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Upside Acceleration Should Be Just Around The Corner
The markets ended modestly lower yesterday, but look set to close higher for the week, for the second week in a row.
While earnings season has only just gotten started (only 10% of the S&P 500 companies have reported so far), a whopping 84.6% have beaten their earnings estimates, and 78.8% have beaten their revenue estimates. Those are impressive stats. And this earnings season looks like it could be even better than the lofty expectations going into it.
In other news, yesterday's Weekly Jobless Claims dropped by -1,000 to 232,000, putting new claims near their best levels since this bull market began.
The Philadelphia Fed Business Outlook Survey increased to 23.2, exceeding views for a print of 20.1.
And the Leading Indicators report showed a 0.3% m/m change, in line with expectations. But it was also nice to see last month's report revised up from 0.6% advance to a 0.7% advance.
The rebound off of support, which began just a few short weeks ago, has been neat and orderly. But once we clear 2,750 (we closed at 2,693 yesterday), I'm expecting the pace to pick up significantly.
So get ready.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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The markets ended modestly lower yesterday, but look set to close higher for the week, for the second week in a row.
