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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Slip Late In The Day, But Remain Near All-Time Highs
Stocks closed mostly lower yesterday, erasing earlier gains in a late day sell-off.
But stocks remain near their all-time highs.
Earnings season continues to underpin stocks. Positive EPS surprises by Microsoft and Google (Alphabet) after the close on Tuesday lifted their shares on Wednesday. Big tech earnings are the theme this week. And today we'll get earnings from Apple and Amazon after the close.
In total, we'll get another 311 companies reporting today. 149 reporting tomorrow. Another 1,838 next week. And another 1,443 the week after that.
In other news, yesterday's MBA Mortgage Applications rose 0.3% (4.0% for purchases and -2.0% for refi's).
Durable Goods Orders came in better than expected with a -0.4% m/m change vs. the consensus for -0.9%. Ex-Transportation we were up 0.4%. Core Capital Goods were up 0.8%.
Retail Inventories slipped -0.2%. Although, last month's report was revised up from 0.1% to 0.2%.
Wholesale Inventories, however, were up 1.1% vs. views for 1.0%.
And the State Street Investor Confidence Index jumped to 114.4, up 8.4 points or 7.92% from last month's upwardly revised 106. The North American component led the way with an 8.0 point gain at 144.0. Asia was up 5.5 points at 103.1. And Europe was up 1.2 points at 96.8. This shows professional investors' appetite for risk (especially in the North American market) is growing (a bullish sign). In fact, globally, the index registered its highest reading in over three years.
Today we'll get the first estimate for Q3 GDP, Weekly Jobless Claims, the Pending Home Sales Index, and the Kansas City Fed Manufacturing 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 Europe by week's end for the G20 Summit in Rome, and then the United Nations Climate Conference in Glasgow, Scotland.
In the meantime, with the economy picking up steam as virus cases fall, stocks are poised to soar. And it won't take much to send them on their way.
This is truly an historic time for both the economy and the market.
And historic times typically usher in historic price moves.
Whether you're wary of the market or as bullish as ever, be sure to read our latest commentary that goes over both the bullish arguments and bearish arguments for the economy and the market, so you can take full advantage of it. That piece is called...
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Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. Read More »
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