Stocks Up On Friday And For The Week, Earnings Season Kicks Into Gear This Week

Plus 5 Just-Added Strong Buys Stocks Up On Friday And For The Week, Earnings Season Kicks Into Gear This Week [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Up On Friday And For The Week, Earnings Season Kicks Into Gear This Week [Stocks Up On Friday And For The Week, Earnings Season Kicks Into Gear This Week]Image: Bigstock Stocks closed higher on Friday and for the week. And with one more trading day to go, the major indexes are all poised to close higher for the month. That would make it 5 months in a row for the S&P and Nasdaq, and 4 out of the last 5 months for the Dow. Last week's FOMC announcement went off as expected. The Fed raised rates by 25 basis points. They said they had not yet made a decision on what they'll do at their next meeting on September 20th. And that they remain data dependent. They remarked how resilient the economy was. Acknowledged that inflation has come down. While still too high, their outlook was for inflation to continue to ease throughout the rest of the year, next year, and into 2025. Regardless of what the Fed does in September, it's clear that we are nearing the end of the rate hike cycle, if we haven't reached it already. Last week also saw the first print of Q2 GDP come in much better than expected at 2.4% vs. the consensus for 1.5% and Q1's 2.0%. And last Friday's Personal Consumption Expenditures (PCE) index showed inflation continuing to ease. The headline number was up 0.2% m/m as expected, while the y/y rate was up 3.0%, in line with expectations and down from last month's 3.8%. The core rate (ex-food & energy), also rose 0.2% m/m as expected, while the y/y rate came in at 4.1%, beating expectations for 4.2%, and last month's 4.6%. Traders cheered the news as each inflation report that shows inflation moderating, is one more data point to help the Fed call it quits. Granted, we've still got 2 more CPI inflation reports, 2 more PPI inflation reports, 1 more PCE inflation report, not to mention 2 more employment situation reports to get through before September's meeting. But every report counts. And Friday's report was another one in favor of pausing once again (and maybe for good). We also saw some big earnings beats last week, not the least of which came from Alphabet, Boeing, McDonald's, Intel and Meta to name a handful. Earnings season ramps up this this week with another 1,653 companies set to report, including marquee names like ON Semiconductor today; Starbucks and Uber on Tuesday; Novo-Nordisk and Qualcomm on Wednesday; mega-caps Apple and Amazon on Thursday; and Berkshire Hathaway on Friday. This year has been fantastic. And with recession fears seemingly off the table this year, earnings coming in better than expected, and the statistical trends all pointing to continued gains throughout the rest of the year, 2023 could very well be one for the record books. So make sure you're taking full advantage of it. See you tomorrow, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research [Why Haven't You Looked at Zacks' Top Stocks?]( Since 2000, our top stock-picking strategies have blown away the S&P's +6.2 average gain per year. Amazingly, they soared with average gains of +46.4%, +49.5% and +55.2% per year. Today you can access their live picks without cost or obligation. [See Stocks Free »]( Most Popular Articles from Zacks.com [5 Construction Stocks Set to Carve a Beat This Earnings Season]( These Zacks Construction sector stocks are set to beat analysts' Q2 expectations on the back of higher infrastructural demand and improving residential market. [Read More »]( [3 Under-the-Radar Large-Cap Stocks to Buy in August]( We dive into three somewhat under-the-radar large-cap stocks that already reported upbeat quarterly results. [Read More »]( [5 Safe Stocks to Buy as Fed Resumes Interest Rate Hikes]( Investors should focus on investing in these non-cyclical stocks. [Read More »]( [How Value Investors can use the Power of Compounding]( It's not all about the Magnificent 7. The 10 best performing S&P 500 stocks since 2000 tell the tale. [Read More »]( [5 ETFs to Ride On Solid Q2 Economic Growth]( As the economy has picked up steam in the second quarter, these ETFs look to benefit. [Read More »]( [Start Every Day Ahead of Wall Street]( Ahead of Wall Street article. With timely information from Zacks analysts, each daily article features a preview of where the market is headed. Plus, Zacks #1s on the move, stock research reports, earnings and economic news, and a top-headline analyst blog. All of it in one easy-to-follow place to give you the edge. [Get the latest news »]( [Bull of the Day: Copart, Inc. (CPRT)]( The company enjoys a dominant market position and strong balance sheet. [Read More »]( [New Zacks Strong Buys for July 31st]( 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 July 3, 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