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Small-Caps Reclaim 50-Day MA

MARKET SUMMARY

U.S. markets showed continued weakness but rebounded off the midday lows to settle mostly higher despite some sharp remarks from Commerce Secretary Wilbur Ross on China trade negotiations. Concerns over slower economic growth on higher inflation along with the start of the FOMC meeting also played a role in the intraday weakness. However, the two-day meeting is expected to be a nonevent with Wall Street not anticipating any rate action, nor any significant change in the policy statement.

The Nasdaq gained 0.9% despite testing a low of 7,036 while holding crucial support at the 7,000 level for the 7th-straight session. The Russell 2000 was higher by 0.6% following the backtest to 1,527 but closed back above its 50-day moving average.

The S&P 500 gained 0.3% after trading down to 2,625 and coming within a dozen points of breaching its 200-day moving average. The Dow dropped 0.3% after tumbling to a session low of 23,808 before rebounding just above its 200-day moving average to hold the 24,000 level for the 5th-straight session.

THE ZEN OF TRADING
ANALYST UPGRADES / DOWNGRADES 

Fox Factory (FOXF) upgraded to Buy from Neutral at BofA/Merrill
Marriott Vacations (VAC) upgraded to Buy from Hold at SunTrust
Qorvo (QRVO) upgraded to Overweight from Equal Weight at Barclays

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British American Tobacco (BTI) downgraded to Neutral from Overweight at Piper Jaffray
Financial Engines (FNGN) downgraded to Hold from Buy at Jefferies
Texas Roadhouse (TXRH) downgraded to Hold from Buy at Maxim

EARNINGS

Wednesday’s earnings:
Before the open: Avista (AVA), Belden (BDC), CDW (CDW), CVS Health (CVS), Exelon (EXC), Garmin (GRMN), Harris (HRS), Littelfuse (LFUS), Mastercard (MA), NiSource (NI), Pitney Bowes (PBI), Radware (RDWR), SodaStream International (SODA), Wayfair (W), Zoetis (ZTS)

After the close: 3D Systems (DDD), American International Group (AIG), Avis Budget Group (CARS), Caesars Entertainment (CZR), Cirrus Logic (CRUS), DexCom (DXCM), Equinix (EQIX), FireEye (FEYE), Gladstone Capital (GLAD), Habit Restaurants (HABT), Hologic (HOLX), Ingevity (NGVT), James River Group (JRVR), Kraft Heinz (KHC), Life Storage (LSI), Masimo (MASI), Metlife (MET), Noble Drilling (NE), PDC Energy (PDCE), Qorvo (QRVO), Ryerson (RYI), Square (SQ), Tesla (TSLA), Valvoline (VVV), Williams Companies (WMB), Zynga (ZNGA)

UPCOMING ECONOMIC NEWS

Wednesday’s economic reports (EST): 

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MBA Mortgage Applications – 7:00am
ADP Employment Report – 8:15am
FOMC Meeting Announcement – 2:00pm

METALS / OIL

Gold closed at $1,306.80 an ounce, down $12.40

Silver settled at $16.13 an ounce, down $0.27

Copper finished at $3.02 a pound, down $0.03

Crude Oil closed at $67.47 a barrel, down $0.97

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Bitcoin Investment Trust (GBTC) settled at $15.85 up $0.35


Make it a great day!

Todd Mitchell

QUOTE OF THE DAY





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