The last trading week of August started with a mixed bag. On Monday (8/26/2024), the Nasdaq and the Nasdaq 100 were dragged down from the start due to a tough day for semiconductors. The iShares Semiconductor ETF (SOXX) fell 2.5% and was sitting on short-term support from its 10- and 21-day exponential moving averages. The SOXX has had a big recovery since the August 5 intraday low, so it's not surprising that some anxiety was building. Discretionary also fell due to weakness in Tesla. Energy led the 11 S&P 500 sectors, as crude oil (WTI) bounced for a third day. Crude was back up to $77/barrel from a low last week of $71.46. The oil chart is a mess, with prices chopping around from the low $60s to the mid-$90s since the summer of 2022. Other sector strength was seen from the defensive Staples and Utilities groups, with minor gains in Materials, Financials, and Communication Services. A fair amount of people in the financial world have said that the S&P 500's almost full recovery from the pullback in the second half of July into early August has been too fast. But quick recoveries and 'V' bottoms generally are quite bullish and often lead to additional all-time highs. On the weekly charts, we had quick recoveries in the latter part of 2023 and in April/May of this year. And let's not forget the recovery from the pandemic, the recovery in early 2019, the recovery in 2014, and the several recoveries in 2012.

When global economic conditions become unpredictable, investors often flock to gold. Currently, the yellow metal is trading around $2,400 per ounce, up 17% for the year and at the highest level in the past 25 years. During the first phase of the pandemic, as uncertainty abounded, the spot price for an ounce of gold jumped 33% in six months and broke through the $2,000 level. Gold spot prices also spiked above $2,000 in early March 2022 due to the war in Ukraine, and are now at even higher levels as tension simmers in the Middle East and East Asia, and the U.S. presidential election approaches. The current price of gold reflects the perceived safety of hard assets amid the global conflicts, as well as expectations for lower U.S. interest rates (which tend to weaken the dollar, which is the currency in which gold is priced). The outlook for Federal Reserve rate cuts also helps gold, as lower rates reduce the risk for a global economic recession and thus a potential decline in gold purchased for jewelry. Looking ahead, our forecast trading range for gold in 2024 is now $2,500-$1,800, and our average forecast for the year is now $2,200. This compares to average gold prices of $1,960 in 2023; $1,873 in 2022; $1,806 in 2021; $1781 in 2020; $1,400 in 2019; $1,265 in 2018; $1,277 in 2017; $1,258 in 2016; and $1,155 in 2015. As long as geopolitics and global economic uncertainty are part of the market conversation, gold is likely to remain at levels well above the historical averages of $1,150 since 2000 and $1,514 since 2010.

After very nice advances in gold (GLD), silver (SLV), and copper (CPER) from February/March until May, the metals complex cycled into extreme momentum/overbought territory on both daily and weekly timeframes and then pulled back. We have been waiting patiently over the past six to seven weeks for signs of an attractive reentry point. We also wanted to see signs that the U.S. Dollar Index (USD) was topping, as a weakening greenback generally is a favorable backdrop for the metals. All three broke nicely higher on Wednesday, gaining 1% to 3% and breaking their downtrends off highs from the second half of May. At the same time, the dollar has dropped the past three trading days and traced out a lower high, but remains in an uptrend off the late-December lows. We had mentioned that the USD COT data recently deteriorated after being dollar bullish since late last year. GLD held in the best during the pullback, and has traded in a sideways consolidation, while SLV and CPER were hit harder. GLD didn't retrace even a minor 38.2% of its rally from mid-February and never was near daily oversold territory. A range break above $225 could send GLD up to $240 or more, and eventually a lot higher based on the massive base from 2011 until early 2024. SLV retraced 38.2% of its rally and held key trendline support off the secondary low in March. A break over $29/$30 would open the door for a possible jump to the mid- to high-$30s region. CPER generally is a wildcard (and one that is highly volatile), but a break over $31 could also lead to a move to the mid- to high-$30s region. (Mark Arbeter, CMT)

