S&P 500 Slips Below 50-Day MA
MARKET SUMMARY
U.S. markets settled mixed as the choppy trading throughout the week continues to back-and-fill last week’s gains. News that special counsel Robert Mueller subpoenaed the Trump Organization to turn over documents, including some related to Russia, caused some of the nervousness.
The Dow gained 0.5% after trading to a high of 25,053 but was unable to hold the 25,000 level for a second-straight session. The S&P 500 slipped 2 points, or 0.1%, after testing a low of 2,741 while closing below its 50-day moving average for the first time in four sessions.
The Nasdaq made a run to 7,525 before declining 0.2% while closing below the 7,500 level for the second-straight session. The Russell 2000 was the weakest link after falling 0.5% and tapping a low of 1,572. However, the index is still 1% above its 50-day moving average that remains in an nice uptrend.
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ANALYST UPGRADES / DOWNGRADES
Akamai (AKAM) upgraded to Sector Weight from Underweight at KeyBanc
Exxon Mobil (XOM) upgraded to Buy from Reduce at HSBC
Viacom (VIAB) upgraded to Buy from Hold at Needham
MercadoLibre (MELI) downgraded to Hold from Buy at Stifel
Signet Jewelers (SIG) downgraded to Hold from Buy at Needham
TerraForm Power (TERP) downgraded to Sell from Neutral at Goldman Sachs
EARNINGS
Friday's scheduled earnings include:
Before the open: Buckle (BKE), Citi Trends (CTRN), Daseke (DSKE), Hibbett Sports (HIBB), Kirkland’s (KIRK), Perry Ellis International (PERY), Tiffany & Company (TIF), WillScot (WSC)
After the close: A10 Networks (ATEN), Geron (GERN)
UPCOMING ECONOMIC NEWS
Friday's economic reports (EST):
Housing Starts - 8:30am
Industrial Production - 9:15am
Consumer Sentiment - 10:00am
Jolts - 10:00am
Baker-Hughes Rig Count - 1:00pm
METALS / OIL
Gold closed at $1,317.80 an ounce, down $7.80
Silver settled at $16.42 an ounce, down $0.12
Copper finished at $3.13 a pound, down $0.03
Crude Oil closed at $61.19 a barrel, up $0.23
Bitcoin Investment Trust (GBTC) settled at $13.46 up $0.15
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Make it a great day!
Todd Mitchell
QUOTE OF THE DAY
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