Stocks Closed Mixed, Major Indexes Hovering Near All-Time Highs Stocks closed mostly lower yesterday with only the Nasdaq eking out a modest gain. But the red arrows in the other indexes were modest as well. In spite of the uneventful day in the broader markets yesterday, it was definitely an eventful day for General Motors, which soared 9.81%, after posting a positive EPS surprise of 18.9%, and a positive sales surprise of 10.9% before the open. That translated to a quarterly EPS growth rate of 29.8% vs. this time last year, and a sales growth of 10.5%. They also boosted full-year guidance on various metrics including cash flow, net income and operating profit. Philip Morris also had a good day after they posted a positive EPS surprise of 4.37%, and a positive sales surprise of 3.55% before the open. They were up 10.57% on the day. After the close yesterday, Texas Instruments posted positive surprises of their own with an 8.09% positive EPS surprise, and a 0.99% positive sales surprise. They were off -0.92% in the regular session before earnings, but were up 3.44% in after-hours trade following earnings. Today we'll hear from 204 companies on deck to report with Coca-Cola, Thermo Fisher and NextEra Energy going before the open, and Tesla, IBM and ServiceNow posting after the close. In other news, yesterday's Richmond Fed Manufacturing Index improved to -14.0 vs. last month's -21.0 and views for -17.0. Today we'll get MBA Mortgage Application, Existing Home Sales, the Atlanta Fed Business Inflation Expectations and the Beige Book report. The big three indexes (Dow, S&P 500 and Nasdaq), along with the mid-cap S&P 400, continue to trade near their all-time highs. And it won't take much to send them into record territory. In the meantime, with earnings season kicking into gear, it's a great backdrop for the bulls since stocks typically go up during earnings season. We'll see if the markets can regain their footing today. See you tomorrow, Kevin Matras Executive Vice President, Zacks Investment Research |
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