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

Despite April Stumble, Positive Stock-Market Outlook for 2024

When global economic conditions become unpredictable, investors often flock to gold. The yellow metal is trading above $2,100 per ounce. During the first phase of the pandemic, the spot price for an ounce of gold jumped 33% in six months and broke through the $2,000 level. Gold spot prices also spiked above $2,000 in early March 2022 due to the war in Ukraine, and are now at similarly high levels as tension simmers in the Middle East. The current price of gold reflects the perceived safety of hard assets amid the global conflicts, as well as lower U.S. interest rates that tend to weaken the dollar, which is the currency in which gold is priced. The outlook for Federal Reserve rate cuts also helps gold, as lower rates reduce the risk for a global economic recession and thus a potential decline in gold purchased for jewelry. Looking ahead, our forecast trading range for gold in 2024 is $2,200-$1,700, and our average forecast for the year is $2,000. This compares to average gold prices of $1,960 in 2023, $1,873 in 2022, $1,806 in 2021, $1781 in 2020, $1,400 in 2019, $1,265 in 2018, $1,277 in 2017, $1,258 in 2016 and $1,155 in 2015. As long as geopolitics and global economic uncertainty are part of the market conversation, gold is likely to remain at levels well above the historical averages of $1,120 since 2000 and $1,485 since 2010.

U.S. equities inched higher on Thursday despite regional bank woes and ahead of the CPI revisions that will be released this morning. After hitting 5000 for the first time ever, the S&P 500 closed just below 5000. The Dow also closed at an all-time high. Big stock gainers include Arm Holdings PLC (ARM), up 48% and Ralph Lauren Corp. (RL), up 25%. The S&P 500 closed up less than 0.1%, the Dow was up 0.1% and the Nasdaq gained 0.2%. Crude oil rose above $76 per barrel and gold was up $1 to $2049 per ounce.

The S&P 500 (SPX) bounced off its 50-week average on October 23 in the morning and mounted a nice rally. A prominent hedge-fund manager was said to have unwound his short bond position, so yields fell, aiding stocks until about 1:00 pm. But, once again, the sellers reemerged, erasing all of the SPX gains. That was the second straight close below the 200-day average for the index, but is still not a breakdown as the drop below is by less than 1%. The index did hold the 4,200 area, so chart support remains intact, albeit barely.

Stocks rose modestly on Friday morning as investors weighed more 2Q earnings reports and looked ahead to the Fed's interest rate decision next week. American Express shares fell, despite better-than-expected earnings, on concerns about rising loss provisions and slower card spending in the second half of the year. CSX also fell after the railroad operator reported second-quarter revenue and earnings that were down from the prior year. The Dow rose 0.2%, the S&P 0.4%, and the Nasdaq 0.3%. Crude oil rose 1% to $76.50 per barrel, while gold traded near $1961 per ounce.

Monday Tee Up: Heavy Data Week: Earnings, Inflation, GDP

Prices for copper and gold have risen over the past six months, while oil and soybeans are lower. Despite these price swings, the current state of commodity prices indicates that the world economy is in a high-cost environment. By our calculations, the above four commodities are (on average) selling for prices that are 33% higher than their 20-year averages. The most expensive, on a relative basis, is gold. The yellow metal is trading at a 52% premium to its average price, reflecting the current high-inflation environment. Soybeans are selling at a 38% premium to the average, driven in part by market disruption from the Russian invasion of Ukraine. Copper prices are 34% higher than the long-run average, and are higher by 12% in the past quarter in the wake of China's decision to drop its Zero Covid policy and focus on economic growth. Oil prices are higher than the long-term average (by 8%), but are down 33% in the past year. Short-term factors such as the war in Ukraine and China's recovery are supporting demand, which is lower than normal as the world economy slumps and governments look to alternative fuel sources. We think underlying long-term economic fundamentals are favorable for most commodities (except oil) as global standards of living improve. But we project ongoing volatility from inflation, the pandemic, and geopolitical developments. We recently raised our sector recommendation on Basic Materials to Over-Weight. The current market weighting of the sector is 3.0%, and we think investors should consider exposure of 3%-4% in diversified portfolios. We recommend well-managed, financially strong industry leaders that are able to take market share during challenging periods for the chemical, metals, agriculture, and paper industries.

