Small- and mid-cap stocks (SMID) have underperformed large-caps over the past 12 months, but may be in a better position to generate market-beating returns going forward. SMID companies tend to focus on domestic markets, so their businesses could be less disrupted by the fallout from global events. As well, the prices of SMID stocks generally are lower than the prices of large-caps. As well, there are long stretches in the record books when SMID stocks have outperformed large-caps. That said, SMID stocks can be risky. The standard deviation for monthly returns was 5.7% for SMID stocks over a 2003-2021 test period, versus 4.3% for large-caps. Still, despite the risks, diversified investors look to have exposure to small- and mid-caps based on the long-term performance record.

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.

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 were mixed on Friday morning following the January jobs report. In January, nonfarm payroll employment rose 353,000 and the unemployment rate was unchanged at 3.7%. The jobs count is up from 216,000 in December and well ahead of the expected 185,000, and the belief had been that unemployment would inch up to 3.8%. The S&P 500 rose 0.9%, the Dow was nearly flat and the Nasdaq gained 1.5%. Crude oil traded just above $72 per barrel, while gold fell $17 to $2053 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 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 were mixed on Friday morning following strong earnings from Amazon and generally positive inflation data. The Commerce Department said that its personal consumption expenditures price index, or PCE, rose 3.4% from the prior year in September, in line with the revised reading for August and the Bloomberg consensus forecast. Excluding food and energy prices, the core PCE, the Fed's preferred measure of inflation, rose 3.7%, down slightly from 3.8% in August and also in line with consensus. The Dow fell 0.4%, the S&P rose 0.2%, and the Nasdaq rose 1.1%. Crude oil rose to $84 per barrel, while gold fell $5 to $1992 per ounce.

Small- and mid-cap stocks (SMID) have underperformed large-caps over the past 12 months, but may be in a better position to generate market-beating returns going forward. SMID companies tend to focus on domestic markets, so their businesses could be less disrupted by the fallout from the Russian invasion of Ukraine, high European inflation or other geopolitical developments. As well, the prices of SMID stocks generally are lower than the prices of large-caps. SMID stocks can be risky, but diversified investors look to have exposure to small- and mid-caps based on the long-term performance record. We estimate that 12%-15% of the U.S. stock market's capitalization is comprised of SMID stocks. For our purposes, we use a threshold of $20 billion to define a SMID stock.

Stocks rallied on Friday morning following new signs of moderating inflation. The Commerce Department said that its personal consumption expenditures price index (PCE) rose 3.0% on an annualized basis in June, down from 3.8% in May and the smallest increase since March 2021. Excluding food and energy costs, the core PCE rose 4.1% from the prior year, down from 4.6% growth in May and slightly below the Reuters consensus forecast of 4.2%. Growth in labor costs also slowed. The Labor Department said that its employment cost index rose 4.5% on an annualized basis in 2Q, down from 4.8% growth in the first quarter. The Dow rose 0.5%, the S&P 0.8%, and the Nasdaq 1.5%. Crude oil fell slightly to $80 per barrel, while gold traded near $1959 per ounce.

Stocks rallied on Friday morning following new signs of moderating inflation. The Commerce Department said that its personal consumption expenditures price index (PCE) rose 3.0% on an annualized basis in June, down from 3.8% in May and the smallest increase since March 2021. Excluding food and energy costs, the core PCE rose 4.1% from the prior year, down from 4.6% growth in May and slightly below the Reuters consensus forecast of 4.2%. Growth in labor costs also slowed. The Labor Department said that its employment cost index rose 4.5% on an annualized basis in 2Q, down from 4.8% growth in the first quarter. The Dow rose 0.5%, the S&P 0.8%, and the Nasdaq 1.5%. Crude oil fell slightly to $80 per barrel, while gold traded near $1959 per ounce.

Year-to-date, the dollar has drifted 6% from cycle highs, falling in part as the outlook for further Federal Reserve rate hikes has cooled. The greenback spiked early in the pandemic, when global investors flocked to the security of assets denominated in U.S. currency. After peaking in April 2020, the greenback declined into 2021 -- but then rose again for much of 2022, driven by uncertainty surrounding the Russian invasion of Ukraine, soaring inflation, and higher global interest rates. By October, on a real trade-weighted basis, the dollar was 23% above the average valuation over the past 20 years. But inflation in the U.S. has consistently trended lower since peaking last summer, and the Fed is now winding down its rate-hike campaign. Meantime, Middle East sovereign wealth funds have become less risk-averse and have been investing their windfall petro-dollars in other markets, such as China, India, and South-East Asia. We anticipate a trading range around current levels for the greenback for the balance of the year. That's because we think U.S. GDP growth may be uneven due to the Fed's rate hikes. In addition, we expect the higher rates to increase the interest payments as a percent of GDP from recent lows of 1.5%, putting a modest strain on the U.S. balance sheet. Lastly, the current still-elevated valuation of the greenback implies that other currencies -- and even gold or other commodities -- are possibly undervalued, and we would expect investors such as sovereign wealth funds to bid up those values at a measured pace over time.

