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Stocks End Mixed, Dow Ends Losing Streak, IMF Raises U.S. And Global Growth Forecast

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Wed, Apr 17, 2024 12:02 PM

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Market Moves You Need to See Market Moves You Need to See ? ? ? ? ? ? ? ? ?

Market Moves You Need to See Market Moves You Need to See ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ ͏   ­ [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks End Mixed, Dow Ends Losing Streak, IMF Raises U.S. And Global Growth Forecast Stocks closed mixed yesterday in a choppy back and forth session. The Dow put an end to their 6-day losing streak with the help of better than expected earnings and positive price action from UnitedHealth. Johnson & Johnson also reported a positive EPS surprise, but missed on sales (even though sales were up 2.3% vs. this time last year). They were down on the day. Positive earnings and sales surprises from Bank of America and Morgan Stanley yesterday morning, produced mixed results with MS up on the day while BAC was down. In other news, the International Monetary Fund (IMF) raised their global growth forecast to 3.2%, up from January's forecast of 3.1%. The IMF gave the U.S. the biggest upside revision, going from 2.1% to 2.7%. The Eurozone, however, saw a slight downward revision, but is still expected to grow by 0.8% from the previously expected 0.9%. China is expected to grow by 4.6%, while India is expected to increase by 6.8%. But the IMF singled out the U.S. as being a major driver of global growth this year. Unfortunately, they also urged caution regarding rate cuts, given our "overheated" economy. Worldwide, they estimate inflation to average 5.9%. That's an improvement from last year's 6.8%. But the 5.9% is a slight uptick from their January estimate of 5.8%. Yesterday, Fed Chair Jerome Powell concurred with the strong assessment for the U.S. economy, but also with the cautionary stance on inflation and interest rates by saying,"more recent data shows solid growth and continued strength in the labor market, but also a lack of further progress so far this year on returning to our 2% inflation goal." He added that, "the recent data have clearly not given us greater confidence, and instead indicate that it's likely to take longer than expected to achieve that confidence." While he thinks "policy is well positioned to handle the risks," it suggests higher for longer might be a little longer still. At the moment, Fed Funds traders give just a 4% chance of a rate cut on May 1; a 16.9% chance for the June meeting; a 44.4% chance at the July meeting; and a 68.8% chance at the September meeting. While it's disappointing that rate cuts will likely be delayed for a few months more than expected, it has not proven to be detrimental to the aggregate economy or earnings. If the economy is strong enough to keep growing with 'max employment,' even with these higher rates, then that's fine. Inflation is more destructive than higher rates. Once inflation starts heading back down, that should give the green light for cuts to begin. In the meantime, the U.S. economy has shown great resiliency. And we'll see that again as earnings season gets underway. While earnings season has already unofficially begun, it's official start kicks off this afternoon when Alcoa reports after the close. All in all, we'll hear from 60 companies on deck to report today, including Abbott Labs, Prologis, and U.S. Bancorp before the open, and Crown Castle, Las Vegas Sands, and Discover Financial Services after the close. On the economic report front today we'll get MBA Mortgage Applications, the Atlanta Fed Business Inflation Expectations, and the Beige Book report. And we'll see if the markets can find support. Remember, stocks typically go up during earnings season. So there's a good probability that we could find support soon, and start heading back up. See you tomorrow, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research Sponsor [Get Your Free Copy of Finding #1 Stocks - A $49.95 Value]( Starting today, you can claim a free copy of Finding #1 Stocks by Zacks' EVP Kevin Matras. You don't even have to pay for shipping! Its 300 pages unfold virtually every trading secret he has learned over the last 25 years to beat the market. Here's what's inside: - See the exact formulas of strategies that produced gains up to +62.6% in 2023 - more than double the market's +26.2%. - How to spot bullish set-ups and bearish break-downs to stay ahead of the market… - Traits to determine the type of trader you are and finding stocks with highest probability of success… - Kevin's personal all-time favorite screening strategy… - And much more! This limited-time offer will end Saturday, April 20 or when our inventory is depleted. Don't miss this unique opportunity. [Get your FREE book now »]( Today's Top Research [Bull Market Corrections: What to Know & What to Do]( Corrections during bull markets are ordinary and necessary. [Read More »]( [Interest Rates & War: What Does Historical Precedent Tell US?]( Investors who study historical precedent may be surprised to find the relationship between interest rates, war, and stocks. [Read More »]( [Q1 Earnings Scorecard and Analyst Reports for Mastercard, Netflix & Coca-Cola]( Director of Equity Research Sheraz Mian gives a real-time update on the Q1 earnings season and covers new research reports on these select stocks. [Read More »]( [5 Top AI Stocks for Data Center Exposure]( For those seeking exposure to Wall Street's new obsession, specifically to data center, these five stocks are a good start. [Read More »]( [Brian's Big Idea On Shoes]( Stock Strategist Brian Bolan is taking a look at three stocks showing continued growth including one that has had some insider buying over the past few months. [Read More »]( [What's Today's Top Rated Mutual Fund?]( Use the Zacks Mutual Fund Rank, a quantitative ratings system designed to help you find the best funds to beat the market. See which ones to buy, which to sell and track your favorite mutual fund family. [Get started now »]( [Bull of the Day: CyberArk Software (CYBR)]( Blistering EPS growth in an industry vital to national security makes this pullback a buy. [Read More »]( [New Zacks Strong Buys for April 17th]( Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. [Read More »]( More Zacks Resources Mobile App 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 Zacks.com. [Download our Zacks App for Apple iOS]( [Download our Zacks App for Android]( Zacks Members' Success Stories Visit [Success Stories]( to hear how Zacks research, tools and portfolios help our members outperform the market. Get all of our market insights and much more when you connect with us. 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It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research is not a licensed securities dealer, broker or US investment adviser or investment bank. The Zacks #1 Rank Performance covers the period beginning on January 1, 1988 through March 4, 2024. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank #1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit [( for information about the performance numbers displayed above. 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