Stocks rose strongly on Thursday as investors weighed more 4Q earnings reports and new GDP and employment data. The Commerce Department said that the U.S. economy expanded at a 2.9% rate in 4Q, helped by significant growth in inventories. The reading was above the consensus estimate of 2.6% growth, though down from 3.2% in the third quarter. On the employment front, first-time claims for state unemployment benefits fell by 6,000 to 186,000 for the week ended January 14. The Dow rose 0.61%, the S&P 1.10%, and the Nasdaq 1.76%. Crude oil traded near $81 per barrel, while gold fell to $1930 per ounce.

Investors are generally bullish to begin the year, putting new money to work and often benefiting from solid market returns in January and the first quarter. We have analyzed S&P 500 performance in 1980-2022, and, by our calculations, the index has advanced an average of 0.9% in January and 2.0% in 1Q. Though not as strong as returns in 2Q (+2.8%) and 4Q (+4.6%), the first quarter's average performance is better than the third quarter's (0.3%). The first quarter is fairly consistent as well, with a "win percentage" of 65%. This means that stock returns are positive in 1Q in roughly two years out of three, compared to winning percentages of 65% in 2Q, 63% in 3Q, and 81% in 4Q. To be sure, 1Q has posted its share of clunkers, including 2022, as investors began to understand the scope of the Federal Reserve's rate hike campaign. And let's not forget 2020, when the coronavirus emerged and the S&P 500 dropped 20%. In 2009, after the collapse of Lehman Brothers and with the U.S. economy in a deep recession, stocks fell 11.7%, and in 2001, as the dot-com bear market started growling, stocks fell 12%. This time around, stocks are once again under pressure. The risk du jour is once again recession. Only once in 42 years have there been two consecutive negative 1Qs. Though we look for a positive year for stocks in 2023, we would not be surprised by a slow start.

Each December, Argus surveys its team of analysts, seeking their best ideas for the upcoming year. The Argus Research team draws on its experience (the average analyst has 18 years of Wall Street experience and 10 year at Argus), as well as the company's proprietary six-point research framework and earnings and valuation models to make the calls. Argus analysts cover the waterfront (every sector from Energy to Healthcare to Consumer to Technology), so each sector is represented. This year's list includes some long-time favorites, as well as some recent upgrades and new initiations. The list includes mostly large-caps and mid-caps, and both growth and value stocks. We will be going over the list in more detail during our January webinar and detailing why each stock has been selected by the covering analyst. In the interim, more information on each of these BUY-rated stocks is available on our website.

Stocks rose on Monday morning as investors weighed more third-quarter earnings reports and new manufacturing and services data. S&P Global said that its U.S. composite purchasing managers' index fell to 47.3 in October from a final reading of 49.5 in September, the fourth straight monthly decline. In China, the National Bureau of Statistics reported that GDP rose at a 3.9% rate in the third quarter, up from just 0.4% in 2Q and above the Reuters consensus forecast of 3.4%. The release was delayed from its originally scheduled date of October 18. The Dow rose 1.2%, the S&P 1.0%, and the Nasdaq 0.4%. Crude oil traded near $85 per barrel, while gold fell slightly to $1656 per ounce.

Stocks rose on Thursday morning after paring early losses. GDP data was weaker than expected. The Commerce Department reported that the U.S. economy contracted at a 0.9% annualized rate in 2Q, below the Bloomberg consensus, which had called for a gain of 0.4%. The second straight quarterly decline in GDP, after a 1.6% drop in 1Q, met a common definition of recession. The Dow rose 0.7%, the S&P 0.8%, and the Nasdaq 0.6%. Crude oil rose 1% to $98 per barrel, while gold fell 2% to $1752 per ounce.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

Stocks fell sharply on Thursday afternoon, giving up early gains after Fed officials raised prospects for more aggressive 50-basis-point rate hikes beginning next month. On the earnings front, automaker Tesla and American Airlines posted stronger-than-expected results. Weekly employment data was generally positive. The Labor Department said that first-time claims for state unemployment benefits fell to 184,000 for the week ended April 16, down from 186,000 a week earlier but above the Bloomberg consensus of 180,000. Continuing claims fell to 1.417 million from 1.475 million a week earlier and were below the consensus estimate. The Dow fell 1.05%, the S&P 1.48%, and the Nasdaq 2.07%. Crude oil traded near $104 per barrel, while gold fell $2 to $1954 per ounce.

