We've seen growing evidence of rotation away from mega-cap tech. Indeed, even a textbook 'impressive' beat can lead to a 'sell the news' reaction for these stocks. Betting on more near-term upside from these stocks, no matter what they report, is a tough technical game as they all have extreme 14-day and 14-week Relative Strength Index (RSI) readings in the high 70s to mid-80s.

Each month we take a close look at an aspect of sector investing. This month, we are examining growth and valuation. Investors hunting for stocks that reasonably balance long-term growth prospects and current value characteristics might want to look at companies in the Financial Services, Technology, and Industrial sectors. These are among the industry groups that are selling for (price/earnings)/(growth+yield) ratios at or below the S&P 500's ratio of 2.0. To generate the PEGY ratios, we use the P/E ratio for each sector based on forward earnings for the numerator. For the denominator, we average the growth rates for the past five years along with two years of forward estimates, in order to achieve a smoother and less-volatile trend of earnings growth. We then add the current yield, to approximate total return. As an example, the current S&P 500 P/E ratio is 17, the current yield is 1.6%, and the forecast five-year growth rate is 7.1%. The formula is 17/(1.6+7.1)=2.0. Premium-valued sectors with low growth rates include the Consumer Staples and Utilities industries. Based on our analysis of growth rates and valuations, along with other factors, we have established our current over-weight sectors as Technology, Financial, Consumer Discretionary and Communication Services. Our under-weight sectors are Energy and Consumer Staples. Our Market-Weight sectors are Healthcare, Industrial, Utilities, Real Estate, and Basic Materials.

For a second week, insider-transaction data from Vickers Stock Research is generating bullish signals. Last week, insider-transaction volume was low as trading restrictions are in place during earnings season. But trades that did occur resulted in bullish insider-sentiment measures, especially open-market transactions (the most meaningful when considering sentiment).

Stocks fell again on Thursday morning, a day after a sharp selloff prompted by the Fitch downgrade of U.S. government debt. On the earnings front, Qualcomm shares dropped 10% after the chipmaker reported mixed fiscal 3Q results and offered disappointing 4Q guidance. PayPal also fell sharply on concerns about weak operating margins and rising loss provisions. The Dow fell 0.3%, the S&P 0.5%, and the Nasdaq 0.5%. Crude oil rose 1% to $80 per barrel, while gold fell $5 to $1971 per ounce.

Stocks fell on Tuesday morning on continued concerns about a potential U.S. government default, as investors hoped for positive signs from a meeting between President Biden and House Speaker Kevin McCarthy. On the earnings front, Airbnb and Occidental Petroleum will report results after the close, and Disney will report on Wednesday. The Dow fell 0.2%, the S&P 0.4%, and the Nasdaq 0.6%. Crude oil traded near $72 per barrel, while gold rose slightly to $2035 per ounce.

Tuesday was an ugly start to the week, as the major indices all fell 2%-3%. In the short term, it has been a perfect storm in the equity markets. Yields across the curve have popped, the U.S. Dollar Index has bounced, "some" economic reports continue to come in hotter than expected, and the federal funds terminal rate keeps climbing.

Earnings Fading, but Investors Don't Seem to Care

West Texas Intermediate (WTI) was trading at $73.70/barrel Thursday afternoon, after sinking to $70 in the first half of December. Crude has bounced off the key 61.8% retracement of the rally from the November 2020 lows. WTI remains in a bearish channel off the peak since mid-June and would need to break above $83 to break the downtrend. The 14-week relative strength index traced out a bullish divergence at the early December low, but momentum remains in a downtrend.

This is an interesting week in the financial markets, with November CPI reported this morning, the FOMC rate announcement on Wednesday, and Fed Chair Powell's news conference 30 minutes after the announcement. There is a 75% probability that the Fed raises rates by 50 basis points (bps), bringing the target rate to 4.25% to 4.5%. That will be the highest rate since late 2007. Looking to mid-2023, the highest probability for the funds rate is between 4.75% and 5.25%.

Most sentiment indicators continue to show an extremely bearish investment community, from individuals, to hedge funds, to institutions, to strategists, to anybody else in this business. There are a few steadfast bulls, but they always find evidence for higher prices. The perma-bulls have been correct since the beginning of the stock market; they just get smashed during extended down periods and bear markets.