Stocks fell on Tuesday morning, led by sharp declines in the Energy and Basic Materials sectors, as investors awaited Congressional testimony from Fed Chair Powell later this week. Housing market data was better than expected. The Commerce Department said that U.S. housing starts rose to a seasonally adjusted annual rate of 1.631 million units in May, up from 1.34 million in April and well above the Bloomberg consensus forecast of 1.4 million. Building permits rose 5.2% to an annualized 1.491 million, also above the consensus forecast. The Dow fell 0.9%, the S&P 0.7%, and the Nasdaq 0.6%. Crude oil traded near $70 per barrel, while gold fell $25 to $1946 per ounce.

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 Salesforce Inc (CRM); Royal Caribbean Group (RCL); Canadian Pac Kansas City Ltd (CP); Intuitive Surgical Inc (ISRG) and the Focus List deletions are Honeywell International Inc (HON); Danaher Corp. (DHR); Skechers U S A, Inc. (SKX); Palo Alto Networks Inc (PANW).

Our list this week identifies companies that received an Argus target-price increase in April. As the stock prices of these companies approached their target prices, Argus analysts saw those prices going even higher. We are in the thick of earnings season and our analysts are scouring quarterly reports to evaluate how the companies they follow are doing. With economists busy analyzing economic data to determine whether the economy might slip into recession, companies have been attending to their businesses. Some are weathering current economic conditions better than others. The economic pressures are real - including rising interest rates, inflation, the strong dollar, and wavering consumer spending patterns. These stressors are on top of normal competitive pressures, as companies fight to sell their products and services, outmaneuver peers, and make profits. Looking back at April, our analysts found companies where the business outlook is solid - and went through the mechanics of our valuation framework to adjust target prices upwards. Our framework includes analysis of historical multiples, peer multiples, and future dividends and cash flows. Here are the stocks on which we raised target prices in April. All are rated BUY at Argus.

Stocks rose modestly on Friday morning, extending Thursday's rally. Exxon shares rose after the company reported strong 1Q earnings that topped the consensus forecast, though sales were down from the prior year. Chevron also posted strong earnings, helped by growth in its refining business. Amazon shares fell, despite strong first-quarter results, on concerns about slowing growth in the company's cloud business. The Dow rose 0.5%, the S&P 0.5%, and the Nasdaq 0.2%. Crude oil rose more than 2% to $76.50 per barrel, while gold traded near $1999 per ounce.

Small- and mid-cap stocks (SMID) have underperformed large-caps over the past 12 months, but may be in a better position to generate market-beating returns going forward. SMID companies tend to focus on domestic markets, so their businesses could be less disrupted by the fallout from the Russian invasion of Ukraine, high European inflation or other geopolitical developments. As well, the prices of SMID stocks generally are lower than the prices of large-caps. SMID stocks can be risky, but diversified investors look to have exposure to small- and mid-caps based on the long-term performance record. We estimate that 12%-15% of the U.S. stock market's capitalization is comprised of SMID stocks. For our purposes, we use a threshold of $15 billion to define a SMID stock.

Stocks were mixed on Friday morning after a much better-than-expected jobs report raised prospects for additional Fed rate hikes. The Labor Department reported that the U.S. economy added 517,000 payroll jobs in January, up from 260,000 in December and well above the Reuters consensus forecast of 185,000. The official unemployment rate ticked down to 3.4% from 3.5% in December. The Dow rose 0.2%, the S&P fell 0.1%, and the Nasdaq rose 0.1%. Crude oil fell 1% to $75 per barrel, while gold dropped more than 2% to $1880 per ounce.