Stocks were mixed on Monday morning as investors continued to assess the impact of Fed interest rate hikes along with developments in Ukraine, as Ukrainian forces refused to surrender in the port of Mariupol. The EU also considered a full ban on Russian energy imports, a move favored by Poland and the Baltic countries but thus far rejected by Germany. Boeing shares fell 4% after the crash of a China Eastern 737-800 jet in southern China. The Dow fell 0.4%, the S&P rose 0.2%, and the Nasdaq rose 0.1%. Crude oil jumped $6 to $111 per barrel, while gold traded near $1935 per ounce.

Of all the things that normally work well in a bull market, few are working well right now. Breadth and daily momentum on the major indices have traced out bullish divergences since February, and the market has ignored them. Sentiment, which has shown significant fear off and on since January, has not turned the tide either. When price ignores all these indicators (indicators that generally lead to an intermediate- or longer-term bottom), it is not a good condition and reflects behavior that is usually seen during large declines and bear markets. If the S&P 500 breaks to new lows and does not reverse quickly, and with some power, we could see another 5%-10% downside.

Unless your portfolio is invested in Energy (XLE, +23%), the U.S. stock market has not provided many profitable opportunities so far in 2022. The S&P 500 is down 6.3% year-to-date (YTD), the Nasdaq has given back 10%, the Nasdaq 100 (QQQ) is off almost 11%, the S&P 100 (OEX) has declined 6%, the S&P MidCap 400 (MDY) has lost 5%, and the Russell 2000 (IWM) is down 7.5%.

Stocks rose strongly on Wednesday morning, recovering from Tuesday's selloff, as investors awaited the Fed's policy statement and comments from Fed Chair Jerome Powell this afternoon. Housing market data was positive. The Commerce Department said that U.S. new home sales rose 11.9% in December to a seasonally adjusted annualized rate of 811,000, above the Bloomberg consensus forecast of 760,000. The Dow rose 1.0%, the S&P 1.4%, and the Nasdaq 2.1%. Crude oil traded near $88 per barrel, while gold fell $20 to $1832 per ounce.

Yesterday was just another normal Monday in January on Wall Street. The major indices all bottomed shortly after noon, having been thrashed in the morning -- and all finished with small gains. At the lows, the S&P 500 was off a whopping 175 points or 4%. The intraday bottom was the lowest level for the "500" since June 22, 2021. The Nasdaq was sliced intraday for 674 points and almost 5%, while the Nasdaq 100 (QQQ) also gave up 5%.

It was another robust year for the stock market, with the S&P 500 tacking on an impressive 27% in 2021. The Nasdaq 100 (QQQ) also added 27%, with the Nasdaq rising 21%, the S&P 400 (MDY) gaining 24.5%, and the Russell 2000 (IWM) up 14.5%.

The low close for the S&P 500 during the recent pullback was 4,513 on 12/1, while the low intraday level was 4,495 on 12/3. That represented a move into the second cluster of support we have been talking about for the "500" (between 4,488 and 4,542). Helping provide a backstop for the market in that region was the 50-day average, a 50% retracement of the rally that targeted the 4,512 level, the middle weekly Bollinger Band, and the 21-week exponential average. The averages have moved since we last discussed them, with the rising 50-day average now at 4,553 and the rising 21-week EMA at 4,503.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

We continue to keep a close eye on market breadth, as longer-term measures of breadth remain supportive of higher stock prices, while intermediate-term breadth continues to improve and is firmly bullish.

Since bottoming on September 29, gold and silver have traced out higher highs and higher lows. GLD ($168.93) rose 0.7% on Monday, popping above the 200-day average for the first time since September 3. SLV ($22.73) bounced 0.8% and is closing in on the prior high of $23 from the beginning of September. The 200-day for SLV is at $23.62 along with a layer of chart resistance in that area.

Stocks finished mostly higher on Thursday as investors weighed earnings reports from a range of major companies along with new employment data. First-time unemployment claims fell to 290,000, down from the prior week and below consensus. Continuing claims dropped to 2.481 million from 2.603 million a week earlier, and were also below the consensus forecast. Housing data was strong. The National Association of Realtors said that sales of existing homes rose 7% in September to a seasonally adjusted annual rate of 6.29 million, up from a decline of 2% in August and above the consensus estimate calling for 3.7% growth. The Dow fell 0.02%, the S&P rose 0.30%, and the Nasdaq rose 0.62%. Crude oil fell 1% to $82.50 per barrel, while gold fell slightly to $1784 per ounce.

