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Stocks Poised For Weekly Gains, Nasdaq On Pace For 5th Week In A Row
Stocks ended mixed yesterday in uneven trade. The Dow was down the most thanks to a big miss from 3M. The S&P was up for much of the day but ticked lower by day's end. And the Nasdaq closed higher thanks to tech.
But again, the markets look great and continue to trade in or near record territory.
A strong earnings season, even though we're only a couple weeks in, has helped catapult stocks to their record levels. And as earnings season continues, it looks like there's a lot more upside to go.
In other news, Durable Goods Orders jumped 2.7% vs. last month's upwardly revised -1.1% and views for 0.7%. Although, ex-transportation (there was a big gain in aircraft and motor vehicle orders), it came in at a more modest 0.4%. But that's still twice their estimate of 0.2%. Core capital goods though was up 1.3% vs. expectations for 0.1%. And no asterisk needed with this one. This was driven by a solid pickup in business investment.
Today, we'll get our first look at Q1 '19 GDP. The consensus is looking for 2.3%. That would put it 1 tenth ahead of Q4.
And we'll also get Consumer Sentiment. The estimates are calling for 97.1 vs. last month's 96.9. Sentiment continues to hover in these lofty levels. And while the index hasn't been above 100 since mid-2018, it remains within striking distance. And we could see that in one good report.
Once again, stocks are in the midst of an historic bull market, propelled by an historic economy, record corporate profits, and the best jobs market ever.
This is history in the making. So make sure you're taking full advantage of it.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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Stocks ended mixed yesterday in uneven trade. The Dow was down the most thanks to a big miss from 3M. The S&P was up for much of the day but ticked lower by day's end. And the Nasdaq closed higher thanks to tech.
