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Stocks Closed Higher Last Week, Small-Caps Soar

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Mon, Jul 15, 2024 12:02 PM

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Market Moves You Need to See Stocks Closed Higher Last Week, Small-Caps Soar Profit from the Pros By

Market Moves You Need to See Stocks Closed Higher Last Week, Small-Caps Soar [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Closed Higher Last Week, Small-Caps Soar Stocks closed higher on Friday, and for the week. That includes small-caps, which have been neglected for much of the year. In fact, the small-cap Russell 2000 led the indexes with an outsized gain of 6.00% for the week. That was followed by the mid-cap S&P 400 with a gain of 4.31% and the Dow with a gain of 1.59%. Last week's Semiannual Monetary Policy testimony to Congress, where Fed Chair Jerome Powell said the economy has made "considerable progress" on inflation, while maintaining a "strong, but not overheated" job market, set the stage for a late-week rally. Thursday's better-than-expected CPI inflation report, which suggested the Fed might be able to cut rates sooner rather than later (and possibly twice this year vs. their forecasted one cut), produced an interesting reaction. Small-caps and mid-caps soared on the news, while the S&P and Nasdaq dropped, which reignited rotation chatter. Friday's PPI report, unlike the CPI, showed inflation coming in a bit hotter than expected. But all of the indexes soared anyway. Aside from when will the Fed actually begin cutting rates, and by how much this year, the other question is, are we looking at the long-awaited rotation, or breadth expansion, or maybe both? Either way, it appears bullish for the market. Especially after a record number of stocks beat the market on Thursday, following a record number that underperformed in the first 6-months of the year. Rotation out of large-caps and big-tech/AI related names, doesn't mean that trade is over. It could very well mean that instead of that trade dominating the market, there might now be room for other market-caps, and industries to participate. So instead of this historic bull market being led by just a handful of stocks, far more might now be joining the party. And breadth expansion could usher in a whole new leg higher for the market. Earnings season unofficially kicked off last week after several of the big banks (JPMorgan Chase, Citigroup and Wells Fargo) reported both positive sales and earnings surprises. Earnings season officially kicks off this week when Alcoa reports earnings on Wednesday, 7/17, after the close. But the entire week is full of marquee names on deck with Goldman Sachs and BlackRock reporting today; Bank of America, Morgan Stanley and United Health Group posting tomorrow; Johnson & Johnson, United Airlines and Las Vegas Sands going on Wednesday; Netflix, Intuitive Surgical, Abbott Labs and Domino's Pizza reporting on Thursday; and American Express and Schlumberger posting on Friday. Should be a busy week of earnings. It will also be a busy week of economic reports with the NY Fed Manufacturing Index coming out today; Import & Export Prices, Business Inventories and Retail Sales coming out tomorrow; Housing Starts & Permits and Industrial Production on Wednesday; and the Philadelphia Fed Manufacturing Index and Weekly Jobless Claims on Thursday. All eyes will be on the small-caps this week to see if last week's upside breakout sticks, and if they will finally begin catching up to the rest of the indexes. Additionally, we'll see if the S&P and Nasdaq, which have been the far and away leaders of this bull market, can keep their momentum going as well. With earnings season underway (stocks typically go up during earnings season), there's plenty of reason to believe there's more upside to go. So make sure you're taking full advantage of it. See you tomorrow, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research Sponsor [Extended: "Surprise" Stocks to Buy This Earnings Season]( [earnings estimate revisions development timeline] 233 companies are scheduled to report earnings this week. What if you could know in advance which few look to rock Wall Street and pop in price? Now you can. Zacks proprietary "ESP" formula has predicted positive earnings surprises with unthinkable 80% accuracy. That doesn't mean we make money 80% of the time, but recent picks were closed for gains of +49.8%, +39.9% and +28.5% in as little as 4 days. Alert: Your chance for access ends midnight Monday, July 15 - TONIGHT. [See Surprise Stocks Now »]( Today's Top Research [Small Caps Roar: 3 Stocks to Ride the Momentum]( EZCORP (EZPW), LendingTree (TREE) and Stitch Fix (SFIX) look to join in on the recent small-cap momentum. [Read More »]( [Market Rotation: 3 High Quality Stocks to Catch this Epic Shift]( Following market rotation, Weatherford International (WFRD), 3M (MMM) and Philip Morris International (PM) are showing clear relative strength. [Read More »]( [Q2 Earnings Growth Expected to Reach Two-Year High]( The major banks' Q2 results looked good enough - not great, but definitely not bad either. [Read More »]( [Want to Own NVIDIA? Buy These ETFs]( Stock Strategist Tracey Ryniec covers some of the hottest ETFs this year thanks to AI. [Read More »]( [Stocks at 52-Week Lows: Values or Traps?]( Many investors like to look for deals among stocks hitting new lows but are there any? [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: Daktronics (DAKT)]( DAKT is a Zacks Rank #1 (Strong Buy) that has an A for Value and a B for Growth. [Read More »]( [New Zacks Strong Buys for July 15th]( 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 June 3, 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. Zacks Emails If you would prefer to not receive future profit-producing emails from [Zacks.com]( the primary purpose of which is the commercial advertisement or promotion of a commercial product or service, then please [click here]( and confirm your request. If you have trouble with the unsubscribe link, please email support@zacks.com. Zacks Investment Research 10 S. Riverside Plaza, Suite 1600 Chicago, IL 60606

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