Stocks End Mostly Higher Yesterday, But Down For The Week With One More Day To Go

Plus 5 Just-Added Strong Buys Stocks End Mostly Higher Yesterday, But Down For The Week With One More Day To Go [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks End Mostly Higher Yesterday, But Down For The Week With One More Day To Go [Stocks End Mostly Higher Yesterday, But Down For The Week With One More Day To Go]Image: Bigstock Stocks closed mostly higher yesterday with the Nasdaq leading the way with 0.95%, followed by the S&P with 0.37%. Although, with one more trading day to go, the indexes are poised to close lower for the week. But the Nasdaq and S&P are just 0.63% and 0.43% away from finishing in the green, while the Dow needs only a little more than 1% to end the week on a positive note. Yesterday's Weekly Jobless Claims were unchanged at 264,000, just a tad over the consensus for 261K. The 4-week moving average came in at 255.75K. The Kansas City Fed Manufacturing Index declined to -12 vs. last month's -1. The Chicago Fed National Activity Index dipped to -0.15 vs. last month's upwardly revised 0.14 (from 0.07), and views for 0.08. The 3-month average improved, however, from an upwardly revised -0.20 (previously -0.22) to -0.14. Existing Home Sales rose to 4.30 million units (annualized) vs. last month's upwardly revised 4.29M and estimates for 4.25M. That was a 0.2% m/m increase. Although, it marked a -20.4% y/y drop. And the Leading Indicators report came in as expected with a -0.7% m/m change, down from last month's -0.6% print. Fed Chairman, Jerome Powell, was on Capitol Hill again yesterday, this time giving his semiannual testimony on monetary policy to the U.S. Senate Committee on Banking, Housing, and Urban Affairs. He pretty much reiterated the same talking points he gave the House Financial Services Committee on Wednesday, and what the Fed gave everyone last week: that more rate increases are likely, given that inflation is above where it should be. Yesterday, he added that "we're at least close to where we think our destination is...and it only makes common sense to move...at a careful pace." At the moment, the market feels comfortable with the Fed's estimate that there's the potential for two more 25 basis point rate hikes if inflation doesn't start dropping faster. But other Central Banks appear to be moving at a quicker pace. The Bank of England, for example, raised interest rates by 50 basis points yesterday vs. the widely expected 25 basis point hike. Although, their 5% rate is now on par with the Fed Funds midpoint of 5.13%. Today, the only economic report on the docket is the PMI report. With stocks finishing near their highs for the day yesterday, that momentum could very well carry over into today. If so, that could extend the S&P's winning streak to 6 up weeks in a row, and 9 up weeks in a row for the Nasdaq. If not, that's OK too. Nothing wrong with taking a breather after a fantastic handful of weeks. Either way, stocks are all in the plus column YTD. And it looks like there's plenty more upside to go. So make sure you're taking full advantage of it. Best, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research [Alert: One Semiconductor Stock Stands to Gain the Most]( We're sitting on an +800% gain in the giant NVIDIA. But now Zacks has named a different semiconductor stock that has the most upside of all. We probably won't be sitting on it long, so hurry if you're after maximum profit potential. Just-released: One Semiconductor Stock Stands to Gain the Most spotlights a stock that's only a fraction of the size of NVIDIA. You can buy shares at a stunning bargain price of under $10. Flush with patents, this company is poised for a huge year with strong earnings growth and an expanding customer base. Your cost to download our Special Report is only $1– no further obligation. Hurry – the deadline is midnight Sunday, June 25. 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