Stocks extended their Fed-driven rally on Thursday, led by strong gains in the Communication Services, Consumer Discretionary, and Technology sectors. Meta Platforms jumped 23%, despite disappointing 4Q earnings, as investors focused on the company's better-than-expected revenue, cost-cutting efforts, and new share buyback plan. On the employment front, first-time claims for state unemployment benefits fell by 3,000 to 183,000 for the week ended January 28, below the Reuters consensus forecast of 200,000. The data came ahead of the government's January employment report on Friday morning. The consensus estimate calls for 185,000 new payroll jobs, down from 223,000 in December, and an unemployment rate of 3.6%, up from 3.5% a month earlier. The Dow fell 0.11%, the S&P rose 1.47%, and the Nasdaq soared 3.25%. Crude oil traded near $76 per barrel, while gold fell $16 to $1927 per ounce.

The dollar has drifted 5% from cycle highs in the past two months, falling as the outlook for further aggressive rate hikes has cooled. The greenback spiked early in the pandemic, when global investors flocked to the security of assets denominated in U.S. currency. After peaking in April 2020, the greenback declined into 2021 but then rose again for much of 2022, driven by uncertainty surrounding the Russian invasion of Ukraine, soaring inflation, and higher global interest rates. By October, on a real trade-weighted basis, the dollar was 23% above the average valuation over the past 20 years. But inflation in the U.S. consistently has trended lower since peaking in the summer, and the Federal Reserve has started to back off its ultra-aggressive rate-hike campaign. Looking ahead, we anticipate a trading range around current levels for the greenback for the balance of the year. That's because we think U.S. GDP growth may be uneven due to the Fed's rate hikes. In addition, we expect the higher rates to increase the interest payments as a percent of GDP from recent lows of 1.5%. Lastly, the lofty current valuation of the greenback implies that other currencies -- and even gold or other commodities -- are possibly undervalued, and we would expect traders to bid up those values over time.

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 are rated BUY at Argus.

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 American Express Co. (AXP); Skechers U S A, Inc. (SKX); Seagate Tech Hldgs Pl (STX); Netflix Inc (NFLX) and the Focus List deletions are JPMorgan Chase & Co. (JPM); Home Depot, Inc. (HD); Microsoft Corporation (MSFT); T-Mobile US Inc (TMUS).

Stocks fell sharply on Thursday as stronger-than-expected labor market data pointed to continued tight monetary policy from the Federal Reserve. Payroll provider ADP said that U.S. companies added 235,000 jobs in December, up from 182,000 a month earlier and well above the Bloomberg consensus forecast of 150,000. Meanwhile, the Labor Department said that first-time claims for state unemployment benefits fell by 19,000 to 204,000 for the week ended December 31, below the consensus of 225,000. The data came ahead of the government's December employment report on Friday morning. The consensus calls for the addition of 200,000 new payroll jobs, down from 263,000 in November. The Dow fell 1.02%, the S&P 1.16%, and the Nasdaq 1.47%. Crude oil traded near $74 per barrel, while gold fell to $1838 per ounce.

In the eight weeks before the start of earnings season, insider-sentiment data from Vickers Stock Research was consistently positive. On a scale where any reading below 2.00 is bullish, Vickers' Total One-Week Sell/Buy Ratio never got higher than 1.99 and was as low as 1.06. That resulted in a peak bullish Total Eight-Week Sell/Buy Ratio of 1.71 on October 15, just as the earnings onslaught began.

Small- and mid-cap stocks (SMID stocks) have underperformed large-caps over the past 12 months, but still 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 less disrupted by the fallout from the Russian invasion of Ukraine. As well, the prices of SMID stocks generally are lower than the prices of large-caps. SMID stocks can be risky -- and large-caps outperformed SMID stocks in 11 of the 19 years in our test period. Still, despite the risks, diversified investors look to have exposure to small- and mid-caps based on the long-term performance record. We estimate that 12%-15% of the U.S. stock market's capitalization is comprised of SMID stocks. For our purposes, we use a threshold of $20 billion to define a SMID stock.

Small- and mid-cap stocks (SMID stocks) performed poorly last week, as the Russell 2000 (ETF is IWM) declined 6% and is close to its year-to-date lows. Thus far in 2022, the index is down 25.2%, slightly worse than the S&P 500 ETF SPY, which is off 22.5%. But looking ahead, SMID stocks may be in a better position than large-caps to regain lost ground. For one thing, SMID companies tend to focus on domestic markets, so their businesses could be less disrupted by the fallout from the Russian invasion of Ukraine. For another, the prices of SMID stocks generally are lower than the prices of large-caps, as the P/E ratio on the Russell 2000 Small-Cap Index is 16 compared to a P/E of 27 for the S&P 500. Finally, the long-term record has favored SMID stocks over large-caps. From 2003-2021, the Russell 2000 had climbed 511%, compared to an advance of 450% for the S&P 500. Here are a handful stocks with market caps below $20 billion that are on the Argus BUY list.