Stocks surged on Thursday following positive inflation data, recording their strongest one-day advance since 2020. The Labor Department said that its consumer price index rose 7.7% from the prior year in October, down from 8.2% in September and below the consensus forecast of 7.9%. The core CPI, excluding food and energy, also rose at a lower-than-expected 6.3% rate. On the employment front, first-time claims for state unemployment benefits rose by 7,000 to 225,000 for the week ended November 5, slightly above the consensus forecast. Continuing claims rose to 1.493 million, also up from the prior week and above consensus. The Dow soared 3.70%, the S&P 5.54%, and the Nasdaq 7.35%. Crude oil rose slightly to $86 per barrel, while gold jumped $47 to $1760 per ounce.

Yesterday, we talked about weakness in the U.S. Dollar Index (USD). Today, we'll look at some of the possible implications of a weakening greenback. The intraday peak for USD was 114.75 on September 28, and then the greenback saw a drop to 110 on October 4, a pop to 114 last Friday, and a quick decline to 109.50 on Wednesday. While the decline since last week is large, the dollar has traced out only a minor lower high and lower low. With the drop, the USD has slightly broken trendline support off the lows since February and has fallen under its 50-day moving average. It also fell below its 10-week exponential average for the first time since early this year. These breaks are not large enough to declare an end to the uptrend just yet. But, as we have been saying, there are many reasons to expect some possible corrective activity from the greenback.

Stocks fell on Thursday morning, led by declines in the Energy and Consumer Staples sectors. First-time unemployment claims rose by 6,000 to 260,000 for the week ended July 30 and were slightly above the consensus forecast. Continuing claims also rose by 48,000 to 1.416 million. On the earnings front, Conoco posted better-than expected second-quarter results and said that it would substantially boost returns to shareholders through dividends and buybacks. The Dow fell 0.3%, the S&P 0.2%, and the Nasdaq 0.3%. Crude oil fell more than 2% to $88.50 per barrel, while gold jumped $27 to $1804 per ounce.

Stocks rose on Tuesday morning as investors weighed new retail sales data and awaited more public comments from Fed Chair Jerome Powell. The Commerce Department said that U.S. retail sales rose 0.9% in April, in line with the Reuters consensus forecast. March retail sales were also revised up to 1.4% growth from a prior 0.7%. On the earnings front, Walmart shares fell 9% after the retailer posted disappointing 1Q earnings and lowered its full-year guidance. The Dow rose 0.6%, the S&P 1.1%, and the Nasdaq 1.3%. Crude oil traded near $115 per barrel, while gold rose $5 to $1819 per ounce.

Last week the stock market extended its losing streak to five weeks. On Friday, the Dow Jones Industrial Average fell by 230 points, or 0.69%. The S&P 500 fell 1.30%, and the Nasdaq Composite dropped 2.18%. For the week, the DJIA was down 671 points, or 1.99%, while the S&P 500 was off 2.88%, and the Nasdaq Composite declined 3.53%. Year-to-date, the Dow is down 9.43%; and the S&P 500 is off 11.79%. The Nasdaq Composite extended its relative underperformance and is now down 17.90% year-to-date.

The stock market moved higher last week during a busy week that consisted of a steady stream of earnings reports and election results. Tech stocks far outperformed blue chips for a third straight week. During Friday's session, the Dow Jones Industrial Average increased 204 points, or 0.56%. The S&P 500 was up 0.37%, and the Nasdaq Composite was up 0.20%. For the week, the DJIA was up 508 points, or 1.42%, the S&P 500 was up 2.00%, and the Nasdaq Composite was up 3.05%. Year-to-date, the DJIA is up 18.69%, the S&P 500 is up 25.07%, and the Nasdaq Composite is up 23.92%.

The overall volume of insider transactions remains light due to trading restrictions in place during earnings season, but there are some interesting trends in the current data from Vickers Stock Research. And those trends are positive.

With April winding down, you can count on someone, somewhere saying, 'sell in May and go away.' That pronouncement is mainly popular because it rhymes. While it is true that summer is typically a period of relative underperformance, market timing rarely works. And sometimes summer is a good time for stock performance.

Insider sentiment continues to suggest a reasonable degree of caution. As we have said for several weeks now, this caution does not mean that a major correction is bound to occur. But it does suggest that there are few near-term catalysts that insiders see as likely to drive stock prices (around all-time highs already) quickly higher.

