Stocks End Mixed, More Earnings On Deck

Plus 5 Just-Added Strong Buys Stocks End Mixed, More Earnings On Deck [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks End Mixed, More Earnings On Deck [Stocks End Mixed, More Earnings On Deck]Image: Bigstock Stocks closed mixed yesterday in narrow trading. Pre-market earnings saw positive EPS surprises from Bank of America (+18.9%), Johnson & Johnson (+6.77%), and Lockheed Martin (+5.93%) to name a few. Goldman Sachs posted a positive EPS surprise of +7.99%, but a negative sales surprise of -6.16%. After the close, we saw positive EPS surprises from Intuitive Surgical (+3.36%), and United Airlines (+13.7%). Netflix also reported after the close and posted a positive EPS surprise of +1.77%, but a negative sales surprise of -0.25%, while missing on new subscribers, and projecting less than expected sales and earnings estimates. NFLX traded down after the report, but then turned positive shortly thereafter. We've got more earnings on deck today with marquee names like Abbott Labs (before the open), Morgan Stanley (before the open), and Tesla (after the close), to name a few. In other news, the Housing Starts and Permits report showed starts dipped to 1.420 million units (annually), vs. last month's 1.432M and views for 1.400M, with permits falling to 1.413M from last month's 1.550M and estimates for 1.441M. Today we'll get MBA Mortgage Applications, and the Beige Book report. We'll also hear from New York Fed President, John Williams, and Chicago Fed President, Austan Goolsbee. The last few weeks saw a flurry of important economic reports (most notably regarding jobs and inflation), and plenty of market action as a result (stocks gained on the news). The focus has shifted to earnings this week (and next). But the market will turn its attention back to inflation when the Personal Consumption Expenditures (PCE) index comes out on April 28. The PCE index is the Fed's preferred inflation gauge. And it will be the last inflation reading they'll get before their FOMC announcement on May 3. The consensus is still for one more 25 basis point rate hike before calling it quits. But as the Fed has repeatedly said, their decisions will be data dependent. So even though inflation has clearly been trending down, every data point counts. And why it will be watched closely. In the meantime, stocks are trading within striking distance of their YTD highs. Given the resilient economy, and better than expected earnings so far, it looks like there's more upside to go. Especially since stocks typically go up during earnings season. See you tomorrow, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research [Advance Notice to Zacks Members]( [Earnings Surprises] Imagine being able to KNOW which stocks will beat expectations this earnings season. 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