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.

Stocks are getting pasted so far in June, with the S&P 500 down almost 4% on June 13 alone, and the Nasdaq and QQQs off 4.6%. Over the previous three trading sessions before that, the '500' plunged 9% and the Nasdaq and the QQQs plummeted about 10.5%. That was the largest three-day collapse for the '500' and the Nasdaq since the pandemic began, and the largest decline for the QQQs since September 2020.

Stocks fell sharply on Friday morning, reversing much of Thursday's rally. Amazon shares dropped more than 12% after the company posted a first-quarter loss and issued disappointing guidance for the current quarter. Apple shares also fell, despite strong fiscal 2Q results, after the company warned that supply-chain constraints would weigh on revenue in 3Q. The Dow fell 1.2%, the S&P 1.8%, and the Nasdaq 2.1%. Crude oil rose to $108 per barrel, while gold traded near $1915 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.

Bear Country: Our Monthly Survey of the Economy, Interest Rates, and Markets

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.

With major stock indices dancing around all-time highs (seemingly the result of a so-far solid earnings season), the volume of insider transactions is predictably low (also the result of earnings season, with associated trading restrictions). That said, the current low transaction volume is particularly low. Indeed, it is now six consecutive weeks that Vickers' Stock Research has processed fewer than 1,000 weekly insider trades that met the criteria for inclusion in the Weekly Insider Report. The last time we saw such a run was back in September of 2020. One can argue that insiders then and now were/are biding their time, with no sense of urgency to sell stocks but also no great reason to buy shares at lofty levels.

Stocks edged higher on Monday morning amid a new round of earnings reports and housing market data. Investors also looked ahead to the Federal Reserve's meeting on Tuesday and Wednesday. The Commerce Department said that U.S. new home sales fell 6.6% in June to a seasonally adjusted annual rate of 676,000 units, below the Reuters consensus forecast of 800,000. The Dow rose 0.1%, the S&P 0.2%, and the Nasdaq 0.1%. Crude oil traded near $72 per barrel, while gold fell $3 to $1799 per ounce.

The stock market moved lower last week, then rallied on Friday, ultimately finishing flat-to-down. Tech stocks and blue chips performed similarly, with tech narrowly outperforming. During Friday's session, the Dow Jones Industrial Average increased 228 points, or 0.67%. The S&P 500 was up 1.09%, and the Nasdaq Composite was up 1.44%. For the week, the DJIA was down 0.46%, the S&P 500 was up 0.13%, and the Nasdaq Composite was down 0.25%. Year-to-date, the DJIA is up 11.23%, the S&P 500 is up 11.29%, and the Nasdaq Composite is up 8.76%.

Last week, we noted that insider-sentiment data from Vickers Stock Research turned benign after two weeks of intensely bearish readings. During those two dark weeks, the big financial-press headlines (though certainly not the only headlines) focused on the GameStop short squeeze and fears of a broader market meltdown. Trading action saw the Dow Jones Industrial Average fall to a weekly close of 29,982 from 31,097 only a few weeks earlier.

Stocks snapped back during election week, as the vote count dragged into the weekend. The Republicans likely hold onto the Senate, which means no big tax hikes; and Vice President Biden claims the White House, which means the Affordable Care Act stays. Based on the strong stock market, investors cheered for gridlock. On Friday, the Dow Jones Industrial Average fell 67 points, or 0.2%. The S&P 500 dropped a single point, and the Nasdaq Composite edged up four points. For the full week, the Dow was up 6.9%, reversing the prior week's 6.5% loss. The S&P 500 was up 7.3%, and the Nasdaq was up 9.4%. For the year-to-date, the DJIA is down less than 1%, the S&P is up 8.6%, and the Nasdaq is up 38.5%. Over the past 52 weeks, the Dow is up 2.3%, the S&P 500 is up 13.5%, and the Nasdaq is up 40.4%.

As was the case last week, and as will be the case for several weeks of come, the volume of stock transactions made by corporate insiders over the past seven days is low. Indeed, most insiders can't even think about trading shares around the time when companies release material but previously nonpublic news. This week, Vickers Stock Research lists 643 insider transactions that meet the criteria for inclusion in the Weekly Insider Report. Often, this number exceeds 2000 weekly transactions. Looking at the trades that do exist, we note the following.

