Stocks Closed Mostly Lower, NVIDIA Earnings On Tap Today

Plus 5 Just-Added Strong Buys Stocks Closed Mostly Lower, NVIDIA Earnings On Tap Today [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Closed Mostly Lower, NVIDIA Earnings On Tap Today [Stocks Closed Mostly Lower, NVIDIA Earnings On Tap Today]Image: Bigstock Stocks closed mostly lower yesterday with only the Nasdaq eking out a small gain of 0.06%. After several weeks of stocks pulling back, the markets are trying to consolidate and form a new base for their next leg higher. All of the indexes, including the small-cap Russell 2000 and the mid-cap S&P 400 are trading below their 50-day moving average, but above their 200-day moving average. As I've mentioned previously, pullbacks as are normal. And stocks usually pull back about -5% roughly 3-4 times per year. Pullbacks happen in every bull market. And this one is no different. In other news, yesterday's Existing Home Sales report slipped to 4.07 million units (annualized) vs. last month's 4.16M and views for 4.15M. That's a -2.2% m/m decline (although that's an improvement from last month's pace of -3.3%). On a y/y basis, home sales are down -16.9%, although that too is an improvement from last month's pace of -18.9%. And the Richmond Fed Manufacturing Index came in at -7, in line with the consensus, and an improvement from last month's -9. Today we'll get MBA Mortgage Applications, New Home Sales, and the PMI Composite report. We'll also get the hotly anticipated earnings from NVIDIA. Back in May they reported a positive EPS surprise of 18.5%, and a positive sales surprise of 10.5%. Moreover, they upped their Q2 revenue forecast to $11 billion (+/-2%), which was more than 50% above the consensus at the time of $7.2B. Their positive surprises and stunning upward guidance helped launch the rally we've seen in the broader market since then (current pullback notwithstanding). NVDA is currently trading roughly -3.8% under their all-time closing high made just a few weeks ago. They report today after the market's close. All in all we'll hear from 99 companies set to report today, including two other tech favorites: Splunk and NetApp, both after the close as well. Could be a busy day with plenty of position squaring ahead of this afternoon's earnings. See you tomorrow, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research [Low-Priced Stocks with Sky-High Potential]( Zacks is now revealing its top stock recommendations priced under $10 per share. Each is a high-quality company with prospects for gains of 2X and more. Recently, our recommendations have closed returns of +76.0%, +100.6% and even +221.2%. 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