Stocks End Mixed, All Eyes On Today's FOMC Announcement, And More Earnings

Market Moves You Need to See Stocks End Mixed, All Eyes On Today's FOMC Announcement, And More Earnings [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks End Mixed, All Eyes On Today's FOMC Announcement, And More Earnings [Stocks End Mixed, All Eyes On Today's FOMC Announcement, And More Earnings]Image: Bigstock Stocks ended mixed yesterday with the Dow finishing in green, while the tech-heavy Nasdaq and small-cap Russell 2000 both closed lower by -0.76%. Yesterday's Case-Shiller Home Price Index was off -0.2% m/m (unadjusted), with the y/y snapshot up 5.4% vs. last month's pace of 4.9%. The Consumer Confidence Index jumped to 114.8 vs. the consensus for 114.0 and last month's upwardly revised 108.0. And the Job Openings and Labor Turnover Survey report (or JOLTS for short), rose to 9.026 million vs. last month's 8.925M and views for 8.70M. After the close yesterday, we got some of the big tech earnings we were all waiting for. Microsoft reported a 6.16% positive EPS surprise, and a 1.62% positive sales surprise on strong Azure sales. That translates to a 26.3% quarterly growth rate vs. this time last year, and a 17.6% sales growth. They were muted in after hours trade with shares off by -0.24%. Alphabet (aka Google) reported a 2.50% positive EPS surprise, and a 2.19% positive sales surprise. That equates to a quarterly growth rate of 56.2% vs. 4 quarters ago, and a 14.6% sales growth. While they cited strong cloud growth, their ad revenue came in lighter than expected, and shares were off by roughly -6% in after-hours trade, after giving up -1.34% in the regular session. Advanced Micro Devices also reported after the close and posted earnings in line with expectations of 77 cents adjusted (no surprise in either direction), and a positive sales surprise of 0.88%. That equates to a 42.6% EPS growth rate vs. this quarter last year, and a 10.2% sales growth. But slightly weaker than expected guidance for Q1 of $5.4B (variance of +/- $300M), vs. expectations for $5.73B weighed on shares in after-hours by roughly -6.5%, after shedding -3.24% in the regular session. No matter how you slice it, they had a solid quarter. And they gave a bullish outlook on their AI chip sales. Today there are another 99 companies on deck to report with Novo Nordisk, Mastercard, and ADP reporting before the open, and Qualcomm, MetLife, and Tetra Tech reporting after the close. On the economic report front today, we'll get MBA Mortgage Applications, the ADP Employment Report, and the Chicago PMI. And, of course, the FOMC announcement. Nobody is expecting the Fed to cut rates today. But everybody is hoping to learn a little more about when the Fed thinks they might begin their long awaited rate cuts, and some insight into how many cuts they think they might make this year. The announcement comes out at 2:00 PM ET. That'll be followed by the customary Fed Chair Press Conference at 2:30. Should be a busy day. See you tomorrow, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research [What Happened to New Gold Discoveries?]( [image]( They're as essential to the tech and AI revolutions as oil was to the industrial revolution. Known as rare earth elements or REEs, these relatively unheard of commodities are essential to semiconductor chips, renewable energy, electric vehicles, and more. [Learn more about the global race to secure supply and what it means for investors.]( Today's Top Research [3 Stocks to Buy Following Robust Quarterly Results]( There have been several notably strong releases throughout the earnings cycle so far, including these three picks. [Read More »]( [Navigating the Storm: How Regional Banks Weathered the Crisis and Why the Worst is Behind Them]( Though the Bank Term Funding Program (BTFB) is ending, there are five reasons to believe the worst is over for regional banking stocks. [Read More »]( [3 Communication Stocks Set to Sail Against Industry Turbulence]( The accelerated pace of 5G deployment and demand for scalable infrastructure should help the Zacks Diversified Communication Services industry thrive. [Read More »]( [Brian's Big Idea on Big Caps]( Stock Strategist Brian Bolan takes a look at the big market cap stocks that are reporting soon. [Read More »]( [Can Japan ETFs Keep Climbing in 2024?]( Director of ETF Research Neena Mishra examines the factors behind the recent stock market rally in Japan. [Read More »]( [Notification of Release: 5 Stocks Set to Double]( Five Zacks experts have each revealed their single favorite stock with the best chance to gain +100% or more in the months ahead. Previous editions of this Special Report have racked up gains of +143%, +175%, +498%, and even +673%. Today, you are invited to download the just-released report that names new stocks and spotlights why their gain potential is so exceptional. [See Stocks Now »]( [Bull of the Day: Duolingo (DUOL)]( Big growth is expected from this language app in 2024. [Read More »]( [New Zacks Strong Buys for January 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 January 1, 2024. 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