Bears Growl Over Tax Uncertainty
U.S. markets closed lower across the board for the first time in eight trading sessions following uncertainty over the Senate tax bill which proposed delaying the long-sought corporate tax cuts until 2019. The Dow and S&P 500 held near-term support from mid-October on the intraday lows while recouping half their losses into the close. The Nasdaq held beginning of the month support after taking the hardest hit and briefly falling below the 6,700 level. Meanwhile, the Russell 2000 held 1,460 on its low and a level that served as prior resistance from the late September breakout.
TRADE OF THE DAY!
THE SCIENCE OF WINNING – PART 6
ANALYST UPGRADES / DOWNGRADES
Cabot Oil & Gas (COG) upgraded to Buy from Hold at Drexel Hamilton
Square (SQ) upgraded to Buy from Neutral at Guggenheim
T-Mobile (TMUS) upgraded to Buy from Hold at Deutsche Bank
Meet Group (MEET) was downgraded to Hold from Buy at Canaccord
Snap (SNAP) downgraded to Underweight from Equal Weight at Morgan Stanley
Square (SQ) downgraded to Neutral from Buy at Citi
Friday’s scheduled earnings include:
Arcelor Mittal (MT), JC Penney (JCP)
UPCOMING ECONOMIC NEWS
Friday’s economic reports (EST):
Consumer Sentiment – 10:00am
Baker-Hughes Rig Count – 1:00pm
METALS / OIL
Gold closed at $1,287.50 an ounce, up $3.80
Silver settled at $16.98 an ounce, down $0.16
Copper finished at $3.09 a pound, down $0.01
Brent Crude Oil closed at $63.48 a barrel, down $0.21
Make it a great day!