Stocks End Lower Yesterday, Fed Chair Testimony Today, And More Earnings

Market Moves You Need to See Stocks End Lower Yesterday, Fed Chair Testimony Today, And More Earnings [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks End Lower Yesterday, Fed Chair Testimony Today, And More Earnings [Stocks End Lower Yesterday, Fed Chair Testimony Today, And More Earnings]Image: Bigstock Stocks closed lower yesterday with all of the big three indexes down by more than -1%. The Nasdaq led the way with a loss of -1.65%. But the mid-cap S&P 400 only gave up -0.32%. Nonetheless, it was a down day all the way around. Super Micro Computer, after surging 18.8% on Monday, after it was reported that they would be joining the S&P 500 before the open on Monday March 18, added another 1.53% yesterday. Before the open yesterday, Target reported a positive EPS surprise of 23.7%, and soared 12.0% on the news. While it was not enough to lift the broader market, it was enough to make Target investors happy. After the close, it was CrowdStrike's turn to put a smile on investors' faces. They posted a 15.9% positive EPS surprise, and a 0.75% positive sales surprise. That translated to a quarterly EPS growth rate of 74.5% vs. this time last year, and sales growth of 32.6%. While they were down -5.18% in the regular session before earnings, they soared by more than 23% in after-hours trade. Today we'll get another 156 companies set to report. In other news, the PMI Composite report showed the Composite Index ticking up to 52.5 vs. last month's 51.4. The Services Index also rose, coming in at 52.3 vs. last month's 51.3. Factory Orders fell -3.6% m/m vs. last month's downwardly revised -0.3% and views for -3.0%. And the ISM Services Index slipped to 52.6 vs. last month's 53.0. Today we'll get MBA Mortgage Applications, Wholesale Inventories, the Beige Book report, the Job Openings and Labor Turnover Survey report (or JOLTS for short), and the ADP Employment Report. The ADP report is often looked at as a barometer for the official Employment Situation report that follows 2 days later by the Bureau of Labor Statistics (BLS). While the ADP report has a spotty track record of predicting what the BLS report will show, the ADP report remains a closely watched item. But it's the BLS report on Friday that everybody is really waiting for. In the meantime, we'll hear from Fed Chair, Jerome Powell today as he will be giving his Semiannual Monetary Policy Report before the U.S. House Financial Services Committee. And he'll do it again on Thursday before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. We still have two more weeks before the next FOMC meeting on March 19-20. Between Friday's jobs report, and next week's inflation reports (the Consumer Price Index (CPI) on March 12, and the Producer Price Index (PPI) on March 14), those will be the last big data points the Fed will see before their meeting. While nobody is expecting the Fed to cut rates at the March meeting, they will begin talking about when they might begin to cut rates. And these next few reports could shape that discussion. See you tomorrow, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research [Gold Could Be Heading for Record Highs - But How to Play It?]( [image]( According to FX Empire, the gold forecast is now bullish, with support for a $3,000 target in 2024. The big question is how to play it. Some investors are discovering a unique gold investment alternative that sidesteps the major issues with gold mining stocks or physical gold. [See this little-known way to play in the rising gold market.]( Today's Top Research [3 Top Ranked Stocks with Bargain Valuations]( Targeting low-beta stocks can provide a valuable layer of stability for portfolios. 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