Stocks Ended Lower Yesterday, Plenty Of Positive Earnings From Big Names

Plus 5 Just-Added Strong Buys Stocks Ended Lower Yesterday, Plenty Of Positive Earnings From Big Names [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Ended Lower Yesterday, Plenty Of Positive Earnings From Big Names [Stocks Ended Lower Yesterday, Plenty Of Positive Earnings From Big Names]Image: Bigstock Stocks closed lower with all of the major indexes down by -1% or more. The Nasdaq fell by -1.98% while the small-cap Russell 2000 was down -2.40%. Positive earnings reports before the open yesterday by General Electric (+107% positive EPS surprise), McDonald's (+13.9% positive EPS surprise), and Archer Daniels Midland (+22.2% positive EPS surprise), amongst others, were not enough to lift stocks. After the close we heard from Microsoft, and they reported a positive EPS surprise of 10.4%, and a positive sales surprise of 3.78%. They were up more than 5.50% in after-hours trade. We also heard from Alphabet (Google), and they posted a positive EPS surprise of 10.4% as well, and a positive sales surprise of 1.54%. They were up 2.70% in after-hours trade. Visa also reported after the bell and posted a positive EPS surprise of 6.09%, and a positive sales surprise of 3.01%. They were up 1.40% in after-hours trade. Today there's 300 companies on deck to report. Boeing, Thermo Fisher, and Humana are three biggies that will report before the open. After the close we'll hear from Meta (Facebook), ServiceNow, and General Dynamics to name a few. In spite of yesterday's pullback, stocks typically go up during earnings season. As long as earnings can continue to come in at this better than expected pace, that should be supportive for stocks. But yesterday's pullback was more than likely position squaring ahead of Friday's Personal Consumption Expenditures (PCE) index inflation report. The PCE index is the Fed's preferred inflation gauge. And it will be the last inflation reading we'll get before the FOMC announcement next week on May 3. The latest CPI and PPI reports both confirmed inflation is on the decline. And that trend is expected to continue with the PCE index. But the Fed has repeatedly said that they will remain data dependent. And any unwanted surprise could have an impact on what they decide on rates next week. But for now, inflation is expected to show a continuing decline, and the Fed is widely expected to raise rates one last time by another 25 basis points and then call it quits. In other news yesterday, the Case-Shiller Home Price Index (unadjusted) was up 0.2% m/m vs. last month's -0.6%. On a y/y basis it was up 0.4% vs. views for 0.0% and last month's pace of 2.6%. New Home Sales jumped to 683,000 units (annualized) vs. the consensus for 634K and last month's 623K. The Richmond Fed Manufacturing Index fell to -10 vs. last month -5. And the Consumer Confidence report dipped to 101.3 vs. last month's 104.0 and views for the same. Today we'll get MBA Mortgage Applications, Durable Goods Orders, Retail and Wholesale Inventories, the Survey of Business Uncertainty, and the State Street Investor Confidence Index. Earnings remain in focus. But again, the main event this week is Friday's PCE inflation index. See you tomorrow, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research [Zacks Reveals ChatGPT "Sleeper Stock"]( One little-known company is at the heart of an especially brilliant Artificial Intelligence sector. By 2030, AI could expand the global economy by $15.7T. That's internet and iPhone-scale impact. ChatGPT answers follow up questions ... admits mistakes ... challenges incorrect premises ... and even rejects inappropriate requests. Just launched, this phenomenon is already outpacing the adoption rates of TikTok and Instagram by 3X and 10X respectively. 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