In 1974, the great goalie Bernie Parent made a kick save against the Boston Bruins in the third period of game six to help win the Stanley Cup for Philadelphia Flyers. The stock market may not be that exciting, but bulls seem to be depriving bears -- yet again -- of their goal. Indeed, the S&P 500 made quite a stand in recent weeks, when it looked like a forgone conclusion (on a couple of occasions) that the downside spigot was finally wide open.

Market breadth improved in the second half of August as the small- and mid-cap stocks joined large-cap stocks to the upside. However, the small- and mid-caps did not see any follow through, have backed off since September 2, and have weakened breadth once again.

Some of the largest industry gains in 2021 are in Basic Materials (XLB). Still, XLB is only fifth among the 11 S&P 500 sectors. It never hurts to look behind the door.

The stock market moved higher last week as the market digested a busy earnings week. Tech stocks outperformed blue chips as earnings came in very strong in portions of the tech sector. During Friday's session, the Dow Jones Industrial Average increased 238 points, or 0.68%. The S&P 500 was up 1.01%, and the Nasdaq Composite was up 1.04%. For the week, the DJIA was up 374 points, or 1.08%, the S&P 500 was up 1.96%, and the Nasdaq Composite was up 2.84%. Year-to-date, the DJIA is up 14.56%, the S&P 500 is up 17.46%, and the Nasdaq Composite is up 15.12%.

The stock market moved higher last week as the market digested a busy earnings week. Tech stocks outperformed blue chips as earnings came in very strong in portions of the tech sector. During Friday's session, the Dow Jones Industrial Average increased 238 points, or 0.68%. The S&P 500 was up 1.01%, and the Nasdaq Composite was up 1.04%. For the week, the DJIA was up 374 points, or 1.08%, the S&P 500 was up 1.96%, and the Nasdaq Composite was up 2.84%. Year-to-date, the DJIA is up 14.56%, the S&P 500 is up 17.46%, and the Nasdaq Composite is up 15.12%.

If we had to take part in a debate about insider sentiment, we could easily support the argument that insider sentiment is improving. We also could easily support the argument that insider sentiment is not improving. The factors involved in said debate are the absolute values of insider-sentiment gauges from Vickers Stock Research, the trends for those values, and the rate of change for those trends.

Stocks were mixed on Thursday morning amid a new increase in Treasury yields, a day after the Federal Reserve said that it would keep interest rates unchanged and downplayed risks about rising inflation as the economy recovers. On the employment front, the Labor Department said that first-time claims for state unemployment benefits rose to 770,000 for the week ended March 13, up from 725,000 a week earlier and above the Bloomberg consensus forecast of 700,000. The Dow rose 0.2%, the S&P fell 0.6%, and the Nasdaq fell 1.7%. Crude oil fell more than 2% to $63 per barrel, while gold traded near $1723 per ounce.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

In 1849, Jean-Baptiste Alphonse Karr wrote, 'The more things change, the more they stay the same.' Now, over 170 years later, his prophetic statement aligns perfectly with stock-market sentiment.

Stocks open an uncertain week, navigating between last week's Capitol Building riot and next week's Inauguration. Arguably, the nation is in politically unchartered waters -- but the technical underpinnings of the market remain sound.

Since we last commented on insider sentiment two weeks ago, insider-transaction volume has been (as expected) muted due to the holiday season. On light volume, the proprietary one-week sell/buy ratios from Vickers Stock Research have moved in a benign direction in the past 14 days, while the broader eight-week readings from Vickers have mostly stayed put as they still include several weeks of insider bearishness (profit-taking?) in the final trading weeks of 2020.

Our weekly review of insider sentiment, using data from Vickers Stock Research, has us looking for calendar dates that we can use to end the phrase 'the weakest point since.' As in, 'that data point is at its weakest point since...'

