Stocks End Mixed As Earnings Continue To Roll In

Plus 5 New Strong Buys for Today Stocks End Mixed As Earnings Continue To Roll In [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks End Mixed As Earnings Continue To Roll In [Stocks End Mixed As Earnings Continue To Roll In]Image: Bigstock Stocks closed mixed yesterday with the S&P and Nasdaq finishing in the red, while the Dow and small-cap Russell 2000 finished in the green. Declines in Microsoft, Alphabet (aka Google), and Boeing, weighed on the indexes yesterday. And it's possible we could see some additional pressure today after Meta (aka Facebook) posted a negative EPS surprise of -12.8% after the close yesterday, along with Ford (-3.23% negative EPS surprise), and Align Technologies (-38.5% negative EPS surprise). We'll get a whole new slew of marquee names reporting earnings today with Caterpillar, McDonald's, and Honeywell reporting before the open. After the close we'll hear from Apple, Amazon, and Intel. All in all, there's another 379 companies on deck to report today. In other news yesterday, MBA Mortgage Applications fell -1.7% w/w, with purchases off -2.3%, and refi's flat (0.0%). New Home Sales fell to 603,000 units (annualized) vs. last month's pace of 677K. However, that was above the consensus for 585K. Retail Inventories rose 0.4% m/m. And Wholesale Inventories rose 0.8%. And the State Street Investors Confidence Index slipped -4.6 points at 104.3. That's down from last month's 108.9. But a reading above 100 still shows institutional investors deploying more exposure to risky assets, i.e., equities. The European component led the decline with a sharp -14.4 point drop at 86.2. The North American component was down by a more modest -5.1 points at 104.0. The Asian component, however, was up 4.1 points at 104.5. Today we'll get the advance reading for Q3 GDP. The consensus is calling for 2.3%. We'll also get Weekly Jobless Claims, Durable Goods Orders, and the Kansas City Fed Manufacturing Index. Stocks are up sharply for the week so far. There's still two more trading days to go. But if stocks can hang onto their gains from earlier this week (even better if we can add to them), that'll make it 2 weeks in a row for the S&P, Nasdaq, and Russell 2000, and 4 weeks in a row for the Dow. Either way, stocks have been on a tear ever since they put in their key upside reversal day on October 13. And there's growing speculation that we may just very well have put in THE bottom. In fact, at the moment, there are more reasons to believe that we have, than haven't. And the better than expected earnings season, which has so far contradicted the doom and gloom forecasts, is just one of the reasons. To judge for yourself if you think we've hit bottom or not, be sure to read our latest commentary... 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