U.S. stocks turned lower on Wednesday morning as investors digest new earnings reports. As interest rates are expected to remain elevated for some time, subdued consumer demand could persist. Orders for durable goods rose 2.6% in March, up from revised 0.7% increase in February and in line with estimates. Excluding transportation, orders ticked up 0.2% as a 30.6% increase in nondefense aircraft and parts led the increase. Orders for motor vehicles and parts also saw an increase (+2.1%), while orders slipped for computers and related products (-3.9%) and primary metals (-0.5%). Shares of Tesla (TSLA) popped despite the company missing estimates for earnings and sales and logged a drop in production and vehicle deliveries in the latest quarter. Plans to reintroduce a more-affordable EV. The Dow was down 0.4%, the S&P 500 fell 0.4% and the Nasdaq lost 0.3%. Crude oil is trading above $82 per barrel and gold fell $5 to $2337 per ounce.

Stocks headed higher on Wednesday morning ahead of this week's economic data. Both the S&P 500 and Nasdaq are tracking for record highs, helped by stocks such as Netflix (NFLX), ASML Holdings (ASML) and Advanced Micro Devices (AMD). The Dow rose 0.3%, the S&P 500 was up 0.7% and the Nasdaq gained 1.2%. Crude oil traded above $75 per barrel, while gold fell $8 to $2018 per ounce.

Stocks were mostly lower on Wednesday morning amid mixed earnings reports from major companies and new housing market data. The Commerce Department said that U.S. new home sales rose 12.3% to a seasonally adjusted annualized rate of 759,000 units in September, well above the Reuters consensus forecast of 680,000. On the earnings front, Alphabet posted above-consensus 3Q results, though the shares dropped 9% on concerns about weakness in the company's cloud business. On the positive side, Microsoft shares rose 3% after the company reported strong fiscal 1Q sales and earnings, helped by growth in cloud computing. The Dow rose 0.2%, the S&P fell 0.8%, and the Nasdaq dropped 1.5%. Crude oil fell slightly to $83.50 per barrel, while gold traded near $1987 per ounce.

Rapidly rising inflation in 2022 knocked stocks into a bear market. While growth strategies suffered the most, value strategies also declined. Even bond prices were lower last year. Stocks have recovered thus far in 2023, but gains have been largely driven by only a handful of high-tech companies. Inflation remains high and the Fed continues to raise rates. Is a recession in the offing? With all the uncertainty, is it time for investors to cash in their chips? We note that investors exit the stock market at their own peril, as long-term returns from equities consistently have outpaced long-term returns from other asset classes, such as fixed income and cash. Argus believes that Min Vol is an all-weather strategy that is timely in any investing climate. Academic literature and, more to the point, returns history, indicate that Min Vol can deliver market-matching returns on an absolute basis and superior returns on a risk-adjusted basis over various time periods.

Stocks were mixed on Wednesday morning as investors weighed a new round of earnings reports and awaited the Fed's policy statement and follow-up comments from Fed Chair Jerome Powell. A 25-basis-point hike is widely expected. On the earnings front, Alphabet shares rose 6% following better-than-expected 2Q results, while Microsoft shares fell, despite strong fiscal 4Q earnings, after the company offered disappointing first-quarter sales guidance. The Dow rose 0.1%, the S&P fell 0.1%, and the Nasdaq fell 0.3%. Crude oil fell slightly to $79.50 per barrel, while gold rose $11 to $1974 per ounce.

Dividend income is often overlooked amid gyrations in the stock market. Thus far in 2023, market bulls are boasting about first-half S&P 500 returns that may top 15%. No one is very focused on the broad market index's 1.6% current yield. But dividends are an important element of return. Dividend income accounted for 42% of the total return of the S&P 500 between 1930 and 2012, according to Hartford Funds. And that's just the average. In some of those decades, dividends accounted for more than 50% of total returns and even 100% of returns. More recently, dividends have accounted for a smaller portion of returns, at around 15%-20%. In 2018, dividend payments softened the blow when most market indices declined as the Fed hiked rates. The pattern was repeated in 2022. Not all dividends are created equal, though, and it is important to understand the difference between the two main categories: high-yield stocks and dividend-growth stocks.

