Friday's round of losses
MARKET SUMMARY
U.S. markets were choppy into the final couple of hours of trading before finishing with another round of steep losses on Friday. After tweeting that he was considering a veto to the proposed omnibus spending bill, which was passed by Congress, President Trump announced the signing of the bill, noting that he was unhappy with a lot of what was in it. The market’s reaction was much of the same as the major indexes suffered their worst weekly losses since January 2016.
The Nasdaq got hammered for 2.4% after bottoming at 6,992 to close below its 100-day moving average and the 7,000 level for the first time since mid-February. For the week, the index declined 6.5% but is still up 89 points, or 1.3%, year to date.
The Russell 2000 was tackled with a 2.2% loss after trading down to 1,508 into the closing bell. The index also closed below its 100-day moving average after giving back 5.1% for the week and is down just over 25 points, or 1.7%, for 2018.
The Dow gave back 1.8% after testing to a low of 23,509 while holding the February 9th intraday low of 23,360. The index fell 5.7% over the week and is now down nearly 5% since the start of the year.
The S&P 500 dropped 2.1% after tapping a low of 2,585 and coming within a point of breaching its 200-day moving average. For the week, the index lost 6% and is down 3.2% for the year.
TOLERATING UNCERTAINTY
ANALYST UPGRADES / DOWNGRADES
Wynn Resorts (WYNN) upgraded to Buy from Hold at Union Gaming
Cisco (CSCO) upgraded to Conviction Buy from Buy at Goldman Sachs
KB Home (KBH) upgraded to Outperform from Market Perform at Wells Fargo
Square (SQ) downgraded to Sell from Hold at Craig-Hallum
Paycom (PAYC) downgraded to Hold from Buy at Stifel
Micron (MU) downgraded to Neutral from Buy at Citi
EARNINGS
Monday's scheduled earnings include:
Before the open: Anthenex (ATNX), American Shared Hospital Services (AMS), Kala Pharmaceuticals (KALA), Paychex (PAYX)
After the close: Acom Energy (ACFN), ProPetro Holding (PUMP), Red Hat (RHT)
UPCOMING ECONOMIC NEWS
Monday's economic reports (EST):
Chicago Fed National Activity Index - 8:30am
Dallas Fed Manufacturing Survey - 10:30am
METALS / OIL
Gold closed at $1,349.90 an ounce, up $22.50
Silver settled at $16.58 an ounce, up $0.20
Copper finished at $2.99 a pound, down $0.03
Crude Oil closed at $65.74 a barrel, up $1.44
Bitcoin Investment Trust (GBTC) settled at $13.72 down $0.37
The biggest mistake that beginners make, especially when they win for a period of time is thinking that the market is going to stay in the same character...[read more]
Make it a great day!
Todd Mitchell
QUOTE OF THE DAY
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