Stocks were mixed on Friday, finishing off a solid week that saw all major indexes close higher. Equity investors favored value names more than growth names for the second straight week, in what could be a healthy sector-rotation trend. On Friday, The Dow Jones Industrial Average gained 34 points, or 0.1%. The S&P 500 was flat while the Nasdaq Composite fell 0.2%. For the full week, the Dow gained 1.8%, the S&P 500 gained 0.6% and the Nasdaq closed up 0.1%. For the year-to-date, losses are now 2.1% for the Dow, while the S&P is up 4.4%, and the Nasdaq is up 22.8%. Over the past 52 weeks, the Dow is up 7.9%, while the S&P 500 is up 16.8%, and the Nasdaq is up 39.6%.

Stocks were mixed on Friday, finishing off a solid week that saw all major indexes close higher. Equity investors favored value names more than growth names for the second straight week, in what could be a healthy sector-rotation trend. On Friday, The Dow Jones Industrial Average gained 34 points, or 0.1%. The S&P 500 was flat while the Nasdaq Composite fell 0.2%. For the full week, the Dow gained 1.8%, the S&P 500 gained 0.6% and the Nasdaq closed up 0.1%. For the year-to-date, losses are now 2.1% for the Dow, while the S&P is up 4.4%, and the Nasdaq is up 22.8%. Over the past 52 weeks, the Dow is up 7.9%, while the S&P 500 is up 16.8%, and the Nasdaq is up 39.6%.

Stocks fell sharply on Friday, hurt by sizeable declines for Amazon, which posted less-than-expected earnings and noted a need for investments that would limit future profits, and for mega-cap technology companies after a strong performance recently. The Dow Jones Industrial Average was down 2.6%, the Nasdaq Composite fell 3.2% and the S&P 500 lost 2.8%. But gains earlier in the week, helped by progress on health care treatments in fighting the coronavirus, minimized the weekly declines to 0.2% for both the Dow and S&P 500 and 0.3% for the Nasdaq. Year-to-date losses are now 16.9% for the Dow, 4.1% for the Nasdaq and 12.4% for the S&P 500.

Stocks gave up early gains on Friday morning amid continued concerns about the Wuhan coronavirus, with the death toll in China reaching 26. Chinese authorities have now extended their travel lockdown to cover 35 million people in Wuhan and the surrounding region. A second case has also been confirmed in the U.S. On the earnings front, Intel shares rose more than 8% following strong fourth-quarter results and positive guidance. American Express also rose nearly 3% after reporting better-than-expected earnings. The S&P fell 0.2%, the Dow rose 0.1%, and the Nasdaq was flat. Crude oil fell more than 2% to $54 per barrel, while gold rose $4 to $1570 per ounce.

Stocks gave up early gains on Friday morning amid continued concerns about the Wuhan coronavirus, with the death toll in China reaching 26. Chinese authorities have now extended their travel lockdown to cover 35 million people in Wuhan and the surrounding region. A second case has also been confirmed in the U.S. On the earnings front, Intel shares rose more than 8% following strong fourth-quarter results and positive guidance. American Express also rose nearly 3% after reporting better-than-expected earnings. The S&P fell 0.2%, the Dow rose 0.1%, and the Nasdaq was flat. Crude oil fell more than 2% to $54 per barrel, while gold rose $4 to $1570 per ounce.

Stocks were mixed on Friday, finishing off a solid week that saw all major indexes close higher. Equity investors favored value names more than growth names for the second straight week, in what could be a healthy sector-rotation trend. On Friday, The Dow Jones Industrial Average gained 34 points, or 0.1%. The S&P 500 was flat while the Nasdaq Composite fell 0.2%. For the full week, the Dow gained 1.8%, the S&P 500 gained 0.6% and the Nasdaq closed up 0.1%. For the year-to-date, losses are now 2.1% for the Dow, while the S&P is up 4.4%, and the Nasdaq is up 22.8%. Over the past 52 weeks, the Dow is up 7.9%, while the S&P 500 is up 16.8%, and the Nasdaq is up 39.6%.

Stocks gave up early gains on Friday morning amid continued concerns about the Wuhan coronavirus, with the death toll in China reaching 26. Chinese authorities have now extended their travel lockdown to cover 35 million people in Wuhan and the surrounding region. A second case has also been confirmed in the U.S. On the earnings front, Intel shares rose more than 8% following strong fourth-quarter results and positive guidance. American Express also rose nearly 3% after reporting better-than-expected earnings. The S&P fell 0.2%, the Dow rose 0.1%, and the Nasdaq was flat. Crude oil fell more than 2% to $54 per barrel, while gold rose $4 to $1570 per ounce.