Stocks were mostly higher on Wednesday morning following earnings from major Tech companies and new manufacturing data. Microsoft shares rose more than 7% after the company posted better-than-expected fiscal 3Q results, driven by strength in its cloud and AI businesses. However, UK regulators blocked the company's planned acquisition of videogame maker Activision Blizzard. Meanwhile, new data showed a sharper-than-expected decline in capital goods orders. The Commerce Department said that orders for core capital goods excluding aircraft fell 0.4% in March; the Reuters consensus forecast had called for a smaller decline of 0.1%. The Dow fell 0.1%, the S&P rose 0.3%, and the Nasdaq rose 1.1%. Crude oil traded near $77 per barrel, while gold rose slightly to $2005 per ounce.

We recently raised our rating on the Technology sector to Over-Weight from Market-Weight. As interest rates start to fall, IT demand in enterprise and data center markets is holding up. And mounting interest in ChatGPT could herald the age of AI, which could be a huge industry driver. Over the long term, we expect the Technology sector to benefit from pervasive digitization across the economy, greater acceptance of transformative technologies, and the development of the Internet of Things (IoT). Healthy company and sector fundamentals are also positive. For individual companies, these include high cash levels, low debt, and broad international business exposure. The sector is outperforming the market thus far in 2023, with a gain of 12.4%. Tech underperformed the market in 2022, with a loss of 28.9%, and outperformed in 2021, with a gain of 33.4%. The P/E ratio on projected 2023 earnings is 23, above the market multiple. Earnings are expected to grow 14.5% in 2023 after having fallen 3.3% in 2022. Earnings rose 37.9% in 2021 and 7.7% in 2020. The sector's debt ratios are below the market average, as is the average dividend yield of 0.5%. Here is how we use our analysts' Technology sector ideas in our Focus List and Model Portfolios.

Rapidly rising inflation 2022 knocked stocks into a bear market. While growth strategies suffered the most, value strategies also declined. Even bond prices were lower last year. Volatility, which has dropped from the highs of 2020, still has not returned to pre-COVID levels. Is it time for investors to cash in their chips? We note that investors exit the stock market at their own peril, as long-term returns from equities consistently have outpaced long-term returns from other asset classes, such as fixed income and cash. As well, those fixed-income returns are from eras when the 10-year Treasury bond yield was much higher than the current 3.5% level. So what's a potential equity strategy for investors amid all the uncertainty? Argus believes that Min Vol is an all-weather strategy that is timely in any investing climate.

Stocks fell on Wednesday morning as investors weighed earnings reports from Microsoft, Boeing, and AT&T. Microsoft shares fell after the company posted mixed results and offered disappointing sales guidance for the current quarter, driven in part by a slowdown in the Azure cloud services business. On the positive side, AT&T shares rose 5% following better-than-expected fourth-quarter earnings and strong growth in wireless subscribers. The Dow fell 0.6%, the S&P 0.7%, and the Nasdaq 1.0%. Crude oil rose 1% to $81 per barrel, while gold traded near $1935 per ounce.

Dividend income, an important element of total return, is often overlooked amid gyrations in the stock market. Between 1930 and 2012, dividend income accounted for 42% of the total return of the S&P 500, according to Hartford Funds. And that's just the average. In some decades, dividends accounted for more than 50% of total returns and even 100% of returns. More recently, dividends have accounted for 15%-20% of returns. Still, in 2018, dividend payments softened the blow when most market indices declined as the Federal Reserve hiked rates. The pattern was repeated in 2022 as well. Not all dividends are created equal, though, and it is important to understand the difference between the two main categories: high-yield stocks and dividend-growth stocks.

