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Earnings Take Center Stage In This Shortened Trading Week
Stocks ended modestly higher yesterday, and remain within striking distance of their all-time highs.
Earnings season continued yesterday with more beats. That continued after the close with Netflix beating on both their top and bottom lines. Although weaker than expected subscriber growth and weaker than expected guidance was weighing on prices a bit in after-hours trade. IBM also reported after the close. And while they beat on earnings, they missed on revs. They too were down in after-hours trade.
But so far, by and large, earnings season is off to a fine start.
As for the U.S.-China trade talks, no breakthrough yet. But White House Economic Advisor, Larry Kudlow, said "we continue to make very good progress across the board". Based on previous WH comments, traders are expecting to hear if there's a deal or not within the next three weeks.
In other news, retail sales via the Redbook report showed y/y same store sales up 5.0%. That's up from last month's snapshot of 4.8%.
The Housing Market Index rose from 62 to 63 on builder optimism.
Although Industrial Production was mixed with the Production component ticking down -0.1%, while the Manufacturing component was unchanged.
But the economy still looks great.
So does the market.
We'll get more earnings today.
And traders will continue to listen for any news on trade.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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Stocks ended modestly higher yesterday, and remain within striking distance of their all-time highs.
