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Tech Sets Record High

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MARKET SUMMARY

U.S. markets showed strength from the start of Thursday’s open with Wall Street looking for more clarity, and the passage of the tax bill by the House. The bill still needs approval by the Senate but the news was clearly a relief as the Nasdaq surged to an all-time peak north of 6,800. The Dow and S&P 500 snapped 2-session slides and are back within a stone’s throw of record highs after advancing 0.8%. The Russell 2000 had the biggest snap back after rallying 1.6% to clear a strong up-trending 50-day moving average.

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TRADING PARABOLICS

ANALYST UPGRADES / DOWNGRADES 

Dollar General (DG) upgraded to Buy from Hold at Deutsche Bank
DSW (DSW) upgraded to Positive from Neutral at Susquehanna
Pandora (P) upgraded to Outperform from Market Perform at BMO Capital

Acorda Therapeutics (ACOR) was downgraded to Hold from Buy at Stifel
Marriott (MAR) downgraded to Market Perform from Outperform at Bernstein
NetEase (NTES) downgraded to Sell from Underperform at CLSA

EARNINGS

Thursday’s scheduled earnings include:

Abercrombie & Fitch (ANF), Buckle (BKE), Fang Holdings (SFUN), Footlocker (FL), Hibbett Sports (HIBB), Tat Technologies (TATT)

UPCOMING ECONOMIC NEWS

Friday’s economic reports (EST): 

Housing Starts – 8:30am
E-Commerce Retail Sales – 10:00am
Kansas City Fed Manufacturing Index – 11:00am
Baker-Hughes Rig Count – 1:00pm

METALS / OIL

Gold closed at $1,278.20 an ounce, up $0.50

Silver settled at $17.07 an ounce, up  $0.12

Copper finished at $3.05 a pound, down $0.01

Brent Crude Oil closed at $61.84 a barrel, up $0.21

ARTICLE OF THE DAY
Exiting An Option Position

You can exit an option position one of three ways. [read more]

Make it a great day!

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Todd Mitchell

QUOTE OF THE DAY
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