Stocks Up As Earnings Season Gets Underway

Plus 5 New Strong Buys for Today Stocks Up As Earnings Season Gets Underway [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Up As Earnings Season Gets Underway [Stocks Up As Earnings Season Gets Underway]Image: Bigstock Stocks finished mostly higher yesterday. Yesterday's Consumer Price Index likely spooked the market early on as headlines reported it was the largest y/y rise for inflation in 13 years. The CPI report showed the m/m change was up 0.4% vs. last month's 0.3% and views for the same. On a y/y basis it was up 5.4% vs. last month's 5.3% and views for the same. Ex-food & energy it was up 0.2% m/m (in line with expectations), and 4.0% y/y (also in line with expectations). While the change from this month's report wasn't that different from last month's report, the steady creep higher is underscoring the growing narrative that this 'transitory' inflation will likely be here for quite some time before it ultimately pulls back. Two key drivers of this are supply shortages (partly due to supply chain bottlenecks), and labor shortages. Fortunately, we got some good news on the supply chain situation yesterday. With a record backlog of container ships waiting to be unloaded at the Port of Los Angeles, it was announced that they will now work around the clock, 24-7 to ease the congestion. While that will only address part of the problem (once containers are off the ships, the goods still need to be loaded onto trucks and shipped to stores -- and that part of the process is also backed up), it's a start. And the market cheered the news. Also lifting stocks was the start of earnings season. Stocks typically go up during earnings season. And it's not uncommon to see stocks move 10%, 20%, 30%, or more, after reporting earnings. And with this earnings season expected to be another stellar one, we could be in for some huge moves. But you need to know where to look. 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