Stocks Closed Sharply Higher As Market Breadth Expands

Plus 5 Just-Added Strong Buys Stocks Closed Sharply Higher As Market Breadth Expands [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Closed Sharply Higher As Market Breadth Expands [Stocks Closed Sharply Higher As Market Breadth Expands]Image: Bigstock Stocks closed sharply higher yesterday. The Nasdaq led the way with a 1.65% gain. The small-cap Russell 2000, and mid-cap S&P 400 were not far behind with 1.46% and 1.61% respectively, underscoring the breadth of the rally. Profit taking set in last week after a spectacular 1-2 month rally which sent stocks to YTD highs. But the market may very well have regained its footing after yesterday. In other news, yesterday's Durable Goods Orders report showed new orders up 1.7% m/m vs. last month's upwardly revised 1.2% pace and views for -1.0%. Ex-transportation it was up 0.6% vs. the consensus for a flat reading, while core capital goods were up 0.7% vs. estimates for 0.6%. The Case-Shiller Home Price Index (unadjusted) rose 1.7% m/m vs. the consensus for 1.0%. While the y/y change was down -1.7%, it beat expectations which called for -2.3%. New Home Sales surged to 763,000 units (annualized) vs. last month's 680K, and estimates for 667K. The Richmond Fed Manufacturing Index improved to -7 vs. last month's -15 and the consensus for -10. And the Consumer Confidence Index rose to 109.7 vs. last month's upwardly revised 102.5 and views for 103.7. With roughly 70% of our GDP tied to consumer spending, an optimistic and confident consumer is a positive indicator. Today we'll get MBA Mortgage Applications, Retail and Wholesale Inventories, the Survey of Business Uncertainty, and the State Street Investor Confidence Index. We'll also hear from Fed Chair, Jerome Powell as he participates in a discussion at the European Central Bank (ECB) Forum on Central Banking 2023, in Sintra, Portugal. While no new ground is expected to be broken at the forum, you can be sure everybody will be listening closely to what everyone has to say. Especially after the ECB and the Bank of England (BOE) just raised interest rates again earlier this month, and hinted there's more on the way. That goes for the Fed as well. Even though they paused this month, they are forecasting another 50 basis points before they call it quits. And it's all because of persistently high inflation. It has come down from last year's peak. But it's not moving as fast as the powers that be would like. But the central bankers continue to say they will be data dependent. And that's why Friday's Personal Consumption Expenditures (PCE) index is so important. This is the Fed's preferred inflation gauge. And while core PCE is currently at 4.7% (which is down from last year's high of 5.3%), the Fed upped their end-of-year forecast to 3.9% vs. their previous 3.6%. So plenty of interest in today's discussion. And you can be sure all eyes will be on Friday's inflation report. In the meantime, stocks are off to a great start this year. And it looks like there's a lot more upside to go. See you tomorrow, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research Sponsor [Is Graphite the New Lithium?]( [image]( Did you know that graphite (NOT lithium) is the largest component of lithium batteries used for EV's? Unfortunately, there are no graphite-producing mines in North America today. This leaves the U.S. at the mercy of China for our vital graphite supply. [See how investors could benefit from the domestic graphite crisis]( Most Popular Articles from Zacks.com [3 Compounder Stocks Trading at Historical Discounts]( These are companies that have exhibited exceptional long-term returns, and regularly outperform during economic downturns. [Read More »]( [4 Stocks to Buy on Americans' Travel Plan Despite Rising Prices]( Inflation and fears of the economy slipping into a recession haven't deterred Americans from traveling. [Read More »]( [3 Transport-Service Stocks to Watch Amid Promising Industry Trends]( An uptick in manufactured and retail goods, favorable pricing and improvement in global economic conditions bode well for these industry participants. [Read More »]( [3 Top Stocks Currently Yielding More Than 10%]( It's common for companies to increase their dividend payouts when business is fruitful, making them enticing investments for income-focused investors. [Read More »]( [6 ETF Areas Up At Least 40% in the First Half]( We take a closer look at the investing areas that gained more than 40% in the first half of 2023. [Read More »]( [Only $1. For Everything. No Kidding.]( Capitalize on today's market by seeing all the private trades hidden from the public on Zacks.com. These trades are produced by the coveted system that's more than doubled the S&P 500 since 1988 with a whopping average gain of +24.2% per year. Starting today, for one month, you can follow these exclusive portfolios in real time from value to income . . . from best stocks under $10 to insider trades to companies that are about to report earnings (we've predicted positive surprises with more than 81% accuracy). Total cost $1, and not a cent of further obligation. [See the Trades Now »]( [Bull of the Day: Tecnoglass Inc. (TGLS)]( This highly-ranked stock is backed by a leading industry group and robust history of earnings beats. [Read More »]( [New Zacks Strong Buys for June 28th]( 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 May 15, 2023. 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