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Stocks End Higher Yesterday, Small-Caps Led The Way, All Eyes On Friday's PCE Inflation Report

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Tue, Jul 23, 2024 12:02 PM

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Market Moves You Need to See Stocks End Higher Yesterday, Small-Caps Led The Way, All Eyes On Friday

Market Moves You Need to See Stocks End Higher Yesterday, Small-Caps Led The Way, All Eyes On Friday's PCE Inflation Report [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks End Higher Yesterday, Small-Caps Led The Way, All Eyes On Friday's PCE Inflation Report Stocks closed higher yesterday across the board. The small-cap Russell 2000 led the way with a 1.66% gain. But the Nasdaq was close by with 1.58%, followed by the mid-cap S&P 400 with 1.24%, and the S&P 500 with 1.08%. The market rotation/breadth expansion trade appears to be intact. While investors pare back allocation in large-cap tech/AI names, small-caps and other previously overlooked mid-cap and large-cap stocks are seeing new investor interest. And that's bullish for the market. Even though there's a lessening of big-tech/AI positions, that trade is not dead. This rotation is not an abandonment, simply a reallocation in an over-crowded, over-invested trade, until the next leg-up. Yesterday's Chicago Fed National Activity Index came in at 0.05 vs. last month’s upwardly revised 0.23 (from 0.18) and views for 0.10. Today we'll get Existing Home Sales, and the Richmond Fed Manufacturing Index. The economic calendar fills up as the week goes on. But the report everybody is really waiting for is Friday's Personal Consumption Expenditures (PCE) index. That's the Fed's preferred inflation gauge. And it'll be the last inflation report we get before the Fed meets on July 30-31. While nobody is expecting the Fed to cut rates next week, it will help inform their outlook on if they foresee a cut coming in September or further out like November or December. Earnings season continues this week. Today we'll get another 146 companies on deck to report, including Coca-Cola, Philip Morris and GE Aerospace before the open, and Alphabet, Tesla and Texas Instruments after the close. We'll also see if the market can build on yesterday's gains. With a resilient economy, earnings season in full swing, and sales and earnings estimates on the rise, it looks like there's plenty more upside to go. Then add in the cyclical trend that shows stocks typically perform well during Presidential election years (in fact, the 4-year Presidential Cycle 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 when the S&P gained 24.2%), and the odds look even better for more gains to come. See you tomorrow, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research Sponsor [FREE Report: MarketBeat's Top 10 stocks to own now?]( Discover... 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[Read More »]( [Top Stock Picks for Week of July 22, 2024]( The top picks for this week are the outperforming tech stock Micron Technology (MU) and value stock SM Energy (SM). [Read More »]( [The "Mag 7" Report: Global Week Ahead]( Throughout this week, Q2-24 S&P500 earnings will be front and center, as members of the "Magnificent 7" report their results, along with major banks. [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 »]( [Bull of the Day: NVIDIA (NVDA)]( Senior Stock Stategist Kevn Cook raised his price target for NVDA to $200. [Read More »]( [New Zacks Strong Buys for July 23rd]( 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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