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Profit from the Pros By Kevin Matras Executive Vice President
New Highs Again For The Dow And The S&P
Stocks closed mostly higher yesterday with the Dow and the S&P each making another new all-time high. The Nasdaq also made a new intraday high, but had to settle for only their 8th best close.
The story remains the same; strong earnings continue to underpin stocks. Big banks were on stage last week. Big tech is on stage this week. Microsoft, Google (Alphabet), and Advanced Micro Devices all positively surprised after the close yesterday with MSFT posting a 10.19% positive EPS surprise, GOOGL posting a 21.01% positive EPS surprise, and AMD posting a 10.61% positive EPS surprise. They all traded up during the regular session, but were mixed in after-hours.
Robinhood (not really tech, but it does fall into the FinTech category), missed expectations on both the top and bottom lines and were down by more than -8% in after-hours trade.
Today we'll get more big-name companies reporting earnings (tech and others), with as many as 337 companies in total on deck today, and another 798 by week's end.
In other news, yesterday's Redbook report showed same store retail sales up 15.6% y/y vs. last month's pace of 15.1%.
The Case-Shiller Home Price Index rose 1.2% m/m (unadjusted) and 19.8% y/y. Those were just under the estimates for 1.5% and 20.0% respectively. But still strong numbers nonetheless.
New Home Sales surpassed expectations coming in at 800K units (annualized) vs. last month's 702K and views for 760K.
The Richmond Fed Manufacturing Index also beat with a print of 12 vs. last month's -3 and the consensus for 5.
And the Consumer Confidence Index beat as well, rising to 113.8 vs. last month's 109.8 and views for 109.
Today we'll get MBA Mortgage Applications, Durable Goods Orders, Retail and Wholesale Inventories, and the State Street Investor Confidence Index.
And traders will continue to watch D.C. as Congress attempts to reach some type of agreement on the reconciliation bill, so they can move forward on the infrastructure bill before the President leaves for Glasgow, Scotland to attend the United Nations Climate Conference this weekend.
In the meantime, stocks continue to trade at or near their all-time highs. And it won't take much to send them even higher.
So make sure you're taking full advantage of it.
See you tomorrow,
Executive Vice President, Zacks Investment Research
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