Stocks End Lower, But On Pace For 4th Up Week In A Row

Market Moves You Need to See Stocks End Lower, But On Pace For 4th Up Week In A Row [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks End Lower, But On Pace For 4th Up Week In A Row [Stocks End Lower, But On Pace For 4th Up Week In A Row]Image: Shutterstock Stocks closed modestly lower yesterday, putting an end to the 5-day winning streak for the S&P and Nasdaq. But the 3-week winning streak, which is currently on pace for 4-weeks, is still going strong. We had plenty of earning reports yesterday before the open from the likes of Lowe's (positive EPS surprise of 0.33%), Medtronic (positive EPS surprise of 5.93%), and Baidu (positive EPS surprise of 14.29%). Some traded higher and some traded lower. But what the market was really waiting for was earnings from NVIDIA after the close. After the bell they posted a 19.64% positive EPS surprise, and an 11.90% positive sales surprise. That translated to more than a 10x increase in quarterly earnings vs. this time last year, and a 205% increase in sales. Shares were down by -0.92% during the regular session yesterday before earnings, and another -1.7% in after-hours trade. But let's not forget that they are up 242% so far this year. A stunning performance for the company and the stock. In other news, yesterday's Existing Home Sales report came in at 3.79 million units (annualized) vs. last month's 3.95M and views for 3.91M. That's down -4.1% vs. last month. On a y/y basis it's down -14.6%. Yesterday's FOMC Minutes showed the Fed agreed to 'proceed carefully' on rates. And that they wanted to keep them restrictive 'for some time.' No new revelations. And they continue to tout their 2% inflation target. It was also noted that virtually nobody was interested cutting rates anytime soon for fear that inflation would remain elevated or climb back up. The next FOMC meeting is in 3 weeks on December 13. It's looking more and more likely that the Fed will leave rates unchanged, yet again, making it their 3rd pause in 3 consecutive meetings. In fact, Fed Funds traders are placing a 99.8% probability that the Fed leaves rates where they are. Will they call it quits afterwards? We shall see. In the meantime, we'll get one more look at inflation next week on 11/30 with the Personal Consumption Expenditures (PCE) index (which is the Fed's preferred inflation gauge). If it's anything like last week's better than expected CPI and PPI reports, it should further solidify that the Fed might very well be done with their historic rate hike cycle once and for all. Today is the last trading day before Thanksgiving Day tomorrow (when the markets are closed). But it'll be a busy report day with MBA Mortgage Applications, Durable Goods Orders, Weekly Jobless Claims, and Consumer Sentiment. Trading will resume on Friday, but the markets will close early for Black Friday. If all goes well today and Friday, we could be looking at the market's 4th up week in a row. Either way, the last 3½ weeks have been spectacular. And it looks like the Q4 rally has even more upside to go. Have a Happy Thanksgiving. See you on Friday, [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%. Strong earnings growth, plus other Zacks indicators, mark our rare Under $10 stocks for sustained growth. Look into them today, and then ride the potential profits high and long. [See Top Stocks Under $10 Now »]( Most Popular Articles from Zacks.com [Finding Great Stocks to Buy for Thanksgiving and Beyond Using ROE]( We explain how to find 'Strong Buy' stocks with proven records of generating profits that investors should buy to close out November and 2023. [Read More »]( [Momentum Masters: 3 Mid-Cap Tech Stocks Investors can Buy Now]( These companies are bringing unique and innovative solutions to their markets, enjoying tremendous growth rates, and have the potential to become truly revolutionary companies. [Read More »]( [Trucking Industry Up 29% Year to Date: More Room to Run?]( The Zacks Transportation - Truck industry currently stands to benefit from improving freight demand, declining expenses (led by falling fuel prices) and solid investor-friendly steps. [Read More »]( [3 Airline Stocks in Focus Ahead of Thanksgiving Travel Period]( Although higher fuel and labor costs have been posing major challenges for the airline industry, optimism is high surrounding air travel this year. [Read More »]( [Buy These 4 Tech Stocks That Can Carry the Momentum Further]( Tech stocks have made a remarkable comeback in 2023 after a massive sell-off in 2022 on recession concerns, inflationary pressure, increased oil prices and higher interest rates. [Read More »]( [Your Exclusive Access to Today's Top ETFs]( Use Zacks ETF Rank to help you select the very best ETFs for your portfolio. This quantitative ratings system takes into account asset class forecasts as well as several ETF-specific factors. All to give you a comprehensive account of a fund’s potential before you invest your money. [See Today's Top-Ranked ETFs »]( [Bull of the Day: Rocky Brands (RCKY)]( Q3 earnings of this trending retail apparel stock impressively topped the Zacks Consensus by a whopping 251%. [Read More »]( [New Zacks Strong Buys for November 22nd]( Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List. [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 October 2, 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