Stocks End Mixed, But Near All-Time Highs  Image: Bigstock Stocks closed lower yesterday, but remain near all-time highs. It was another big earnings day yesterday. After the close, Apple reported a 41.4% positive EPS surprise, and a 15.8% positive sales surprise. They also increased their dividend. And they announced a $90 billion share buyback. They were up roughly 4% in after-hours trade. Facebook also reported after the bell and they posted a 39.2% positive EPS surprise, and a 10.6% positive sales surprise. While they missed on Daily Active Users and Monthly Active Users, the miss was small to the tune of -0.53% and -0.35% respectively. But Average Revenue Per User beat expectations by a much larger 10.4%. They were up roughly 5% in after-hours trade. Ford reported as well and posted a 323% positive EPS surprise, and a 4.10% positive sales surprise. In spite of a chip shortage, they maintained their 2021 guidance. Although, they were down by roughly -3% in after-hours trade. Today we'll hear from Amazon after the close. In other news, the MBA Mortgage Applications fell by -5.0% w/w, with purchases off by -2.5%, and refi's off by -1.0%. The State Street Investor Confidence Index fell by -1.5 points to 92.7. The North American component was down by -2.6 points at 92.2; the Asian component fell by -1.1 points to 91.8; but the European component saw an increase of 3.0 points to 94.3. We also got the FOMC Announcement. As expected, there was no change in rates, or the Fed's bond buying program. And Jerome Powell, in his Fed Chair Press Conference, said that the economic recovery was happening faster than expected, but acknowledged the unevenness. He also reiterated that the Fed has no intention of raising rates anytime soon. He does see inflation rising a bit, but sees it as transitory. The market will digest yesterday's State of the Union address regarding further stimulus packages and tax hikes. It will also have full docket of economic reports, including Q1 GDP, Weekly Jobless Claims, and Pending Home Sales. And, of course, another busy day of earnings reports. With stocks sitting near all-time highs, some are wondering what the next catalyst will be to send stocks higher. We outline three points to consider that answers that very question in our latest commentary... What Will Be the Rally's Next Catalyst? Best,  Kevin Matras
Executive Vice President, Zacks Investment Research | 
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