perform at National Bank
EARNINGS
Tuesday's scheduled earnings include:
Before the open: Aetna (AET), AK Steel Holdings (AKS), Alley Financial (ALLY), Brinker International (EAT), Corning (GLW), Dover (DOV), Harley-Davidson (HOG), McDonalds (MCD), Nucor (NUE), Pentair (PNR), Pfizer (PFE), T Row Price Group (TROW), United Bankshares (UBSI)
After the close: Advanced Micro Devices (AMD), Boston Properties (BXP), CA Technologies (CA), Chubb (CB), Electronic Arts (ERTS), Illumina (ILMN), Juniper Networks (JNPR), Knight-Swift Transportation (KNX), Plantronics (PLT), Robert Half International (RHI), Stryker (SYK), Wabash National (WNC)
UPCOMING ECONOMIC NEWS
Tuesday's economic reports (EST):
FOMC Meeting Begins
S&P Corelogic Case-Shiller HPI - 9:00am
Consumer Confidence - 10:00am
State Street Investor Confidence Index - 10:00am
Farm Prices - 3:00am
METALS / OIL
Gold closed at $1,340.30 an ounce, down $11.80
Silver settled at $17.13an ounce, down $0.31
Copper finished at $3.19 a pound, down $0.01
Crude Oil closed at $65.46 a barrel, down $0.68
Bitcoin Investment Trust (GBTC) settled at $19.14, up $1.06 (Note: The 91-1 stock-split took place after Friday’s closing bell)
ARTICLE OF THE DAY
Bear Put Spreads
This strategy is best implemented in a moderately bearish market... [read more]
Make it a great day!
Todd Mitchell
QUOTE OF THE DAY
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