Stocks were mixed on Wednesday morning as investors weighed earnings reports from Tech heavyweights Alphabet and Microsoft. Alphabet shares fell 7% after the company reported much lower 3Q earnings that came in below the consensus forecast, reflecting weakness in digital advertising. Microsoft shares also fell, despite above-consensus fiscal 1Q results, as growth in the company's cloud business slowed sharply from the prior year. The Dow rose 0.5%, the S&P fell 0.2%, and the Nasdaq fell 1.0%. Crude oil rose nearly 2% to $87 per barrel, while gold rose $16 to $1674 per ounce.

October is known as 'the bear killer,' and the first trading day of the month sure felt that way (although massive rallies are common during bear markets, as seen since March). There have been 11 post-WWII bears that ended in October: 1946, 1957, 1960, 1962, 1966, 1974, 1987, 1990, 1998, 2002, and 2011 (19.4% on closing basis, over 20% on an intraday basis). We do not count 2001 (as do others) because it was not the end of that bear market based on the September low.

Rapidly rising inflation in 2022 has knocked the stock market into a bear market. While growth strategies have suffered the most, value strategies also have declined. Even year-to-date bond prices are lower. Volatility, which has dropped from the highs of 2020, still has not returned to pre-COVID levels. Is it time for investors to cash in their chips? We note that investors exit the stock market at their own peril, as long-term returns from equities consistently have outpaced long-term returns from other asset classes, such as fixed income and cash. As well, those returns are from eras when the 10-year Treasury bond yield was much higher than the current 3.0% level. So what's a potential equity strategy for investors amid all the uncertainty? Argus believes that Min Vol is an all-weather strategy that is timely in any investing climate. Academic literature and, more to the point, returns history, indicate that Min Vol can deliver market-matching returns on an absolute basis and superior returns on a risk-adjusted basis over various time periods.

As of the close on July 25, the major indices were sitting at key short-term spots -- either at recent breakout areas or just above. The S&P 500 fell back to its breakout area near 3,950 and was just above its 50-day average. The Nasdaq was slightly above its breakout at 11,700 and a few hundred points above its 50-day. The QQQs were above the breakout point at 297; the S&P MidCap 400 was very close to breakout; and the Russell 2000 had pulled right back to key short-term chart support.

Dividend income, an important element of total return, is often overlooked amid gyrations in the stock market. Between 1930 and 2012, dividend income accounted for 42% of the total return of the S&P 500, according to Hartford Funds. And that's just the average. In some decades, dividends accounted for more than 50% of total returns and even 100% of returns. More recently, dividends have accounted for 15%-20% of returns. Still, in 2018, dividend payments softened the blow when most market indices declined as the Federal Reserve hiked rates. The pattern is being repeated in 2022 as well. Not all dividends are created equal, though, and it is important to understand the difference between the two main categories: high-yield stocks and dividend-growth stocks.

This is among our most important themes for 2022, and stretches across industries. We think companies that consistently raise their dividends at a double-digit rate are sending off three important signals amid the recent market volatility: 1) the company's balance sheet is strong enough to pay a dividend; 2) management is focused on providing shareholder returns; and 3) management is confident enough in the near-term outlook to raise the payout aggressively. The third factor is especially important as the pandemic upended the nation's recent record of long-term economic growth. Here are 19 stocks that meet our double-digit dividend test and are on the Argus BUY List. They are also holdings in our Dividend Growth Separately Managed Account and in the Dividend Growers Total Return Trust, sponsored by SmartTrust.

Sustainable Impact Investing, or ESG investing, is gaining traction not only with Argus Research clients but also with the global investment community. BlackRock CEO Lawrence Fink, who oversees approximately $9 trillion in assets, announced in January 2020 that his firm would be investing in companies that are making progress on sustainability. He doubled down in his January 2021 letter, calling on company managements to disclose their plans for making their businesses "compatible with a net-zero economy" by 2050. As assets have flowed in over the past 40 years, Sustainable Impact Investing has evolved. The discipline, originally known as Socially Responsible Investing, focused at first on excluding companies that conducted business in South Africa, or participated in industries such as tobacco, alcohol, and firearms. Performance of these initial strategies lagged, and the approach has been modified. Now, instead of merely identifying industries to avoid, the discipline promotes "sustainable" business practices across all industries that can have an "impact" on global issues such as climate, hunger, poverty, disease, shelter, and workers' rights.