Small- and mid-cap stocks (SMID stocks) surged in the past quarter. They also have outperformed large-caps over the past 12 months and may be in a better position to generate market-beating returns going forward. For one thing, SMID companies tend to focus on domestic markets, so their businesses could be poised to rebound more quickly once COVID-19 vaccines are widely distributed and the economy recovers. As well, the prices of SMID stocks are generally lower than the prices of large-caps. While SMID stocks can be risky, diversified investors look to have exposure to small- and mid-caps based on the long-term performance record. We estimate that 20%-25% of the U.S. stock market's capitalization is comprised of SMID stocks. Investors used to use a $2 billion market-cap threshold to define a small-cap stock and a $10 billion threshold for a mid-cap. We note that the Russell 2000 index now includes numerous companies with market capitalizations above $15 billion. For our purposes, we use a threshold of $20 billion to define a SMID stock.

Small- and mid-cap stocks (SMID stocks) surged in the past quarter. They also have outperformed large-caps over the past 12 months and may be in a better position to generate market-beating returns going forward. For one thing, SMID companies tend to focus on domestic markets, so their businesses could be poised to rebound more quickly once COVID-19 vaccines are widely distributed and the economy recovers. As well, the prices of SMID stocks are generally lower than the prices of large-caps. While SMID stocks can be risky, diversified investors look to have exposure to small- and mid-caps based on the long-term performance record. We estimate that 20%-25% of the U.S. stock market's capitalization is comprised of SMID stocks. Investors used to use a $2 billion market-cap threshold to define a small-cap stock and a $10 billion threshold for a mid-cap. We note that the Russell 2000 index now includes numerous companies with market capitalizations above $15 billion. For our purposes, we use a threshold of $20 billion to define a SMID stock.

In the trading week that ended on October 30, the stock market had its most serious stumble since the early weeks of the pandemic. Earnings and economic news was generally positive, including the record 33% recovery in 3Q20 GDP. But the combination of sharply rising COVID-19 cases and prospects for an inconclusive and contested election spooked investors heading into Halloween.

Stocks finished mixed on Thursday amid new weekly employment data and concerns about the lack of progress on a fiscal stimulus plan in Washington. Congressional Democrats, who proposed a $3.4 trillion plan in May, appear prepared to compromise on a smaller plan in the $2 trillion range, while the White House and its Republican allies in the Senate have thus far refused to move from their original $1 trillion proposal. The negotiations could be further complicated by Thursday's data, which showed first-time unemployment benefit claims falling below 1 million for the first time since March, as well as a decline in continuing claims. Still, unemployment remains at record levels, with more than 28 million Americans receiving some form of unemployment benefits as of late July, up from 1.7 million a year earlier. The Dow fell 0.29%, the S&P fell 0.20%, and the Nasdaq rose 0.27%. Crude oil fell to $42 per barrel, while gold rose $12 to $1961 per ounce.

Stocks finished mixed on Thursday amid new weekly employment data and concerns about the lack of progress on a fiscal stimulus plan in Washington. Congressional Democrats, who proposed a $3.4 trillion plan in May, appear prepared to compromise on a smaller plan in the $2 trillion range, while the White House and its Republican allies in the Senate have thus far refused to move from their original $1 trillion proposal. The negotiations could be further complicated by Thursday's data, which showed first-time unemployment benefit claims falling below 1 million for the first time since March, as well as a decline in continuing claims. Still, unemployment remains at record levels, with more than 28 million Americans receiving some form of unemployment benefits as of late July, up from 1.7 million a year earlier. The Dow fell 0.29%, the S&P fell 0.20%, and the Nasdaq rose 0.27%. Crude oil fell to $42 per barrel, while gold rose $12 to $1961 per ounce.

Stocks rose on Tuesday on news of progress on COVID-19 vaccines and as businesses start to reopen. The consumer confidence index rose to 86.6 in May from 85.7 in April. The Commerce Department said that new home sales for April increased 0.6% to a seasonally adjusted annual rate of 623,000 units. The Dow rose 2.4%, the S&P 1.7%, and the Nasdaq 0.9%. Crude oil traded near $34 per barrel, while gold fell $26 to $1708 per ounce.

Stocks rose on Tuesday on news of progress on COVID-19 vaccines and as businesses start to reopen. The consumer confidence index rose to 86.6 in May from 85.7 in April. The Commerce Department said that new home sales for April increased 0.6% to a seasonally adjusted annual rate of 623,000 units. The Dow rose 2.4%, the S&P 1.7%, and the Nasdaq 0.9%. Crude oil traded near $34 per barrel, while gold fell $26 to $1708 per ounce.

