Stocks Up Again As Winning Streak Continues

Market Moves You Need to See Stocks Up Again As Winning Streak Continues [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Up Again As Winning Streak Continues [Stocks Up Again As Winning Streak Continues]Image: Bigstock Stocks closed higher again yesterday with the big three indexes extending their winning streak to 7 days in a row for the Dow and the S&P, and 8 days in a row for the Nasdaq. The day started off with earnings from Uber before the open. They posted a negative EPS surprise of -23.1%, and a negative sales surprise of -1.84%. But the report was interpreted bullishly. For the quarter, they earned 10 cents a share vs. last year's -61 cents. And sales increased to $9.29 billion vs. last year's $8.34B. And for Q4, they are expecting gross bookings (midpoint estimate) to come in 1.37% above the current consensus, and adjusted earnings (midpoint estimate) to exceed the current consensus by 4.31%. They were up 3.70% in the regular session. Today we'll hear from 524 companies including Biogen (before the open), and Disney (after the close). In other news, yesterday's International Trade in Goods and Services report showed our trade deficit expand to -$61.5B vs. last month's -$58.7B and views for -$60.3B. And Consumer Credit expanded by $9.0B m/m in the latest report (which reflects September) vs. the consensus for $10.0B, but well above last month's report which showed an unexpected decline of -$15.8B. Today we'll get MBA Mortgage Applications, and Wholesale Inventories. We'll also hear from Fed Chair Jerome Powell, as he gives opening remarks at the Division of Research and Statistics Centennial Conference, in Washington, D.C. And we'll hear from other Fed officials, including Vice Chair Philip N. Jefferson, who will give the closing remarks at the same conference as Mr. Powell. Additionally, we'll hear from Fed Governor Lisa D. Cook, as she speaks at the Central Bank of Ireland Financial System Conference, in Dublin, Ireland. And Vice Chair for Supervision Michael S. Barr, as he participates in a discussion at the National Association of Affordable Housing Lenders (NAAHL) Conference, in Washington, D.C. None of the above are expected to break any new ground at their events. But you can be sure their comments will be listened to and analyzed if they do. The next FOMC announcement isn't until December 13. Prior to that we'll get 3 more inflation reports (CPI on 11/14, PPI on 11/15, and PCE on 11/30), and one more Employment Situation report on 12/8. In the meantime, the market will focus on earnings and the latest economic data. The momentum has shifted back to the upside after last week (and so far this week). The long-awaited Q4 rally seems to have begun. With 7½ weeks left in the year, many have high hopes for the amount of ground the markets can cover. As it stands now, the Dow is up 3.03% YTD, the S&P is up 14.0%, and the Nasdaq is up 30.3%. See you tomorrow, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research [7 Stocks That Stand to Get The Biggest Boost in 2024]( Eric Fry is back with more recommendations for outperforming in the 2024 market. He's tracked down 7 picks and 3 of them are AI gems that you won't want to miss. As the man who's picked 41 stocks that did over 1000%, he's best qualified to make these recommendations. [Download this brand-new research now. It's yours... FREE.]( Most Popular Articles from Zacks.com [Market Melt-Up: 3 Top Ranked Stocks Breaking Out Now]( To take advantage of this final leg higher, we share three stocks with top Zacks Ranks, and technical trading patterns to enhance their bullish setups. 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