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Stocks Back In The Green As Earnings Season Continues

Stocks finished in the green yesterday as earnings season looks to wrap up a better than expected first week.

Aside from a few high profile disappointments, earnings season is off to a great start.

And the modest pullback we saw in the last couple of days cleaned up the charts nicely. Last Wednesday's (7/10) higher open left a gap on the charts of the Dow, S&P and Nasdaq. Since 'common' gaps are typically filled, seeing all three go back and fill those gaps in yesterday morning, and then head higher, firms up the technical picture.

Late in the day, we heard that the U.S. shot down an Iranian drone near the Strait of Hormuz. The incident was called a defensive action. Stocks were unfazed by the news. Same for oil. But that should not come as a surprise given the ongoing tension in that area and the market's ongoing muted response.

In other news, weekly Jobless Claims rose by 8,000 to 216K. But they still remain near record low levels.

Leading Indicators slipped -0.3% m/m vs. the prior reading of 0.0%.

But the Philadelphia Fed Business Outlook Survey jumped to 21.8 from last month's 0.3 and views for 4.5. Nearly every component saw gains, which shows strong demand.

Today we'll a look at the consumer with the Consumer Sentiment report. Since roughly 70% of GDP comes from consumer spending, it's always important to see how the consumer is doing.

In the meantime, the economy looks great. And so does the market.

Earnings season continues with another 51 companies reporting today, and another 916 next week.

As you know, earnings season is always an exciting time for the market. Especially since stocks typically going up during earnings season.

Add in the backdrop of an historic economy and stock market, and the gains this earnings season could be even bigger.

Best,

Kevin Matras

Executive Vice President, Zacks Investment Research

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