Large-caps have outperformed over the past 12 months, but small- and mid-caps may be in a better position to generate market-beating returns going forward. For one thing, many smaller companies often are more focused on domestic operations and may not be exposed to the global economic uncertainty caused by the coronavirus. For another, prior to COVID-19, the long-term record favored small-caps over large-caps. From 2003-2019, the Russell 2000 Index had climbed 282%, compared to an advance of 233% for the Russell 1000 Index. In 2020, a relatively weak performance by the Russell 2000 Index has brought the measures more in line for the year-to-date. SP despite risks associated with smaller-cap stocks, diversified investors look to have exposure to small- and mid-caps based on the long-term performance record. We estimate that 15%-20% of the U.S. stock market's capitalization is comprised of small- and mid-cap stocks.

Large-caps have outperformed over the past 12 months, but small- and mid-caps may be in a better position to generate market-beating returns going forward. For one thing, many smaller companies often are more focused on domestic operations and may not be exposed to the global economic uncertainty caused by the coronavirus. For another, prior to COVID-19, the long-term record favored small-caps over large-caps. From 2003-2019, the Russell 2000 Index had climbed 282%, compared to an advance of 233% for the Russell 1000 Index. In 2020, a relatively weak performance by the Russell 2000 Index has brought the measures more in line for the year-to-date. SP despite risks associated with smaller-cap stocks, diversified investors look to have exposure to small- and mid-caps based on the long-term performance record. We estimate that 15%-20% of the U.S. stock market's capitalization is comprised of small- and mid-cap stocks.

Large-caps have outperformed over the past 12 months, but small- and mid-caps may be in a better position to generate market-beating returns going forward. For one thing, most smaller companies often are more focused on domestic operations and may not be exposed to the global economic uncertainty caused by the coronavirus. For another, prior to COVID-19, the long-term record had favored small-caps over large-caps. From 2003-2019, the Russell 2000 Index had climbed 282%, compared to an advance of 233% for the Russell 1000 Index. In 2020, a relatively weak performance by the Russell 2000 Index has brought the measures more in line for the year-to-date. This week's list includes stocks with market caps below $12 billion; that are on the Argus BUY list; and are included in our Mid-Cap model portfolio.

Large-caps have outperformed over the past 12 months, but small- and mid-caps may be in a better position to generate market-beating returns going forward. For one thing, most smaller companies often are more focused on domestic operations and may not be exposed to the global economic uncertainty caused by the coronavirus. For another, prior to COVID-19, the long-term record had favored small-caps over large-caps. From 2003-2019, the Russell 2000 Index had climbed 282%, compared to an advance of 233% for the Russell 1000 Index. In 2020, a relatively weak performance by the Russell 2000 Index has brought the measures more in line for the year-to-date. This week's list includes stocks with market caps below $12 billion; that are on the Argus BUY list; and are included in our Mid-Cap model portfolio.

The onset and spread of the coronavirus in the U.S. has led to a bear market that has led to wide destruction in sectors ranging from Technology to Energy to Consumer to Financial Services and Industrial. The reduction in prices has improved valuations, and our analysts have upgraded several stocks in recent weeks. These are not likely to be earnings momentum stocks. Rather, the companies are likely to have strong balance sheets to carry them through the crisis, and experienced management teams to lead them to the other side. The upgrades include to following companies.

The onset and spread of the coronavirus in the U.S. has led to a bear market that has led to wide destruction in sectors ranging from Technology to Energy to Consumer to Financial Services and Industrial. The reduction in prices has improved valuations, and our analysts have upgraded several stocks in recent weeks. These are not likely to be earnings momentum stocks. Rather, the companies are likely to have strong balance sheets to carry them through the crisis, and experienced management teams to lead them to the other side. The upgrades include to following companies.

In this weekly review of insider-sentiment data from Vickers Stock Research, it would be easy to recap the recent carnage in stock prices. But in this space, our mandate is relatively narrow. We look at insider transactions over the past seven days and offer up an opinion about the trends we see. And, for now at least, corporate executives, directors and beneficial owners are making the task very (very) simple. Briefly put, insider sentiment has come roaring back in a manner that is unambiguously bullish.

In this weekly review of insider-sentiment data from Vickers Stock Research, it would be easy to recap the recent carnage in stock prices. But in this space, our mandate is relatively narrow. We look at insider transactions over the past seven days and offer up an opinion about the trends we see. And, for now at least, corporate executives, directors and beneficial owners are making the task very (very) simple. Briefly put, insider sentiment has come roaring back in a manner that is unambiguously bullish.

