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MARKET SUMMARY

U.S. markets traded higher to start Tuesday’s session but lost momentum into the closing bell to finish lower for the session. Some of the nervousness comes ahead of Wednesday’s Fed minutes along with continued uncertainty over trade policy and other geopolitical issues. Volatility ticked slightly higher but remains at relaxed levels. 

The Russell 2000 set a record intraday high for the 5th-straight session after coming within spitting distance of clearing 1,640 before giving back 0.8%.

The Dow fell 0.7% after testing a morning high of 25,064 but failed to hold the 25,000 level.

The S&P 500 slipped 0.3% despite tapping a fresh month high north of 2,742 but was able to hold the 2,700 level for the 9th-straight session. The Nasdaq dipped 0.2% after reaching a peak of 7,432 while closing below the 7,400 level for a 6th-straight session.

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THE SCIENCE OF WINNING – PART 6

ANALYST UPGRADES / DOWNGRADES 

​AB InBev (BUD) upgraded to Sector Perform from Underperform at RBC Capital
IHS Markit (INFO) upgraded to Outperform from Neutral at Macquarie
Macy’s (M) upgraded to Positive from Neutral at Susquehanna

BofI Holding (BOFI) downgraded to Neutral from Buy at Compass Point
Cameco (CCJ) downgraded to Sector Perform from Outperform at RBC Capital
Manchester United (MANU) downgraded to Hold from Buy at Deutsche Bank

TUESDAY’S EARNINGS 

​Before the open: ​​Canadian Imperial Bank (CM), iClick (ICLK), Qiwi (QIWI), Ralph Lauren (RL), Target (TGT), Tiffany & Co. (TIF)
After the close: ​Bilibili (BILI), Copart (CPRT), L Brands (LB), Modine Manufacturing (MOD), NetApp (NTAP), nLight (LASR), Synopsys (SNPS), Westell Technologies (WSTL), Williams-Sonoma (WSM)

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UPCOMING ECONOMIC NEWS

Wednesday’s economic reports (EST): 

Redbook – 8:55am
Richmond Fed Manufacturing Index – 10:00am

METALS / OIL

Gold closed at $1,292.00 an ounce, up $1.10

Silver settled at $16.58 an ounce, up $0.06

Copper finished at $3.13 a pound, up $0.04

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Crude Oil is at $72.09 a barrel, down $0.15

Bitcoin Investment Trust (GBTC) ended at $13.08 down $0.53

Article of the Day

What are bear call spreads? Find out in this article and learn the steps to using them. [read more]

Todd Mitchell

QUOTE OF THE DAY





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