Back to top

View the PFP Archive

Plus 5 Just-Added Strong Buys
Kevin Matras   
Profit from the Pros
By Kevin Matras
Executive Vice President
Zacks Investment Research

Stocks Were Mixed Yesterday, Financials Were Mostly Higher On Better Bank News

Stocks closed mixed yesterday with the Dow and the S&P in the green, while the Nasdaq slipped into the red. For the year however, the Nasdaq leads the other indexes with a gain of 12.4%.

Stocks were up early after news broke that First Citizens BancShares would acquire the deposits and loans of Silicon Valley Bank. First Citizens soared more than 53% on the news. And many of the troubled bank names over the last few weeks saw sharp gains as well. First Republic was one of those names with a gain of more than 11% as efforts were underway to shore up support for them in particular, while financial authorities were looking for ways to provide more support for regional banks in general.

It was a good day for smaller and mid-sized banks. But many are still way down from where they were before SVB's collapse just a few short weeks ago.

In other news, yesterday's Dallas Fed Manufacturing Survey was a mixed bag with the General Activity Index coming in at -15.7 vs. last month's -13.5 and views for -11.0. The Production Index, however, came in at 2.5 vs. last month's report of -2.8.

Today we'll get another look at the economy with the International Trade in Goods report, Retail and Wholesale Inventories, the Case-Shiller Home Price Index, the Richmond Fed Manufacturing Index, and Consumer Confidence.

We'll also hear from the Fed's Vice Chair for Supervision, Michael Barr, as he releases his review on SVB's failure before the House Financial Services Committee.

Plenty of impactful news. But the info the market's really waiting for is Friday's Personal Consumption Expenditures (PCE) index, which is the Fed's preferred inflation indicator.

The latest CPI and PPI reports both showed inflation falling more than expected, and down quite a bit from their summer highs last year. Another report showing inflation easing more than expected would give the Fed additional ammo to consider pausing their rate hike sooner rather than later.

As it stands now, they are only expected to raise one more time to the tune of 25 basis points at the conclusion of their next meeting on May 3.

Granted, we'll get three more inflation reports after Friday's PCE report and before the next FOMC announcement. But the more data points we can get showing inflation easing more than expected, the better.

And that's bullish for stocks.

In the meantime, we have the rest of the week to get thru first.

See you tomorrow,

Kevin Matras

Executive Vice President, Zacks Investment Research


Best 11 Stocks for 2023 (Including our #1 Stock)

He found Apple at $1.49... Oracle at $0.51... Amazon at $46.

Marketwatch called him "The Advisor Who Recommended Google Before Anyone Else."

Now, investing legend Louis Navellier is revealing his Top 11 Stocks to Buy for 2023.

Click here to receive your free new report.

Most Popular Articles from

Image: Shutterstock

2 Semiconductor Stocks Beating Near-Term Uncertainty in Industry

While macro concerns are impacting near-term performance, the long-term outlook continues to favor strong growth in these stocks. Read More »

Image: Bigstock

Price & Volume: The Anatomy of a True Market Leader

Monitoring price and volume is vital to provide valuable insights into the behavior of the general market and individual equities. Read More »

Image: Bigstock

3 Internet Delivery Services Stocks to Buy in a Flourishing Industry

These industry participants are poised to benefit from the reopening of economies and surging smartphone and Internet penetration in emerging markets. Read More »

Image: Bigstock

3 Highly Ranked Energy Stocks to Buy Now

Energy stocks look to be setting up for another rally. Read More »

Image: Bigstock

Hope for Financial Market Stability: Global Week Ahead

Some financial market stability will be much hoped for in the coming days... But don't bet on it. Read More »


See Zacks' Top Stocks for Free

Starting today, you can get instant access to the latest picks from our time-proven strategies which since 2000 have soared far above the market. While the S&P 500 averaged +6.2% per year, our top strategies averaged gains as high as +46.4%, +49.5% and +55.2% per year.

You'll also get our free Special Report, Top 10 Stock Screening Strategies that Make Money which spells out the formulas behind these top strategies.

See Stocks Free »

Image: Shutterstock

Bull of the Day: Wynn Resorts Ltd. (WYNN)

Given its strong brand name, Wynn Resorts is better positioned to command a premium rate relative to its peers in the gaming and lodging industry. Read More »

New Zacks Strong Buys for March 28th

Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. Read More »


Download our app for convenient on-the-go access to even more—daily and weekly newsletters published by Zacks experts, proprietary research and tools, and Portfolio Tracker on

Download our Zacks App for Apple iOS
Download our Zacks App for Android

Visit Success Stories to hear how Zacks research, tools and portfolios help our members outperform the market.