As a stock theory, The January Effect holds that investors who sell stocks for tax-loss purposes in December come back into the market in January, leading to outsized gains. The academic literature on this theory is mixed -- and last year, there was not a ton of tax-loss candidates to sell. Ultimately, January is only the sixth-best stock month on the S&P 500, with an average 1.03% gain since 1980. In descending order, the five months better than January are April, November, March, December and October.

As a stock theory, The January Effect holds that investors who sell stocks for tax-loss purposes in December come back into the market in January, leading to outsized gains. The academic literature on this theory is mixed -- and last year, there was not a ton of tax-loss candidates to sell. Ultimately, January is only the sixth-best stock month on the S&P 500, with an average 1.03% gain since 1980. In descending order, the five months better than January are April, November, March, December and October.

Stocks finished mixed on Thursday amid new weekly employment data and concerns about the lack of progress on a fiscal stimulus plan in Washington. Congressional Democrats, who proposed a $3.4 trillion plan in May, appear prepared to compromise on a smaller plan in the $2 trillion range, while the White House and its Republican allies in the Senate have thus far refused to move from their original $1 trillion proposal. The negotiations could be further complicated by Thursday's data, which showed first-time unemployment benefit claims falling below 1 million for the first time since March, as well as a decline in continuing claims. Still, unemployment remains at record levels, with more than 28 million Americans receiving some form of unemployment benefits as of late July, up from 1.7 million a year earlier. The Dow fell 0.29%, the S&P fell 0.20%, and the Nasdaq rose 0.27%. Crude oil fell to $42 per barrel, while gold rose $12 to $1961 per ounce.

Large-caps have outperformed over the past 12 months, but small- and mid-caps may be in a better position to generate market-beating returns going forward. For one thing, many smaller companies often are more focused on domestic operations and may not be exposed to the global economic uncertainty caused by the coronavirus. For another, prior to COVID-19, the long-term record favored small-caps over large-caps. From 2003-2019, the Russell 2000 Index had climbed 282%, compared to an advance of 233% for the Russell 1000 Index. In 2020, a relatively weak performance by the Russell 2000 Index has brought the measures more in line for the year-to-date. SP despite risks associated with smaller-cap stocks, diversified investors look to have exposure to small- and mid-caps based on the long-term performance record. We estimate that 15%-20% of the U.S. stock market's capitalization is comprised of small- and mid-cap stocks.

Large-caps have outperformed over the past 12 months, but small- and mid-caps may be in a better position to generate market-beating returns going forward. For one thing, most smaller companies often are more focused on domestic operations and may not be exposed to the global economic uncertainty caused by the coronavirus. For another, prior to COVID-19, the long-term record had favored small-caps over large-caps. From 2003-2019, the Russell 2000 Index had climbed 282%, compared to an advance of 233% for the Russell 1000 Index. In 2020, a relatively weak performance by the Russell 2000 Index has brought the measures more in line for the year-to-date. This week's list includes stocks with market caps below $12 billion; that are on the Argus BUY list; and are included in our Mid-Cap model portfolio.

Stocks rose on Tuesday on news of progress on COVID-19 vaccines and as businesses start to reopen. The consumer confidence index rose to 86.6 in May from 85.7 in April. The Commerce Department said that new home sales for April increased 0.6% to a seasonally adjusted annual rate of 623,000 units. The Dow rose 2.4%, the S&P 1.7%, and the Nasdaq 0.9%. Crude oil traded near $34 per barrel, while gold fell $26 to $1708 per ounce.

The onset and spread of the coronavirus in the U.S. has led to a bear market that has led to wide destruction in sectors ranging from Technology to Energy to Consumer to Financial Services and Industrial. The reduction in prices has improved valuations, and our analysts have upgraded several stocks in recent weeks. These are not likely to be earnings momentum stocks. Rather, the companies are likely to have strong balance sheets to carry them through the crisis, and experienced management teams to lead them to the other side. The upgrades include to following companies.

In this weekly review of insider-sentiment data from Vickers Stock Research, it would be easy to recap the recent carnage in stock prices. But in this space, our mandate is relatively narrow. We look at insider transactions over the past seven days and offer up an opinion about the trends we see. And, for now at least, corporate executives, directors and beneficial owners are making the task very (very) simple. Briefly put, insider sentiment has come roaring back in a manner that is unambiguously bullish.

