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Stocks Up Yesterday, S&P And Nasdaq Make Another New All-Time High

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Tue, Jun 18, 2024 12:01 PM

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Market Moves You Need to See Stocks Up Yesterday, S&P And Nasdaq Make Another New All-Time High Prof

Market Moves You Need to See Stocks Up Yesterday, S&P And Nasdaq Make Another New All-Time High [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Up Yesterday, S&P And Nasdaq Make Another New All-Time High Stocks closed higher yesterday with all of the major indexes finishing in the green. And the S&P and Nasdaq, once again, made another new all-time high and close. The markets built upon last week's better-than-expected inflation reports with both the CPI and PPI confirming that inflation was heading back down. While the Fed last week reduced their rate-cut outlook from 3 rate cuts this year to only 1, the markets cheered the news. After a few months of stalled progress on inflation, some worried the Fed would remove all rate cuts from their outlook, or worse, possibly raise rates. So the 1 rate cut still left on the dot plot came as good news. But it's not as if the economy or the markets need rate cuts right now. Both are doing just fine without it. Of course, nobody wants to see the Fed get behind the curve on this. But given the resilience of the economy, a strong labor market, corporate sales and earnings estimates trending up, and household incomes near record highs, there's no urgency for rate cuts at this very moment. In the meantime, the Fed insists it will remain data dependent. And the next piece of inflation data will come next week on Friday, 6/28, with the Personal Consumption Expenditures (PCE) index (which is the Fed's preferred inflation gauge). In other news, yesterday's Empire State Manufacturing Index improved to -6.0 vs. last month's -15.6 and views for -10.5. We also heard from Evercore ISI yesterday after they raised their year-end price target for the S&P 500 to 6,000. With the S&P coming into the day yesterday at 5,431.60, it had already shot well past their previous target of 4,750. But this new target is another 9.62% above yesterday's close of 5,473.23. According to Evercore's Julian Emanuel, "the backdrop of slowing inflation, a Fed intent on cutting rates, and steady growth, have supported Goldilocks." He also noted the impact of the AI boom by acknowledging "Gen AI's productivity potential in every job and sector." And due to this, he believes "high valuations can remain high for extended periods." He also put his price target at 7,000 for the end of 2025. Today we'll get Retail Sales, Industrial Production, and Business Inventories. We'll also hear from Fed policymakers Thomas Barkin, Susan Collins, Alberto Musalem, Lorie Logan, and Austan Goolsbee, as they speak at various engagements throughout the day. Note, we have a shortened trading week this week. Tomorrow, Wednesday, June 19, is Juneteenth National Independence Day, and the markets will be closed. Trading will resume on Thursday as normal. In the meantime, enjoy the holiday. See you on Thursday, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research Sponsor [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 »]( Today's Top Research [Are Stock Splits a Buy Signal?]( We take a closer look at why investors should be cautious of buying blindly into to a recent split. [Read More »]( [5 Must-Buy Retailers With Solid Earnings Estimate Revisions]( Companies in the industry have been benefiting from strong consumer demand for activewear/athleisure products and footwear, and the trend is expected to continue. [Read More »]( [Europe, Asia Rates Stay Put: Global Week Ahead]( Central Bank decisions in Europe, from the U.K., Switzerland and Norway, are expected to provide more evidence that the global rate-cutting dash is slowing to a crawl. [Read More »]( [4 Security & Safety Stocks Poised to Gain on Prospering Industry Trends]( Growing awareness for safety and security favors industry stocks ALLE, MSA, BRC and NSSC. [Read More »]( [Total US Drilling Rig Tally Falls: Here's What it Means]( Some analysts see the recent downside as a sign of increased efficiency among shale producers, who may need fewer rigs. [Read More »]( [Increase Investment Returns with Free Zacks' Portfolio Tracker]( Catch breaking news on your stocks and funds at a glance, including timely recommendation changes ... Zacks Ranks ... Industry Ranks ... earnings announcements ... earnings estimate revisions ... and more. And now you can screen for new stocks to improve portfolio performance. [Click for Free Tracker & Screener »]( [Bull of the Day: Sunoco (SUN)]( Following the recent acquisition of NuStar Energy now looks like an ideal time to invest in SUN as a leader in energy infrastructure and fuel distribution. [Read More »]( [New Zacks Strong Buys for June 18th]( 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. [Visit Zacks on Facebook]( [Follow Zacks on Twitter]( [See Zacks videos on YouTube]( [Join Zacks on LinkedIn]( [Read Zacks Commentary on StockTwits]( This free resource is being sent by [Zacks.com](. We look for investment resources and inform you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms of Service". [www.zacks.com/terms_of_service]( Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. 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 May 6, 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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