Market Slides for First time in 8 Sessions
U.S. markets closed lower across the board for the first time in 8 sessions after showing strength on the open. The weakness came in second hour of trading as the news cycle was dominated by the firing of Rex Tillerson as Secretary of State. It was a surprise to him and the market as President Trump nominated Mike Pompeo, the current director of the Central Intelligence Agency, as his replacement.
The Nasdaq sank 1% after trading to an all-time intraday high of 7,634 on the open before holding the 7,500 level into the closing bell. The Dow dropped 0.7% and was able to hold 25,000 after slipping below this level late in the session.
The Russell 2000 fell 0.6% to close back below the 1,600 level. The S&P 500 cleared 2,800 by a point before giving back 0.6% but remains above its 50-day moving average.
THE SCIENCE OF WINNING – Part 2
ANALYST UPGRADES / DOWNGRADES
Altice USA (ATUS) upgraded to Conviction Buy from Buy at Goldman Sachs
Noble Energy (NBL) upgraded to Buy from Hold at Argus
Total (TOT) upgraded to Overweight from Equal Weight at Barclays
Chegg (CHGG) downgraded to Neutral from Buy at Citi
Oclaro (OCLR) downgraded to Market Perform from Strong Buy at Raymond James
Vocera (VCRA) downgraded to Market Perform from Outperform at Leerink
Wednesday’s scheduled earnings include:
Before the open: Adidas (ADDYY), CUI Global (CUI), Express (EXPR), Signet Jewelers (SIG), Tecnoglass (TGLS), Vera Bradley (VRA)
After the close: 3D Systems (DDD), Arotech (ARTX), Cogent (COGT), Del Taco Restaurants (TACO), Kingstone Companies (KINS), Monroe Capital (MRCC), Noodles & Company (NDLS), Papa Murphy’s (FRSH), Semtech (SMTC), Tailored Brands (TLRD), Yirendai (YRD)
UPCOMING ECONOMIC NEWS
Wednesday’s economic reports (EST):
MBA Mortgage Applications – 7:00am
PPI-FD – 8:30am
Retail Sales – 8:30am
Atlantic Fed Business Inflation Expectations – 10:00am
Business Inventories –10:00am
METALS / OIL
Gold closed at $1,327.10 an ounce, up $6.30
Silver settled at $16.63 an ounce, up $0.09
Copper finished at $3.14 a pound, up $0.02
Crude Oil closed at $60.96 a barrel, down $0.40
Bitcoin Investment Trust (GBTC) settled at $14.80 down $0.36
Make it a great day!