Nasdaq Makes New All-Time High, But Apple And Amazon Disappoint After The Close

Plus 5 New Strong Buys for Today Nasdaq Makes New All-Time High, But Apple And Amazon Disappoint After The Close [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Nasdaq Makes New All-Time High, But Apple And Amazon Disappoint After The Close [Nasdaq Makes New All-Time High, But Apple And Amazon Disappoint After The Close]Image: Bigstock Stocks finished higher yesterday with the S&P making a new all-time high close, and the Nasdaq making a new all-time high and close. Although, we could see a dip today after Apple and Amazon both negatively surprised after the close. Apple beat on earnings with a 2.48% positive EPS surprise, but missed on revs with a -0.95% negative sales surprise. They cited supply constraints for the miss. Amazon missed on both the top and bottom lines with a -31.7% negative EPS surprise and a -0.90% negative sales surprise. They also guided Q4 lower on both sales and earnings as rising costs and supply disruptions will take a further toll. AAPL and AMZN were both lower by roughly -4% in after-hours trade. But aside from those two high profile misses, earnings season continues to deliver. We'll get another 149 companies reporting today. Another 1,838 next week. And another 1,443 the week after that. Traders will also focus on the infrastructure and reconciliation bills. While the reconciliation bill will not be voted on anytime soon (they only just agreed to a framework yesterday in order to advance the infrastructure bill), the House has said they need to vote on the infrastructure bill (pass it) by October 31st since the Federal Transportation Fund will expire by then, and the extension is tied to that. There's a general consensus that the infrastructure bill is likely to pass, in spite of some high profile opposition. Since there's a fair degree of bipartisan support, it's expected to make it through. But you never know with D.C. In other news, Q3 GDP slowed more than expected, coming in at 2.0% vs. views for 2.7%. Although, Personal Consumption Expenditures rose by 1.6% vs. estimates for 0.7%. Weekly Jobless Claims came in better than expected, falling by -10,000 new claims to 281,000. The Kansas City Fed Manufacturing Index showed a solid gain coming in at 31 vs. last month's 22. Although, the Pending Home Sales Index declined by -2.3% vs. the consensus for a 1.7% increase. Today we'll get the Personal Income and Outlays report, the Chicago PMI, and Consumer Sentiment. Even though disappointment over Apple's and Amazon's earnings report could weigh on stocks today (or not), the indexes come into the day poised for another weekly gain. And since both the S&P and Nasdaq have sizeable leads on the week so far, we could see another positive weekly finish. But aside from short-term price actions, the economy and the market look like there's a lot more upside to go. With economic growth expected to accelerate in Q4, virus counts continuing to fall, more and more of the economy opening back up, and the prospect for trillions of additional stimulus dollars being pumped into the economy, it looks like stocks are poised to soar. So make sure you're taking full advantage of it. Best, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research Sponsor [5 Stocks Set to Double: Saturday Deadline]( There's still time to get in on our 5 Stocks Set to Double. Each is the single favorite of a Zacks expert with the best chance to gain +100% and more in the months ahead: - Analysts are predicting earnings jumping by 10,050% through year’s end for this well-run oil mid-cap. It’s positioned to take advantage of high demand and rising prices. - Gene editing aims to cure a multitude of diseases, and this company is poised to gain the most in the months to come. - This small pop culture consumer company plans to “completely disrupt its space,” and its earnings beats are averaging 160% per quarter already over the past year. - This consumer electronics company has blasted past forecasts for 15 years straight. Now it’s coming off a patent win over a tech giant and a record week for new product registrations. - Riding not 1 but 2 booming industries, this tech stock has skyrocketed +1,200% since late 2017. Experts believe that some recent profit taking has set the stage for more stratospheric gains. Deadline to download this just-released Special Report is midnight Saturday, October 30th. [See Stocks Now »]( Most Popular Articles from Zacks.com [4 Stocks to Buy as Consumer Confidence Rebounds in October]( Consumer discretionary stocks look to be the ideal space to invest in the near term. [Read More »]( [5 Mid-Cap Growth Picks Ahead of Earnings for Long-Term Gain]( Each of these picks carries either a Zacks Rank #1 (Strong Buy) or 2 (Buy), a Growth Score A and a positive Earnings ESP. [Read More »]( [How did COVID Reshape Retail and Goods Production?]( Zacks Chief Equity Strategist John Blank examines COVID's impact on retail for consumers. [Read More »]( [Q3 Earnings Scorecard & Analyst Reports for Berkshire Hathaway, Visa & Novartis]( This episode of Research Daily features new reports on 16 major stocks, including BRK.B, V, and NVS. [Read More »]( [5 Ten-Year Value Superstars]( Didn't buy Tesla? Investors still outperformed the S&P 500 in these value stocks. [Read More »]( Sponsor [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: Accel Entertainment (ACEL)]( This stock is expected to show 125% topline growth this year and reports earnings early next week. [Read More »]( [New Zacks Strong Buys for October 29th]( Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. [Read More »]( 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]( 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 October 4, 2021. 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