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Profit from the Pros By Kevin Matras Executive Vice President
New Highs In The Dow, S&P And Nasdaq
Image: Bigstock
Stocks were up across the board again with new highs in the Dow, the S&P, and the Nasdaq.
The economy continues to impress. But that doesn't mean there aren't any challenges.
New Home Sales came in under expectations at 676,000 units (annualized) vs. the consensus for 800K.
The Dallas Fed Manufacturing Survey showed the General Activity Index coming in at 27.3 vs. last month's 31.1 and views for 32.0. But the Production Index ticked up from last month's 29.4 to 31.0.
New home sales and manufacturing have both been hot, so the market seemed unfazed by the latest blip.
Earnings season has also impressed.
That was on full display yesterday with a parade of beats. And after the close, Tesla reported positive surprises on both the top and bottom lines with a 61.1% positive EPS surprise and a 5.0% positive sales surprise while reporting a record $1 billion in quarterly profits.
We'll get another 226 companies reporting today with big names like Apple, Microsoft, Google's parent company Alphabet, and more on deck.
The market is also waiting to hear word on the infrastructure bill. Whether there's a breakthrough or not, and whether there's enough votes to bring it up for debate or not remains to be seen. If nothing happens this week (or maybe next week), it will likely have to wait until after the August recess is over (the Senate's last day before the break is August 6th, and they won't be back until September 9th).
In the meantime, earnings should take center stage.
If the rest of earnings season continues as it started, we could be in for a stellar next few weeks.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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