Stocks rose modestly on Wednesday morning following Tuesday's massive selloff. Microsoft shares rose 6% after the company posted stronger-than-expected fiscal 3Q results and projected double-digit revenue growth for the next fiscal year. On the negative side, Alphabet shares fell 3% after disappointing first-quarter sales and earnings. The Dow rose 0.3%, the S&P 0.4%, and the Nasdaq 0.4%. Crude oil fell slightly to $101.50 per barrel, while gold dropped $18 to $1886 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.

The onset of the coronavirus in 2020 knocked stocks into a bear market. Though equities recovered, the U.S. economy is about to slow down and COVID-19 cases are rising again as virus variants spread. Volatility, which has dropped from the highs of 2020, still has not returned to pre-COVID levels. Daily prices can swing wildly, as they did three times in 2021 when stocks dropped 4%-5% in a matter of a few days. Is it time for investors to cash in their chips? We note that investors exit the stock market at their own peril, as long-term returns from equities consistently have outpaced long-term returns from other asset classes, such as fixed income and cash. As well, those returns are from eras when the 10-year Treasury bond yield was not sub-2.0%. So what's a potential equity strategy for investors amid all the uncertainty? Argus believes that Min Vol is an all-weather strategy that is timely in any investing climate. Academic literature and, more to the point, returns history indicate that Min Vol can deliver market-matching returns on an absolute basis and superior returns on a risk-adjusted basis over various time periods.

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.

Often overlooked amid gyrations in the stock market is dividend income, which is an important element of total return. Between 1930 and 2012, dividend income accounted for 42% of total return of the S&P 500, according to Hartford Funds. And that's just the average. In some decades, dividends accounted for more than 50% of total returns and even 100% of returns. More recently, dividends have accounted for 15%-20% of returns. Still, in 2018, dividend payments softened the blow when most market indices declined as the Federal Reserve hiked rates. But not all dividends are created equal, though, and it is important to understand the difference between the two main categories: high-yield stocks and dividend-growth stocks.

Sustainable Impact Investing is gaining traction with the global investment community. In January 2020, BlackRock CEO Lawrence Fink, who oversees approximately $9 trillion in assets, announced that his firm would be investing in companies that are making progress on sustainability. He doubled down in his January 2021 letter, calling on company managements to disclose their plans for making their businesses "compatible with a net-zero economy" by 2050. As assets have flowed in over the past 40 years, Sustainable Impact Investing has evolved. The discipline, originally known as Socially Responsible Investing, focused at first on excluding companies that conducted business in South Africa, or participated in industries such as tobacco, alcohol, and firearms. But the performance of these initial strategies lagged, and the approach has been modified. Now, instead of merely identifying industries to avoid, the discipline promotes "sustainable" business practices across all industries that can have an "impact" on global issues such as the climate, hunger, poverty, disease, shelter, and workers' rights.

October Surprise: Recouping September's Losses

The week before Labor Day has a reputation for being a sleepy time on Wall Street, as investors get away for one last blast of summer. Trading volumes typically thins, which can have the counter-intuitive impact of causing swoops and dives.

Stocks kept momentum going in July and August. Our analysts have been progressing through earnings season and have come across many stocks that have approached target prices. We set targets through our valuation framework, which includes analysis of historical multiples, peer multiples, and future dividends and cash flows. After adjusting for the latest information, here are some of the stocks on which we raised target prices over the past month. All of the following stocks are rated BUY at Argus.

