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Stocks Close Mostly Lower On First Trading Day Of Year, But Optimism High For A Bullish 2024

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Market Moves You Need to See Stocks Close Mostly Lower On First Trading Day Of Year, But Optimism Hi

Market Moves You Need to See Stocks Close Mostly Lower On First Trading Day Of Year, But Optimism High For A Bullish 2024 [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Close Mostly Lower On First Trading Day Of Year, But Optimism High For A Bullish 2024 [Stocks Close Mostly Lower On First Trading Day Of Year, But Optimism High For A Bullish 2024]Image: Bigstock Stocks closed mostly lower yesterday with only the Dow eking out a small gain of 0.07%. The S&P was down -0.57% and the Nasdaq fell by -1.63%. We have a shortened trading week this week, which means we only have 3 trading days left. Last week's positive weekly close made it 9 up weeks in a row for the big three indexes. And there's still plenty of time left this week to see that streak continue. The so-called Santa Claus rally officially comes to a close today (it extends to the first 2 trading days in January). Whether we get any more mileage out of this remains to be seen. But whether we do or we don't, nothing can take away the spectacular Q4 rally we had last year, which topped off a spectacular year. Yesterday's PMI Manufacturing Index came in at 47.9, down from last month's 49.4 and views for 48.2. And Construction Spending was up 0.4% m/m vs. last month's upwardly revised 1.2% (from 0.6%) and the consensus for 0.6%. On a y/y basis it's up 11.3%. Today we'll get MBA Mortgage Applications, the ISM Manufacturing Index, and the Job Openings and Labor Turnover Survey report (or JOLTS for short). But the jobs report everybody is really waiting for is Friday's always important Employment Situation report. The labor market has been incredibly resilient. It has cooled a bit recently. But still hotter than most anybody had expected when the Fed embarked on their historic rate hike campaign. The idea of a soft landing is looking more and more likely. In fact, we've been watching it unfold right in front of us. So all eyes will be on Friday's report to see if the soft landing scenario remains intact. Investors will also be watching today's FOMC Minutes. At the last Fed announcement, they paused yet again, and pretty much said they were done raising rates, assuming inflation doesn't start rising again. They also increased the number of rate cuts they're predicting to 3 vs. their previously forecast 2. Granted, traders are actually expecting anywhere for 4-5 this year, nonetheless, it marked an important change in the Fed's thinking about future rates and the acknowledgement that rates are likely to come down more than they had initially expected. That comes out at 2:00 PM ET. And that too will be watched closely, looking for any clues as to when those rate cuts might begin. There's plenty of optimism for another solid year in the market this year. Maybe not as hot as last year. But another double-digit rally seems very doable. Especially with inflation on the decline, and expected rate cuts. Not to mention the fact that year 4 of the 4-year Presidential cycle (that would be 2024), is the second-best year of all four years (the best year of the cycle is year 3, and that was 2023). The first trading day of 2024 is now behind us. And we have another 251 more trading days to go. See you tomorrow, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research [5 No-brainer Stocks to Invest $1,000 in Right Now]( We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by the Motley Fool. I'd be sitting on a gold mine!" And it's true. Since inception, the average Motley Fool Stock Advisor pick has beat stock market returns for over a decade*. And right now they think these 5 stocks are potentially screaming buys. You can grab a copy of "5 Growth Stocks Under $49" for free for a limited time only. Don't look back five years from now, regretting that you failed to act. 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[Read More »]( [5 Best Top-Ranked ETFs of 2023 Set to Soar in 2024]( Given the bullish outlook, investors should bet on ETFs that were winners in 2023 that have a solid Zacks ETF Rank #1 (Strong Buy) or 2 (Buy). [Read More »]( [Just Released: 4 Stocks for Biggest Upside in Q1]( Four Zacks experts each announce their single favorite stock to gain the most in the next three months: Stock #1: This red-hot fintech company added 2.2 million new customers in Q3 and set a new revenue record. Now it's taking a strategy from Square's playbook, a move that promises to further accelerate the company's momentum. Stock #2: An under-the-radar midcap set to benefit from a long-term breakout in one essential commodity. Shares surged in 2023, and current economic conditions are setting up major growth in 2024. Stock #3: An innovative tech company that's also a low-risk utility stock. This firm already serves 20 million American homes, and demand continues to skyrocket. No wonder analysts have raised next quarter earnings estimates by 54%. Stock #4: A robotics company that could be among the biggest beneficiaries of the ongoing AI boom. The company's shares doubled in 2023 and data shows this could be the beginning of an even bigger move higher. Today, you are invited to download the private Ultimate Four Special Report that names these stocks and spotlights why their gain potential is so immediate and exceptional. [See Stocks Now »]( [Bull of the Day: Spotify Technology (SPOT)]( Investors are in tune with this popular music-streaming company. [Read More »]( [New Zacks Strong Buys for January 3rd]( 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 December 4, 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

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