Russell 2000 Leads Pullback
U.S. markets showed continued strength during the first half of Thursday’s action but weakened midday to finish slightly lower. The Dow traded to another all-time high for the second-straight session before sliding 0.3% to snap a five-session win streak. The S&P 500 dipped 0.4% to finish lower for the first time in six sessions after failing fresh resistance.
The Nasdaq topped the 6,900 level for the first time this month but failed its lifetime high by 13 points before declining 0.3%. Meanwhile, the Russell 2000 continues to show the most recent volatility after sinking 1.1% while holding 1,500 and a level that has held as support since mid-November.
TRADE OF THE DAY
PICKING TOPS AND BOTTOMS
ANALYST UPGRADES / DOWNGRADES
BioMarin (BMRN) upgraded to Outperform from Neutral at Wedbush
Lululemon (LULU) upgraded to Buy from Hold at Deutsche Bank
Southwest (LUV) upgraded to Overweight from Neutral at Atlantic Equities
Nielsen (NLSN) downgraded to Underweight from Equal Weight at Barclays
Valeant (VRX) downgraded to Underweight from Neutral at JPMorgan
Verizon (VZ) downgraded to Hold on valuation at HSBC
Friday’s scheduled earnings:
There are no major companies reporting.
UPCOMING ECONOMIC NEWS
Friday’s economic reports (EST):
Empire State Manufacturing Survey – 8:30am
Industrial Production – 9:15am
Atlanta Fed Business Inflation Expectations – 10:00am
Baker-Hughes Rig Count – 1:00pm
METALS / OIL
Gold closed at $1,257.10 an ounce, up $8.50
Silver settled at $15.93 an ounce, up $0.06
Copper finished at $3.07 a pound, up $0.02
Crude Oil closed at $57.21 a barrel, up $0.61
Make it a great day!