This pick list highlights constituents of the Morningstar US Mid Cap Index that we believe offer investors the best risk-adjusted return prospects. The market capitalization range for U.S. mid-caps typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the U.S. equity market.

This pick list highlights constituents of the Morningstar US Mid Cap Index that we believe offer investors the best risk-adjusted return prospects. The market capitalization range for U.S. mid-caps typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the U.S. equity market.

Zoom Video Communications is a video-first, cloud-native scalable communications system for enterprises designed to facilitate video, voice, chat, and content-sharing across devices and locations through its Zoom Meetings and Zoom Phone applications. Zoom was founded in 2011 and completed its initial public offering on April 18, 2019 at $36 per share. Zoom derives about 20% of revenue from outside the U.S.

Stocks rode a roller coaster on Tuesday as the risk-off trade continues. While the major indices all fell, they cut their intraday losses significantly. The S&P 500 (SPX) gave back 0.5% -- but was down as much as 1.3% in the morning. The Nasdaq fell 1.4%, recovering from a 2.2% drawdown earlier in the session, and the Nasdaq 100 (QQQ) dropped 1.2% after being down 2%. The small-cap and mid-cap indices did little and market breadth was actually slightly positive on the day. Bitcoin was the big loser, plunging 6% and breaking below a trading range that has been in place for three months. Still, it did bounce after hitting its 200-day exponential moving average (EMA) near $86,000. If we see downside follow-through, things could get ugly as the size of the recent range was $19,000. Communication Services (XLC) fell 1.5%, led by weakness in the trillion-dollar market-cap stocks of GOOGL (-2%) and META (-1.6%). Information Technology (XLK) gave back 1.3% as semiconductors fell 2.6%. NVDA declined almost 3%, while AVGO dipped 2.6%. Sector strength was seen in the defensive Consumer Staples (+1.4%) and Healthcare (+0.9%), in addition to Real Estate (+1.1%) and Materials (+0.8%). The SPX did bounce off its lower 20-day price channel, the weekly middle price channel, and the important 21-week EMA. The index closed slightly below its middle weekly Bollinger Band at 5,966 -- and additional downside follow-through will imply at least a test of the lower band at 5,765. Chart support from the recent low is at 5,773 and a test of the last breakout area would be down at 5,650.