The onset of the coronavirus in 2020 knocked the stock market into a bear market. Though stocks have recovered, the U.S. economy is about to slow down and COVID-19 cases are rising again as virus variants spread. Volatility, which has dropped from the highs of 2020, still has not returned to pre-COVID levels. Daily prices can swing wildly, as they did during two consecutive days in mid-July when the Dow Jones Industrial Average plummeted more than 1,000 points. Yet investors exit the stock market at their own peril, as long-term returns from equities consistently have outpaced long-term returns from other asset classes. Argus believes that Min Vol is an all-weather strategy that is timely in any investing climate and can deliver market-matching returns on an absolute basis and superior returns on a risk-adjusted basis over various time periods.

Stocks fluctuated near breakeven on Thursday morning amid a new round of earnings reports and weekly employment data. The Labor Department said that first-time claims for state unemployment benefits rose to 419,000 for the week ended July 17, up from 368,000 a week earlier and above the consensus forecast of 350,000. The Dow fell 0.2%, the S&P was flat, and the Nasdaq rose 0.2%. Crude oil rose slightly to $71 per barrel, while gold traded near $1807 per ounce.

Often overlooked amid gyrations in the stock market is dividend income, which is an important element of total return. Between 1930 and 2012, dividend income accounted for 42% of total return of the S&P 500, according to Hartford Funds. And that's just the average. In some decades, dividends accounted for more than 50% of total returns and even 100% of returns. More recently, dividends have accounted for 15%-20% of returns. Still, in 2018, dividend payments softened the blow when most market indices declined as the Federal Reserve hiked rates. Not all dividends are created equal, though, and it is important to understand the difference between the two main categories: high-yield stocks and dividend-growth stocks.

The 1Q21 EPS season is mostly in the books, with retailers the last group to report over the next two weeks. The results were impressive -- but came against an easy comparison with last year's 1Q, when the world started to shut down to fight COVID-19. Through early May, Refinitiv reported that S&P 500 earnings rose 50.4% year over year -- the best quarter since 1Q2010. Some 87% of companies have come in ahead of expectations, up from the prior four-quarter average of 76%, according to Refinitiv. Where is the growth? Consumer Discretionary remains atop the list with a 170% earnings increase. Financials is second at 130%. Only Industrials is expected to remain negative -- with a 2% decline. Even the Energy sector, expected to have an earnings decrease at the start of the quarter, is now poised for 8% growth. Our analysts are always on the lookout for companies that raise their outlooks during earnings season. Management's ability to "raise guidance" can often be a catalyst for strong returns in the quarters ahead. Here are 20 BUY-rated companies in Argus coverage at which management has raised guidance or increased its outlook during the 1Q21 EPS reporting season.

Stocks were largely flat on Wednesday morning as investors weighed mixed earnings reports and awaited the Federal Reserve's policy announcement this afternoon. Boeing shares fell following a wider-than-expected first-quarter loss, though the company also reported a strong increase in aircraft deliveries. Microsoft shares also fell despite better-than-expected sales and earnings. The Dow fell 0.3%, the S&P rose 0.1%, and the Nasdaq fell 0.2%. Crude oil traded near $64 per barrel, while gold fell $6 to $1773 per ounce.

In a recent article on margin buying, The Wall Street Journal reported that as of late February, investors had borrowed a record $814 billion against their portfolios. That's up 49% year-over-year. And it's not just the YOLO crowd on WallStreetBets with their "diamond hands" holding GME. The collapse of Archegos Capital Management shows that even institutional pros can get overextended with quickly disastrous consequences.

The Portfolio Selector features the Argus Focus List, a group of 30 "best idea" stocks generated and regularly updated by Argus' analysts and investment policy committee. It also includes the director of research’s monthly investment strategy column, stock recommendations and sector picks, economic forecasts, and an asset allocation model. This month, the Focus List additions are Dell Technologies Inc (DELL); Weyerhaeuser Co. (WY); EBay Inc. (EBAY); Southwest Airlines Co (LUV) and the Focus List deletions are Williams-Sonoma, Inc. (WSM); Dominos Pizza Inc (DPZ); Texas Instruments Inc. (TXN); AGNC Investment Corp (AGNC).

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.

