Back to top

View the PFP Archive

Stocks closed higher yesterday with both the S&P 500 and Nasdaq notching new all-time high closes.
Kevin Matras   
Profit from the Pros
By Kevin Matras
Executive Vice President
Zacks Investment Research

Stocks Up Yesterday, S&P And Nasdaq Notch New All-Time High Closes

Stocks closed higher yesterday with both the S&P 500 and Nasdaq notching new all-time high closes.

There was not much in the way of economic reports yesterday, so all the attention was on Apple discussing their AI plans at their annual Worldwide Developers Conference (WWDC).

Apple unveiled they plan on rolling out several different AI features with what they are calling 'Apple Intelligence.' One of the features is an enhanced Siri, with the ability to perform hundreds of additional actions across Apple and other third-party apps.

This will be available in the fall when they release their iOS 18 and macOS Sequoia. But will only be available for the most current device models such as the iPhone 15 series with A17 Pro Chips, and iPad and Mac users with the M1 chip or later.

They have many other features planned, including new writing tools which can "rewrite, proofread, and summarize text," in several apps including Mail and Notes.

Apple CEO Tim Cook said "we think Apple Intelligence is going to be indispensable to the products that already play such an integral role in our lives."

Apple investors and iPhone watchers are hoping the release of these new AI features, especially since they appear to be aimed at only those with new devices, will nudge those with earlier models to upgrade into new ones, and jumpstart flat to falling iPhone sales.

The two-day FOMC meeting begins today, and concludes tomorrow with the FOMC Announcement, followed by the customary Fed Chair Press Conference.

While nobody is expecting the Fed to cut rates this week. Or at their July meeting. There's good odds on a rate cut in September. But everyone will be listening for any clues as to what the Fed has in mind regarding when interest rate cuts will begin and by how much.

Before we hear from the Fed on Wednesday afternoon, however, we'll get the Consumer Price Index (CPI) inflation report on Wednesday morning. The last CPI report (retail inflation) showed the core rate (ex-food & energy) at 3.6% y/y vs. the previous month's 3.8%. At the moment, the headline numbers are expected to come in at 0.1% m/m vs. last month's 0.3% pace, while the y/y rate is expected to come in at 3.4%, in line with last month. The core rate is expected to be up 0.3% m/m, just like last month, while the y/y rate is expected to fall slightly to 3.5% vs. last month's 3.6%.

But the fun doesn't stop on Wednesday, as we'll get another inflation report on Thursday with the Producer Price Index (PPI). The last PPI report (wholesale inflation) came in at 2.4% y/y, which was in line with the previous month's 2.4% pace.

In each of these reports, we'll see if disinflation has resumed, if it stalled, or worse, if it's creeping back up. Either way, it will help inform the Fed on what they will do regarding rates this year.

Gladly, the market has been doing fine without the Fed. With a resilient economy, a strong jobs market, upward trending sales and earnings estimates, and household incomes remaining near record highs, there's plenty to love about stocks right now, even without rate cuts.

Then add in the favorable cyclical tendencies with the 4-year Presidential cycle that shows that year 4 (that's this year) is the second-best year of all four years (second only to year 3 which was last year), and it looks like there's a lot more upside to go.

See you tomorrow,

Kevin Matras

Executive Vice President, Zacks Investment Research


Top Uranium Pick Could Skyrocket 136.36% In Next 12 Months? (According To Research Firm)


According to Harbinger Research's latest report...

This uranium stocks' price could jump over 136.36% over the next 12 months (and that's just the beginning).

Learn About The USA Uranium Pick That Could Skyrocket 136.36% In The Next 12 Months

Most Popular Articles from

Image: Bigstock

Time to Buy Nvidia (NVDA) After 10-1 Stock Split?

Trading just over $120 a share, Nvidia's (NVDA) 10-1 stock split went into effect yesterday making shares more accessible to a broader range of investors. Read More »

Image: Bigstock

Is Broadcom (AVGO) Stock Worth Buying Ahead of Q2 Earnings?

Broadcom has a Zacks Consensus Estimate for revenues at $12.04 billion, suggesting a growth of 37.88%. Read More »

Image: Bigstock

Will the Equity Bull Market Continue?

Five bullish catalysts suggest that stocks will be higher into year-end, including election year seasonality, AI leadership and potential interest rate drops. Read More »

Image: Bigstock

Earnings Season Update and Analyst Reports for Broadcom, JNJ & Verizon

This Research Daily features an update on earnings season and research reports for 16 major stocks including AVGO, JNJ and VZ. Read More »

Image: Bigstock

Can Tech ETFs Keep Up Their Winning Momentum?

U.S. technology stocks recorded their largest weekly inflows last week in nine weeks. 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 +7.0% per year, our top strategies averaged gains as high as +44.9%, +48.4% 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: Bigstock

Bull of the Day: Immersion (IMMR)

IMMR trades at only 8.4x forward estimates even after recently beating the estimate and estimates are moving higher. Read More »

New Zacks Strong Buys for June 11th

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.