Stocks Soar For The Second Day In A Row

Plus 5 New Strong Buys for Today Stocks Soar For The Second Day In A Row [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Soar For The Second Day In A Row [Stocks Soar For The Second Day In A Row]Image: Bigstock Stocks soared again yesterday with all of the major indexes up by nearly 3% or more. (The small-cap Russell 2000 led the way with 3.91%.) Over the last 2 days, the Dow is up by 5.54%, the S&P by 5.73%, the Nasdaq by 5.68%, and the Russell 2000 by 6.67%. Yesterday's JOLTS (Job Openings and Labor Turnover Survey) report, which showed a -1.117 million drop in job openings at 10.053M, was seemingly cheered by the market. That still leaves about 4 million more jobs available than there are unemployed people to fill them. But the softer job openings was looked at as a positive, i.e., the economy is starting to cool to where the labor market may not be so tight, and thus wage inflation may ease. It's also looked at as a barometer for the larger economy as well. And any cooling suggests the Fed's interest rate moves are finally starting to have the desired impact. We'll get another look at the jobs market today with the ADP Employment report, and then tomorrow's Weekly Jobless Claims, and Challenger Job-Cut Report. But the report everybody is really waiting for is Friday's Employment Situation report. In other news, yesterday's Factory Orders report was flat vs. last month's -1.0% and views for 0.2%. In addition to today's ADP Employment report, we'll also get MBA Mortgage Applications, the International Trade in Goods and Services report, the PMI Composite report, and the ISM Services Index. News that Elon Musk has agreed to close the deal with Twitter at the original price sent TWTR shares soaring by 22.2%. The broader market was already up prior to the announcement. But being up 22% only added to the bullish sentiment yesterday. Yesterday's sharp rally (on top of Monday's sharp rally) was fantastic. But I'm still looking for our follow-through day, which ideally comes between days 4 and 7, as those have historically proven to be the strongest follow-through days in signaling that a trend change may truly be taking place. (Yesterday was day 2.) Nonetheless, yesterday's move was great. And only underscores how oversold we were/are, and that the downside might have gotten too far ahead of itself given the positives in the market. It's also great to have the seasonality in our favor. Not only is Q4 typically the best quarter of the year for stocks. It's also a midterm year, and Q4 is typically up in midterm years. Moreover, with Q1 (following a midterm year), historically being even stronger than Q4, we could be looking at even stronger tailwinds. And lastly, when we factor in that the third year of the presidential cycle (that's what 2023 will be), has historically seen the best performance of all four years, the outlook for stocks looks even stronger. For now, it's been a great 2 days. Let's see if we get our follow-through day by week's end or early next week. In the meantime, let's see how today goes. See you tomorrow, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research Sponsor [5 Top-Rated Stocks for October - Just Released]( MarketBeat's analysts have just released their top five highest-rated stocks for October, 2022. None of the usual suspects, including Apple and Tesla, made the cut. Click the link below to see which stocks made the cut. [View MarketBeat's Top 5 Stocks for October]( Most Popular Articles from Zacks.com [Funtober: Has the Market Shifted into Rally Mode?]( With markets off to a great start to the historically positive fourth quarter, now is the time to build a watchlist of buyable stocks. [Read More »]( [3 Integrated Majors Leading the Energy Transition Race]( These opportunities have a footprint in both oil and gas resources and the renewable energy space. [Read More »]( [Tower REITs Seek Expansion Opportunities on Solid Demand]( We selected three REITs well-poised to benefit from increased capital spending by wireless carriers. [Read More »]( [3 Top-Ranked Utility Stocks Shaking off Market Woes]( It goes without saying that the sector has been a bright spot in an otherwise dim market. [Read More »]( [Top-Ranked ETFs That Beat the Market in Q3]( While there have been losers in many corners of the space, these five ETFs, from different industries, have gained in the third quarter. [Read More »]( [Can the Zacks Rank Get Even Better?]( Since 1988, it has more than doubled the market, averaging 24.5% per year. In 2017, a little-known research development added pinpoint technical analysis to strong Zacks Rank stocks for even more timeliness, accuracy, and profit potential. This TAZR system (Technical Analysis + Zacks Rank) has turned out flurries of quick-hitting 1-3 month wins and, when hold periods are extended, has scored a surprising number of double- and triple-digit gains. This strategy screens down the best 880 Zacks Rank stocks to a small selection poised to make big moves. [See Its Latest Stocks Now >>]( [Bull of the Day: DexCom, Inc. (DXCM)]( Top-line growth has been stellar and its addressable market looks massive. [Read More »]( [New Zacks Strong Buys for October 5th]( 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 September 12, 2022. 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