Stocks fell on Wednesday morning as investors weighed a new round of earnings reports and awaited the Federal Reserve's afternoon policy statement and comments from Fed Chair Jerome Powell. On the earnings front, Microsoft shares rose more than 2% after the company posted better-than-expected fiscal 2Q results and issued strong 3Q guidance. Boeing reported a wider-than-expected fourth-quarter loss, hurt by weak demand for aircraft due to the pandemic and a $6.5 billion charge on its new 777X jet. The Dow fell 1.1%, the S&P 1.1%, and the Nasdaq 0.8%. Crude oil traded near $53 per barrel, while gold fell $7 to $1844 per ounce.

The onset of the coronavirus earlier this year knocked the stock market into a bear market. Though stocks have recovered, the U.S. economy is still in recession and COVID-19 cases are spiking as the weather turns colder and people head indoors. Volatility, which was low in early 2020 after a robust year for equities in 2019, has spiked higher, and has remained elevated. Is it time to cash in the chips? We note that investors exit the stock market at their own peril, as long-term returns from equities consistently have outpaced long-term returns from other asset classes such as fixed income and cash. As well, those returns are from eras when the 10-year Treasury bond yield was not sub-1.0%. So what's a potential equity strategy for investors amid all the uncertainty? Argus believes that Min Vol is an all-weather strategy that is timely in any investing climate. Academic literature and, more to the point returns history, indicate that Min Vol can deliver market-matching returns on an absolute basis and superior returns on a risk-adjusted basis over various time periods. Stocks included in our Min Vol model portfolio and typically industry leaders and have received a high score from our A6 Quant Model on Financial Strength and a low score on Risk. Stocks in the portfolio include the following.

The Technology sector has led the market recovery from the COVID-19 depths of March 2020. Through November 20, the sector was up 31% for the year, compared to a 10% gain for the S&P 500. The Tech sector is the largest in the U.S. market and now accounts for more than 27% of the S&P 500. Over the long term, we expect the Tech sector to benefit from pervasive digitization across the economy, greater acceptance of transformative technologies, and the development of the Internet of Things (IoT): Healthy company and sector fundamentals are also positive. For individual companies, these include high cash levels, low debt, and broad international business exposure. We have an Over-Weight ranking on the Tech sector and think investors should look to allocate up to 30% of their diversified portfolios to the group. Here is how we use our Tech sector ideas from our analysts in our Focus List and Model Portfolios.

On Thursday, stocks went back down on the seesaw, in a market in which bulls and bears are tag-teaming leadership. Perhaps Triskaidekaphobes took over the exchange Thursday, with Friday the 13th looming. According to a Barron's study from 2019, however, it turns out that Fridays falling on the 13th day of the month trade pretty much as they would on any day of the calendar.

Stocks gave up early gains on Wednesday morning amid mixed earnings reports, as investors awaited new developments in the fiscal stimulus talks. Verizon posted better-than-expected adjusted 3Q earnings and raised its full-year guidance, but missed the consensus revenue estimate. Abbott Labs, which received approval for its rapid COVID-19 test in August, reported stronger-than-expected 3Q revenue and earnings and boosted its full-year guidance. The Dow fell 0.3%, the S&P 0.2%, and the Nasdaq 0.2%. Crude oil traded near $40 per barrel, while gold rose $18 to $1933 per ounce.

Volatility and sector rotation continue to rule the day in major stock indices. If you owned nothing but the stocks in the Dow Jones Industrial Average last week, it was a 'whatever' few days. If you owned nothing but the stocks in the Nasdaq Composite, not so much. Insider-sentiment gauges from Vickers Stock Research pretty much mirror that pattern.

Volatility and sector rotation continue to rule the day in major stock indices. If you owned nothing but the stocks in the Dow Jones Industrial Average last week, it was a 'whatever' few days. If you owned nothing but the stocks in the Nasdaq Composite, not so much. Insider-sentiment gauges from Vickers Stock Research pretty much mirror that pattern.

