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Stocks End Mixed Yesterday, But Poised For Another Up Week

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Fri, Jun 21, 2024 12:02 PM

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Market Moves You Need to See Stocks End Mixed Yesterday, But Poised For Another Up Week Profit from

Market Moves You Need to See Stocks End Mixed Yesterday, But Poised For Another Up Week [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks End Mixed Yesterday, But Poised For Another Up Week Stocks closed mixed yesterday with only the Dow finishing in the green. All of the indexes were higher in the morning, but by early afternoon, all were in the red, expect for the Dow. Yesterday's Weekly Jobless Claims fell -5,000 to 238K, just above expectations for 235K. The 4-week moving average came in at 232.75K vs. last month's 227.25K. The Housing Starts and Permits report showed Starts at 1.277 million units (annualized) vs. last month's 1.352M and views for 1.373M. Permits came in at 1.386M vs. last month's 1.440M and estimates for 1.450M. The Philadelphia Fed Manufacturing Index slipped to 1.3 vs. last month's 4.5 and expectations for 5.2. And the Atlanta Fed Business Inflation Expectations was steady at 2.3% y/y vs. last month's 2.3% pace. Yesterday, Minneapolis Federal Reserve Bank President Neel Kashkari said "there is some evidence of some softening around the margins" of the economy. But said the "U.S. economy has proven to be remarkably resilient." And that "we are getting disinflation despite remarkable economic growth." But he acknowledged that it might take a "year or two" for inflation to get to 2%. Although, last Sunday, he said it was a "reasonable prediction" to expect the Fed to cut rates in December. (This comports with what the Fed suggested last week of one rate cut by year's end.) The economy and the market has been doing just fine without rate cuts. And while neither need cuts right now, nobody wants to see the Fed get behind the curve. But if rate cuts are set to begin by the end of the year (November or December), we should be in fine shape. While the Fed waits for greater confidence for U.S. inflation to be on a path toward 2%, the Bank of England (BOE) saw their 2% target realized in their latest report. Although, the BOE decided to keep interest rates as is at 5.25%. Nonetheless, the deputy chief U.K. economist at Capital Economics said "several developments implied a rate cut is getting closer." In fact, many are now speculating that they could see their first rate cut in August. Other central banks in Europe have already begun cutting rates. So the BOE won't be the first. But their getting closer suggests we are too, given their inflation rate and ours have been tracking very closely (even though our progress stalled over the last few months while theirs continued to fall). Today we'll get the PMI Composite report, Existing Home Sales, and the Leading Indicators report. It's also Quadruple Witching, which means index futures, stock futures, index options, and stock options all expire. So there could be some extra volatility today. With one more day to go, stocks are poised to put in another up week. If so, that will make it 3 up weeks in a row for the S&P and Nasdaq. Best, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research Sponsor [Ultimate Access Is Only $1]( Starting today, for one month, you are invited to see the real-time buys and sells from all our private portfolios for only $1. And you won't be obligated to spend another cent. These portfolios closed 130 double and triple-digit gains already this year. While not all our picks are winners, members saw gains of +121.0%, +263.2%, +319.3% and even +812.0%. Special opportunity ends at midnight Sunday, June 23. [Start Zacks Ultimate Access Now»]( Today's Top Research [Have Stocks Run too Far, Too Fast? (5 Clues)]( Stock Strategist Andrew Rocco covers five bearish arguments and provide data on whether they hold weight. [Read More »]( [Here's Why Eli Lilly (LLY) is Probably the Best Drug Stock Now]( LLY has consistently reported strong revenues and profits and dealt well with expiring patents and increasing competition. [Read More »]( [Gold Prices Increase 13.5% YTD: 4 Market Outperformers]( The prospects for the Zacks Mining - Gold industry look optimistic, supported by the momentum in gold prices. [Read More »]( [3 Generative AI-Based MedTech Stocks to Keep an Eye On]( MedTech industry stalwarts Zimmer Biomet (ZBH), GE HealthCare (GEHC) and Medtronic (MDT) are stepping forth to embrace the game-changing technology. [Read More »]( [Builder Sentiment Dips in June Amid High Mortgage Rates]( Despite challenging market conditions these select homebuilders are leveraging company-specific tailwinds to navigate and thrive. [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: FrontDoor (FTDR)]( A different kind of insurance company, FrontDoor has seen earnings estimates push up while the stock has gone sideways. [Read More »]( [New Zacks Strong Buys for June 21st]( 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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