Growth Stocks Lead as 3Q EPS Season Takes Shape

Growth Stocks Lead as 3Q EPS Season Takes Shape

Waiting on the Fed as Earning Roll Along

Waiting on the Fed as Earning Roll Along

Stocks rose on Wednesday morning after Fed Chair Jerome Powell signaled that the Fed was likely to lower interest rates at its July meeting. In prepared remarks released ahead of his congressional testimony, Mr. Powell noted 'persistently weak inflation' and uncertainty about the impact of the U.S.-China trade war, and said that the Fed would 'act as appropriate' to sustain economic growth. The Dow rose 0.5%, the S&P 0.6%, and the Nasdaq 0.7%. Crude oil rose nearly 3% to about $59.50 per barrel, while gold rose $9 to $1410 per ounce.

Stocks rose on Wednesday morning after Fed Chair Jerome Powell signaled that the Fed was likely to raise interest rates at its July meeting. In prepared remarks released ahead of his congressional testimony, Mr. Powell noted 'persistently weak inflation' and uncertainty about the impact of the U.S.-China trade war, and said that the Fed would 'act as appropriate' to sustain economic growth. The Dow rose 0.5%, the S&P 0.6%, and the Nasdaq 0.7%. Crude oil rose nearly 3% to about $59.50 per barrel, while gold rose $9 to $1410 per ounce.

Stocks rose on Wednesday morning after Fed Chair Jerome Powell signaled that the Fed was likely to lower interest rates at its July meeting. In prepared remarks released ahead of his congressional testimony, Mr. Powell noted 'persistently weak inflation' and uncertainty about the impact of the U.S.-China trade war, and said that the Fed would 'act as appropriate' to sustain economic growth. The Dow rose 0.5%, the S&P 0.6%, and the Nasdaq 0.7%. Crude oil rose nearly 3% to about $59.50 per barrel, while gold rose $9 to $1410 per ounce.

Stocks finished mixed on Thursday afternoon, with solid gains in Healthcare and Communication Services and sharp losses in the Industrials, Materials and Consumer Staples sectors. Facebook shares rose nearly 6%, despite a $3 billion reserve for an expected fine from the FTC, after the company posted strong 1Q growth in advertising revenue. 3M shares fell nearly 13% after management announced a major layoff and cut its 2019 earnings guidance. On the employment front, the Labor Department reported that first-time claims for unemployment benefits rose by 37,000 to 230,000 for the week ended April 20, above the Reuters consensus estimate of 200,000. The Dow fell 0.04%, the S&P fell 0.51%, and the Nasdaq rose 0.21%. Crude oil fell more than 1% to $65 per barrel, while gold fell slightly to $1279 per ounce.

Stocks rallied on Friday morning as investors weighed earnings reports from a wide range of companies. Starbucks shares rose 4% after the company posted better-than-expected fiscal 1Q earnings and raised its full-year guidance. In the Tech sector, Western Digital rose nearly 7%, despite weak fiscal 2Q earnings, as the company projected stronger revenue in the second half of the year, while Intel fell more than 6% on lower-than-expected 4Q revenue and disappointing guidance. On the economic front, durable goods and new home sales data were not released due to the government shutdown. The S&P rose 0.9%, the Dow 0.9%, and the Nasdaq 1.1%. Crude oil rose slightly to $53 per barrel, while gold jumped $19 to $1291 per ounce.

Stocks rallied on Friday morning as investors weighed earnings reports from a wide range of companies. Starbucks shares rose 4% after the company posted better-than-expected fiscal 1Q earnings and raised its full-year guidance. In the Tech sector, Western Digital rose nearly 7%, despite weak fiscal 2Q earnings, as the company projected stronger revenue in the second half of the year, while Intel fell more than 6% on lower-than-expected 4Q revenue and disappointing guidance. On the economic front, durable goods and new home sales data were not released due to the government shutdown. The S&P rose 0.9%, the Dow 0.9%, and the Nasdaq 1.1%. Crude oil rose slightly to $53 per barrel, while gold jumped $19 to $1291 per ounce.

Waiting on the Fed as Earning Roll Along