Argus has published its latest Portfolio Selector, which features its popular Focus List. Each month, Director of Research Jim Kelleher, CFA, surveys the team of Argus Research industry analysts for their timeliest recommendations out of the company's fundamental universe of approximately 500 stocks. The Focus List typically includes 30 stocks: turnover is high, as Jim typically adds three or four new stocks per month. Below are the latest additions, all of which carry and Argus BUY rating.

Argus has published its latest Portfolio Selector, which features its popular Focus List. Each month, Director of Research Jim Kelleher, CFA, surveys the team of Argus Research industry analysts for their timeliest recommendations out of the company's fundamental universe of approximately 500 stocks. The Focus List typically includes 30 stocks: turnover is high, as Jim typically adds three or four new stocks per month. Below are the latest additions, all of which carry and Argus BUY rating.

Often overlooked amid the market's gyrations, dividend income is an important element of total return. Consider recent results: in 2015, the S&P 500 delivered a total return of 1.4%, including dividends -- but excluding dividends, the market was down 0.7%. Capital gains were a bit easier to achieve in 2016-17, though we note that dividend payments still contributed about 15%-20% of total return for investors. And dividend payments softened the blow in 2018, when most market indices declined as the Federal Reserve hiked rates. Between 1930 and 2012, dividend income accounted for 42% of total return of the S&P 500, according to Morgan Stanley. Not all dividends are created equal, though, and it is important to understand the difference between high-yield stocks and dividend-growth stocks, particularly in a slow-growth or recessionary economic environment.

Often overlooked amid the market's gyrations, dividend income is an important element of total return. Consider recent results: in 2015, the S&P 500 delivered a total return of 1.4%, including dividends -- but excluding dividends, the market was down 0.7%. Capital gains were a bit easier to achieve in 2016-17, though we note that dividend payments still contributed about 15%-20% of total return for investors. And dividend payments softened the blow in 2018, when most market indices declined as the Federal Reserve hiked rates. Between 1930 and 2012, dividend income accounted for 42% of total return of the S&P 500, according to Morgan Stanley. Not all dividends are created equal, though, and it is important to understand the difference between high-yield stocks and dividend-growth stocks, particularly in a slow-growth or recessionary economic environment.

The Portfolio Selector features the Argus Focus List, a group of 30 "best idea" stocks generated and regularly updated by Argus' analysts and investment policy committee. It also includes the director of research’s monthly investment strategy column, stock recommendations and sector picks, economic forecasts, and an asset allocation model. This month, the Focus List additions are Texas Instruments Inc. (TXN); Dominos Pizza Inc (DPZ); Citizens Financial Group Inc (CFG); AGNC Investment Corp (AGNC) and the Focus List deletions are Allstate Corp (The) (ALL); Advanced Micro Devices Inc. (AMD); Equinix Inc (EQIX); CarMax Inc (KMX).

The Portfolio Selector features the Argus Focus List, a group of 30 "best idea" stocks generated and regularly updated by Argus' analysts and investment policy committee. It also includes the director of research’s monthly investment strategy column, stock recommendations and sector picks, economic forecasts, and an asset allocation model. This month, the Focus List additions are Texas Instruments Inc. (TXN); Dominos Pizza Inc (DPZ); Citizens Financial Group Inc (CFG); AGNC Investment Corp (AGNC) and the Focus List deletions are Allstate Corp (The) (ALL); Advanced Micro Devices Inc. (AMD); Equinix Inc (EQIX); CarMax Inc (KMX).

Stocks edged higher on Wednesday morning despite increased U.S.-China tensions, as the U.S. accused China of stealing scientific research and ordered it to close its consulate in Houston. Meanwhile, the Trump administration announced that it would pay Pfizer and partner BioNTech $1.95 billion for 600 million doses of their coronavirus vaccine if it proves to be safe and effective. The two companies also said that they could manufacture the first 100 million doses by December. The Dow rose 0.4%, the S&P 0.4%, and the Nasdaq 0.2%. Crude oil traded near $41 per barrel, while gold rose $12 to $1856 per ounce.