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Plus New Zacks Strong Buys for Tuesday, October 15
Profit from the Pros
What to Watch for as Earnings Season Begins
This is Tracey Ryniec, Senior Stock Strategist, filling in for Kevin for one more day. He will be back the rest of this week.
Columbus Day is a strange day on the US stock exchanges as the stock market is open but the banks and many government agencies, including schools, are closed.
That's also why there weren't any earnings reports on Monday even though third quarter earnings season officially begins this week.
Yet, Wall Street has already moved on from the trade deal that powered stocks higher last week.
The Chinese said that they want further talks to hammer out more details of the Phase 1 agreement, but most of us already understood that this was a handshake deal which hasn't yet been put into writing. It seems that other than taking the 5% tariff escalation off the table, we're basically still at a status quo.
But at least the two parties are now talking, which is more than what has been happening over the last few months.
Instead, earnings season is now going to take the spotlight, at least until there are further developments in trade.
What an interesting week this is shaping up to be.
According to Zacks Director of Research, Sheraz Mian, analysts expect earnings to decline 5.1% this quarter while revenue is forecast to jump 4.2%.
With expectations that low, they may be easy to beat.
In addition to the big banks, I'll be watching Omnicom, Unitedhealth Group and United Airlines today. Advertising, Health Insurance and Transportation: three pillars of the economy. They should provide some added insights into what is really going on in the economy.
The sentiment remains bullish, with the large caps still trading near all-time highs.
Bring on the earnings reports.
Regards,
Kevin Matras
Executive Vice President, Zacks Investment Research
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This is Tracey Ryniec, Senior Stock Strategist, filling in for Kevin for one more day. He will be back the rest of this week. 
