Stocks Closed Mixed Yesterday, Nasdaq And S&P 500 Hit New All-Time Highs

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Stocks Closed Mixed Yesterday, Nasdaq And S&P 500 Hit New All-Time Highs

	Profit from the Pros By Kevin Matras Executive Vice President
	Stocks Closed Mixed Yesterday, Nasdaq And S&P 500 Hit New All-Time Highs Stocks closed mixed yesterday after all of the indexes were in the green earlier in the day. But by day's end, most of the gains were erased. However, the Nasdaq and the S&P 500 finished in the plus column with 0.38% and 0.14% respectively, with both making new all-time highs in the process. Not much in the way of news yesterday. But there's plenty of news over the last couple of weeks that has supported the market–not the least of which has been better-than-expected inflation reports; indications from the Fed that they still see two rate cuts this year (and only four FOMC meetings left); the budget bill, which passed a couple of weeks ago, which made individual tax cuts permanent (corporate tax cuts were already permanent) and expanded on corporate tax cut provisions, like the 100% immediate depreciation; and better-than-expected earnings. Earnings season is always an exciting time since stocks typically go up during earnings season. We'll get plenty of earnings this week with another 571 companies on deck to report between today and the rest of the week. That includes two Magnificent 7 stocks: Alphabet and Tesla. Next week we'll get as many as 966 companies set to report, along with 3 other Mag 7 stocks: Microsoft, Meta and Apple. On the economic report front today, we'll get the Richmond Fed Manufacturing Index. We'll also hear from Fed Chair Jerome Powell as he gives the opening remarks at the Integrated Review of the Capital Framework for Large Banks Conference, in Washington, DC. Michelle Bowman, Fed Vice Chair for Supervision, will participate in a discussion afterwards. The market is also anticipating the announcement of more trade deals as the August 1st deadline approaches. At the moment, there's only deals in place for the U.K., Indonesia, and a working agreement with China. Treasury Secretary Scott Bessent said the deadline won't preclude other partners from continuing negotiations. But the reciprocal tariffs will finally be applied come August 1st if there's no deal in place by that time. As for rate cuts, even though the Fed has forecast two more rate cuts this year (presumably by 25 basis points each), it's highly unlikely they'll pull the trigger at their next meeting on July 29-30. But whether the rate-cutting cycle resumes this month, September, October, or December–since the market is forward-looking and the data is supportive for rate cuts–the market appears to have begun pricing it in already. In the meantime, stocks are trading at or near their all-time highs, or at least their YTD highs. And it looks like there's a lot more upside to go. So make sure you're taking full advantage of it. See you tomorrow, Kevin Matras Executive Vice President, Zacks Investment Research
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	Today's Top Research New Zacks Strong Buys for July 22nd Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. Read More » Will Alphabet's Stock Keep Rebounding as Q2 Earnings Approach? Rebounding and soaring over +20% in the last three months, GOOGL is now virtually flat in 2025 with the tech giant's much-anticipated Q2 results approaching. Read More » The Ascent of Gold Stocks: Why Investors Can Buy Now Whether you're seeking a hedge against uncertainty or exposure to a rising commodity trend, gold stocks offer an attractive entry point today. Read More » Early Q2 Results Indicate an Improving Earnings Outlook So far, the Q2 cycle is off to a strong start. Read More » Q2 Earnings Season Ramps Up: Global Week Ahead U.S. corporate earnings season kicks into high gear with market heavyweights Alphabet (GOOGL) and Tesla (TSLA) leading the charge. Read More »
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