Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Stocks Make Small Gains but Still Reach New Highs

By Zacks Investment ResearchStock MarketsNov 08, 2021 09:15PM ET
Stocks Make Small Gains but Still Reach New Highs
By Zacks Investment Research   |  Nov 08, 2021 09:15PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items

SPECIAL ALERT: The latest episode of the Zacks Ultimate Strategy Session will be available for viewing no later than this Wednesday, November 10. Kevin Matras, Tracey Ryniec, Daniel Laboe and David Bartosiak will cover the investment landscape from several angles in this informative event.

Don’t miss your chance to hear:

▪ Tracey and David Agree to Disagree on whether investors should still buy Bitcoin after hitting new highs
▪ Kevin answers your questions in Zacks Mailbag
▪ David and Daniel choose one portfolio to give feedback for improvement
▪ And much more

So be sure to mark your calendar then log on to and bookmark this page.

The S&P and NASDAQ winning streaks just entered a third week as the indices managed small gains on Monday, which, nevertheless, accounted for another round of new highs. Meanwhile, investors are gearing up for new updates on inflation coming in the next couple of days.

November is just in its second week, but the month is shaping up to be one of the most eventful of the whole year. The latest bit of blockbuster news is that the more than $1 Trillion infrastructure bill finally passed Congress, which led to a strong session for stocks that will benefit from such funding.

We can add this to the other major stories in just the past few days, including the Fed announcing a taper plan, a ‘goldilocks’ jobs report, and the continuation of a solid earnings season.

The Dow was the best performer on Monday due to the infrastructure news, though it only advanced by 0.29% (or nearly 105 points) to 36,432.22. Meanwhile, the S&P rose 0.09% for its first close about 4700 at 4701.70, while the NASDAQ advanced 0.07% (or nearly 11 points) to 15,982.36. That makes new highs for each of the indices.

But the S&P and NASDAQ have now put together eight straight sessions of record closes. This impressive run of new highs started last month on Thursday, October 28.

The indices are returning from their fifth straight positive week, which was capped off on Friday with a strong Government Employment Situation report. The economy added 531K jobs in October, beating expectations of 450K. The NASDAQ jumped 3% last week, while the S&P was up 2% and the Dow increased 1.4%.

We may be at the tail end of earnings season, but there’s still more than 800 companies reporting this week. However, investors will probably be most interested in the upcoming inflation reports over the next two days. The PPI report comes tomorrow and the CPI on Wednesday.

Both numbers are expected to remain sweltering, but the big question is how they will perform compared to expectations. The previous month’s numbers were abnormally high, but were not as bad as feared. A repeat performance would be nice...

Today's Portfolio Highlights:

Commodity Innovators: The newly-passed $1.2 Trillion infrastructure bill was on Jeremy’s mind when he bought Southern Copper (NYSE:SCCO) on Monday. This Zacks Rank #3 (Hold) recently reported a rather lackluster quarter, but it sees “significant headwinds” from the bill and global initiative to address climate change. SCCO is a long-term holding that pays a more than 6% dividend while we wait for the infrastructure push to really make an impact. But that’s not all. The editor also cashed in two double-digit winners in the session. Energy Select Sector SPDR ETF (NYSE:XLE) is nearing the portfolio’s initial targets of $60, so it was sold for 21.3% in exactly seven months so the service can focus on individual names on any sector pullbacks. Finally, the volatile steel name Nucor (NYSE:NUE) was sold for 14.7% in less than six months and serves as an infrastructure swap with SCCO. Read the full write-up for a lot more on today’s moves.

TAZR Trader: Shares of automaking staple Ford (F) have soared to two-decade highs as investors appreciate the company’s foray into the EV space. However, most big banks have price targets below $20, so it might be time for the stock to stall a bit as it moves past that mark. Kevin decided to trim the position on Monday and take a 41.9% return. F is currently the third best performer in the portfolio with a 47.2% gain since first being added in July (the editor added to the position a few times since then). In other news, The Trade Desk (NASDAQ:TTD) was the best performer among all ZU names today by soaring 29.5% after a nice beat-and-raise quarter. TTD is the second best performer in the service with a 78.6% advance in just under five months. Finally, Advanced Micro Devices (NASDAQ:AMD) also made the top movers scoreboard by climbing 10.1% after gaining Meta Platforms (FB), formerly known as Facebook (NASDAQ:FB), as a chip customer.

Surprise Trader: Earnings season may be winding down, but there’s still hundreds of reports coming this week and plenty of opportunities for this portfolio. On Monday Dave picked up BellRing Brands (NYSE:BRBR), a Zacks Rank #2 (Buy) nutritional products company that offers things like protein shakes, powders, nutrition bars and supplements. The past four quarters have seen three beats and one match. A positive Earnings ESP of 14% suggests this solid earnings history will continue when it reports again on Thursday, November 18 after the bell. BRBR was added today with a 12.5% allocation, while Newmark (NMRK) was sold for a 5.4% return in less than a week. The complete commentary has more on today’s action.

Technology Innovators: We’re starting off a new week with a new buy, as Brian added ASGN (NYSE:ASGN) on Monday. This Zacks Rank #2 (Buy) IT services firm topped the Zacks Consensus Estimate in each of the last four quarters with an average surprise of 7.6%, so these are “steady and stable beats”. The stock has a good valuation and solid topline growth that will “probably reach double digits next year”. Learn more about today’s addition of ASGN in the full write-up.

Black Box Trader: The portfolio cashed in a double-digit profit among five swaps in this week's adjustment. The stocks that were sold today included:

• Olin Corp. (NYSE:OLN, +21.5%)
• Nucor (NUE, +7.1%)
• Jefferies Financial (NYSE:JEF, +0.16%)
• PBF Energy (NYSE:PBF)
• C.H. Robinson Worldwide (CHRW)

The new buys that filled these spots were:

• Community Health Systems (NYSE:CYH)
• Huntsman (NYSE:HUN)
• Marathon Petroleum (NYSE:MPC)
• Tronox (TROX)
• Univar Solutions (NYSE:UNVR)

Read the Black Box Trader’s Guide to learn more about this computer-driven service.

All the Best,
Jim Giaquinto

Recommendations from Zacks' Private Portfolios:

Believe it or not, this article is not available on the website. The commentary is a partial overview of the daily activity from Zacks' private recommendation services. If you would like to follow our Buy and Sell signals in real time, we've made a special arrangement for readers of this website. Starting today you can see all the recommendations from all of Zacks' portfolios absolutely free for 7 days. Our services cover everything from value stocks and momentum trades to insider buying and positive earnings surprises (which we've predicted with an astonishing 80%+ accuracy). Click here to "test drive" Zacks Ultimate for FREE >>

Zacks Investment Research
Stocks Make Small Gains but Still Reach New Highs

Related Articles

Declan Fallon
Running Out Of Options By Declan Fallon - Jan 17, 2022

Friday was a defense by bulls day, but the frequency of the support test was a concern. The Russell 2000 (IWM) was looking the most vulnerable as it attempted a (failed) bullish...

Candy Matheson
Death Cross Forms On SPX:VIX Ratio By Candy Matheson - Jan 17, 2022

I last wrote about the SPX in my 2021 Market Wrap-Up and 2022 Forecast on Jan. 1. The SPX closed (around 20 points below the 50-day moving average) at 4662.85 last Friday, as shown...

Stocks Make Small Gains but Still Reach New Highs

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email