Fed Hikes Rates, Bulls Give Up Gains
MARKET SUMMARY
U.S. markets ended the session broadly lower, giving up earlier gains following the Federal Reserve's move to raise the benchmark interest rate. The choppy session was less volatile than the past two but the lack of leadership and sector rotation remains a concern.
TThe Nasdaq gave back 0.3% after trading up to 7,412 but was unable to hold near-term resistance at the 7,400 level for a third-straight session.
The Dow declined 0.2% despite making a run towards resistance at 25,000 after reaching a peak of 24,977.
The S&P 500 stumbled 0.2% following a late session push to 2,739 before holding the 2,700 for the third-straight session into the closing bell.
The Russell 2000 bucked the trend after rising 0.2% while reaching an intraday peak of 1,587.
TRADE OF THE DAY
PICKING TOPS AND BOTTOMS
ANALYST UPGRADES / DOWNGRADES
Myriad Genetics (MYGN) upgraded to Equal Weight from Underweight at Morgan Stanley
FedEx (FDX) upgraded to Buy from Hold at Stifel
WellCare (WCG) upgraded to Outperform from Market Perform at Wells Fargo
Match Group (MTCH) downgraded to Neutral from Buy at Guggenheim
OncoCyte (OCX) downgraded to Neutral from Buy at Janney Capital
Cboe Global Markets (CBOE) downgraded to Underweight from Neutral at JPMorgan
EARNINGS
Thursday's scheduled earnings include:
Before the open: Accenture (ACN), Carnival (CCL), Conagra Brands (CAG), Darden Restaurants (DRI), JinkoSolar Holding (JKS), Lands’ End (LE), Michaels Companies (MIK), Neogen (NEOG), Nomad Foods (NOMD), Superconductor Technologies (SCON)
After the close: At Home Group (HOME), Cintas (CTAS), iCAD (ICAD), Jagged Peak Energy (JAG), KB Home (KBH), Micron Technology (MU), Nike (NKE), Sierra Metals (SMTS), YogaWorks (YOGA)
UPCOMING ECONOMIC NEWS
Thursday's economic reports (EST):
Jobless Claims - 8:30am
FHFA House Price Index - 9:00am
Bloomberg Consumer Comfort Index - 9:45am
PMI Composite Flash - 10:00am
Leading Indicators - 10:00am
Kansas Fed Manufacturing Index - 11:00am
METALS / OIL
Gold closed at $1,321.50 an ounce, up $9.60
Silver settled at $16.42 an ounce, up $0.22
Copper finished at $3.05 a pound, up $0.02
Crude Oil closed at $65.49 a barrel, up $1.95
Bitcoin Investment Trust (GBTC) settled at $14.75 up $0.15
Option pricing is based on a variety of factors. There are seven main components that affect the premium of an option...[read more]
Make it a great day!
Todd Mitchell
QUOTE OF THE DAY
No comments:
Post a Comment