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The U.S. stock market could be subjected to near-term headwinds as a slew of “systematic sell signals” are tripped up, JPMorgan technical analyst Jason Hunter said in a note to clients. Hunter noted that as the S&P 500 hit record highs, it did so with “much less momentum and weaker internals.” Hunter also pointed to how narrow the leadership in the market has been, noting: “With only a select group of stocks powering the rally â¦ multiple momentum and internal divergences provide technical signals that increase the probability for a short-term setback.” âImbert
- Raymond James upgraded The RealReal to outperform from market perform
- Stifel downgraded Domino’s Pizza to hold from buy
- RBC upgraded Chewy to outperform from sector perform
- Wells Fargo resumed ViacomCBS as underweight
- Evercore ISI upgraded L Brands to outperform from in line
- SunTrust downgraded Shake Shack to hold from buy
- DA Davidson upgraded WW International to buy from neutral
- UBS raised its price target on Salesforce to $230 from $190
- DA Davidson downgraded Morgan Stanley to neutral from buy
- Raymond James downgraded T-Mobile to outperform from strong buy
U.S. stock futures are trading slightly lower on continued fears of a global economic slowdown stemming from the coronavirus. Dow Jones Industrial Average futures are down about 65 points, indicating a loss of 95 points at the open. S&P 500 and Nasdaq 100 futures also pointed to lower open. The number of confirmed cases in China jumped by more than 800 overnight. Confirmed cases in South Korea also increased. âImbert
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