As a stock theory, The January Effect holds that investors who sell stocks for tax-loss purposes in December come back into the market in January, leading to outsized gains. The academic literature on this theory is mixed -- and last year, there was not a ton of tax-loss candidates to sell. Ultimately, January is only the sixth-best stock month on the S&P 500, with an average 1.03% gain since 1980. In descending order, the five months better than January are April, November, March, December and October.

Stocks rose on Thursday morning, led by the Technology and Healthcare sectors, a day after the Fed's quarter-point rate cut. Microsoft shares rose more than 2% after the company announced a $40 billion stock buyback and a substantial 11% dividend hike. The Dow rose 0.3%, the S&P 0.4%, and the Nasdaq 0.6%. Crude oil traded near $58.50 per barrel, while gold fell $9 to trade near $1507 per ounce.

Stocks rose on Thursday morning, led by the Technology and Healthcare sectors, a day after the Fed's quarter-point rate cut. Microsoft shares rose more than 2% after the company announced a $40 billion stock buyback and a substantial 11% dividend hike. The Dow rose 0.3%, the S&P 0.4%, and the Nasdaq 0.6%. Crude oil traded near $58.50 per barrel, while gold fell $9 to trade near $1507 per ounce.

Stocks rose on Friday morning after a disappointing May employment report raised the likelihood that the Fed would lower interest rates. The Labor Department said that the U.S. economy added just 75,000 payroll jobs month, down from a revised 224,000 in April and below the Reuters consensus forecast of 185,000. The official unemployment rate held steady at 3.6%. Average hourly wages rose 0.2% from the prior month, below the consensus of 0.3%, and 3.1% from the prior year, below the consensus of 3.2%. The S&P rose 0.9%, the Dow 0.9%, and the Nasdaq 1.2%. Crude oil rose 1.5% to $53 per barrel, while gold rose $2 to $1345 per ounce.

Stocks rose on Friday morning after a disappointing May employment report raised the likelihood that the Fed would lower interest rates. The Labor Department said that the U.S. economy added just 75,000 payroll jobs month, down from a revised 224,000 in April and below the Reuters consensus forecast of 185,000. The official unemployment rate held steady at 3.6%. Average hourly wages rose 0.2% from the prior month, below the consensus of 0.3%, and 3.1% from the prior year, below the consensus of 3.2%. The S&P rose 0.9%, the Dow 0.9%, and the Nasdaq 1.2%. Crude oil rose 1.5% to $53 per barrel, while gold rose $2 to $1345 per ounce.

Better-than-Expected 4Q Earnings, but Mounting Concerns for 2019 EPS

Better-than-Expected 4Q Earnings, but Mounting Concerns for 2019 EPS

Stocks rose on Thursday morning, led by the Technology and Healthcare sectors, a day after the Fed's quarter-point rate cut. Microsoft shares rose more than 2% after the company announced a $40 billion stock buyback and a substantial 11% dividend hike. The Dow rose 0.3%, the S&P 0.4%, and the Nasdaq 0.6%. Crude oil traded near $58.50 per barrel, while gold fell $9 to trade near $1507 per ounce.

Stocks rose on Friday morning after a disappointing May employment report raised the likelihood that the Fed would lower interest rates. The Labor Department said that the U.S. economy added just 75,000 payroll jobs month, down from a revised 224,000 in April and below the Reuters consensus forecast of 185,000. The official unemployment rate held steady at 3.6%. Average hourly wages rose 0.2% from the prior month, below the consensus of 0.3%, and 3.1% from the prior year, below the consensus of 3.2%. The S&P rose 0.9%, the Dow 0.9%, and the Nasdaq 1.2%. Crude oil rose 1.5% to $53 per barrel, while gold rose $2 to $1345 per ounce.

Better-than-Expected 4Q Earnings, but Mounting Concerns for 2019 EPS

Volatility reigns in equity markets, with investors forced to react to a suddenly large (and seemingly growing) number of issues. Meanwhile, corporate executives, directors and beneficial owners are quietly going about their business -- and, in so doing, are making a very noticeable statement.

Volatility reigns in equity markets, with investors forced to react to a suddenly large (and seemingly growing) number of issues. Meanwhile, corporate executives, directors and beneficial owners are quietly going about their business -- and, in so doing, are making a very noticeable statement.

Volatility reigns in equity markets, with investors forced to react to a suddenly large (and seemingly growing) number of issues. Meanwhile, corporate executives, directors and beneficial owners are quietly going about their business -- and, in so doing, are making a very noticeable statement.