Stocks Were Higher Across The Board Yesterday On Upbeat Earnings

Market Moves You Need to See Stocks Were Higher Across The Board Yesterday On Upbeat Earnings [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Were Higher Across The Board Yesterday On Upbeat Earnings Stocks closed higher yesterday with all of the major indexes in the green. The small-cap Russell 2000 led the way with an outsized gain of 1.64%. Meanwhile, the mid-cap S&P 400 made another new all-time high and close. More positive EPS surprises before the open yesterday set the tone for the rest of the day. Morgan Stanley got things started with a positive EPS surprise of 19.8%, and a positive sales surprise of 7.77%. That translated to a quarterly EPS growth rate of 36.2% vs. this time last year, and a sales growth of 16%. They were up 6.50% on the day. Abbott Labs also reported in the morning and posted a positive EPS surprise of 0.83%, and a positive sales surprise of 0.71%. That equated to a quarterly EPS growth rate of 6.1% vs. this time last year, and a sales growth of 4.9%. They were up 1.53% on the day. After the close, Alcoa (which marks the official start to earnings season), posted a positive EPS surprise of 147%, but a negative sales surprise of -3.03%. Their Q3'24 adjusted earnings of 57 cents was a stark difference vs. Q3'23 of -$1.14. On the revenue side, they grew by 11.5% vs. this time last year. They were up 1.86% in the regular session, before earnings. And then jumped another 9% in after-hours trade following earnings. Today we'll get more earnings with 71 companies on deck, including Netflix, Blackstone and Taiwan Semiconductor before the open; and Intuitive Surgical, WD40 and Western Alliance Bancorp after the close. In other news, yesterday's MBA Mortgage Applications fell -17.0% w/w with purchases down -7.2% and refi's down -26.3%. And the Import and Export Prices report showed Import Prices off -0.4% m/m vs. last month's -0.2% and views for -0.3%. On a y/y basis it was off -0.1% vs. last month's 0.8%. Export Prices were down -0.7% m/m vs. last month's -0.9% and estimates for -0.4%. On a y/y basis it was down -2.1% vs. last month's -0.9% as well. Today we'll get Weekly Jobless Claims, Retail Sales, the Philadelphia Fed Manufacturing Index, Industrial Production, Business Inventories, and the Housing Market Index. We'll also hear from Chicago Fed President Austan Goolsbee as he delivers opening remarks at the Fifth Annual Exploring Career Pathways in Economics and Related Fields Conference. With 2 days left in the week, all of the indexes are currently up for the week. If they can end the week that way, that'll make it 6 up weeks in a row for the Dow, the S&P 500, the Nasdaq and the mid-cap S&P 400. And 2 up weeks in a row (4 up weeks out of 6) for the small-cap Russell 2000. See you tomorrow, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research [Get Your Free Copy of Finding #1 Stocks - A $49.95 Value]( Starting today, you can claim a free copy of Finding #1 Stocks by Zacks' EVP Kevin Matras. You don't even have to pay for shipping! Its 300 pages unfold virtually every trading secret he has learned over the last 25 years to beat the market. Here's what's inside: - See the exact formulas of strategies that produced gains up to +62.6% in 2023 - more than double the market's +26.2%. - How to spot bullish set-ups and bearish break-downs to stay ahead of the market… - Traits to determine the type of trader you are and finding stocks with highest probability of success… - Kevin's personal all-time favorite screening strategy… - And much more! This limited-time offer will end Saturday, October 19 or when our inventory is depleted. Don't miss this unique opportunity. 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