As was the case last week, and as will be the case for several weeks of come, the volume of stock transactions made by corporate insiders over the past seven days is low. Indeed, most insiders can't even think about trading shares around the time when companies release material but previously nonpublic news. This week, Vickers Stock Research lists 643 insider transactions that meet the criteria for inclusion in the Weekly Insider Report. Often, this number exceeds 2000 weekly transactions. Looking at the trades that do exist, we note the following.

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.

Stocks are higher on Monday morning after Governor Andrew Cuomo announced plans for a phased reopening in New York beginning as soon as May 15. The Bank of Japan said that it would purchase more corporate bonds and do away with limits on government bond buying. Industries trading higher today include banks, leisure products, and distributors. Industries trading lower include energy equipment & services, oil, gas & consumable fuels, and metals & mining. The VIX is down 3.17 at 32.77. The Dow rose 0.9%, the S&P 0.9%, and the Nasdaq 1.3%. Crude oil traded near $12.50 per barrel, while gold fell $9 to $1727 per ounce.

Stocks are higher on Monday morning after Governor Andrew Cuomo announced plans for a phased reopening in New York beginning as soon as May 15. The Bank of Japan said that it would purchase more corporate bonds and do away with limits on government bond buying. Industries trading higher today include banks, leisure products, and distributors. Industries trading lower include energy equipment & services, oil, gas & consumable fuels, and metals & mining. The VIX is down 3.17 at 32.77. The Dow rose 0.9%, the S&P 0.9%, and the Nasdaq 1.3%. Crude oil traded near $12.50 per barrel, while gold fell $9 to $1727 per ounce.

Stocks fell on Friday morning despite a strong January employment report. However, the Labor Department also said that the U.S. economy created 514,000 fewer jobs in the year ended March 2019 than it initially reported. January nonfarm payrolls rose by 225,000, up from a revised 147,000 in December and above the Reuters consensus forecast of 160,000. The official unemployment rate edged up to 3.6% from 3.5%. The S&P fell 0.3%, the Dow 0.5%, and the Nasdaq 0.3%. Crude oil fell slightly to $51 per barrel, while gold rose $2.50 to $1572 per ounce.

Stocks fell on Friday morning despite a strong January employment report. However, the Labor Department also said that the U.S. economy created 514,000 fewer jobs in the year ended March 2019 than it initially reported. January nonfarm payrolls rose by 225,000, up from a revised 147,000 in December and above the Reuters consensus forecast of 160,000. The official unemployment rate edged up to 3.6% from 3.5%. The S&P fell 0.3%, the Dow 0.5%, and the Nasdaq 0.3%. Crude oil fell slightly to $51 per barrel, while gold rose $2.50 to $1572 per ounce.

Stocks rose on Thursday following reports that the U.S. had offered to cancel tariffs scheduled to take effect on December 15, and lower other tariffs, as part of a trade deal with China. Later reports indicated that the U.S. had reached a 'deal in principle' with China, though without providing details. Investors also weighed new producer price and employment data. The Labor Department said that its producer price index was flat in November, down from a 0.4% increase in October and below the Reuters consensus forecast of 0.2% growth. On the employment front, the Labor Department said that first-time unemployment benefit claims rose by 49,000 to a seasonally adjusted 252,000 for the week ended December 7. The reading was the highest since September 2017 and above the consensus forecast of 213,000. The Dow rose 0.79%, the S&P 0.86%, and the Nasdaq 0.73%. Crude oil rose 1% to about $59 per barrel, while gold fell slightly to $1474 per ounce.

Stocks rose on Thursday following reports that the U.S. had offered to cancel tariffs scheduled to take effect on December 15, and lower other tariffs, as part of a trade deal with China. Later reports indicated that the U.S. had reached a 'deal in principle' with China, though without providing details. Investors also weighed new producer price and employment data. The Labor Department said that its producer price index was flat in November, down from a 0.4% increase in October and below the Reuters consensus forecast of 0.2% growth. On the employment front, the Labor Department said that first-time unemployment benefit claims rose by 49,000 to a seasonally adjusted 252,000 for the week ended December 7. The reading was the highest since September 2017 and above the consensus forecast of 213,000. The Dow rose 0.79%, the S&P 0.86%, and the Nasdaq 0.73%. Crude oil rose 1% to about $59 per barrel, while gold fell slightly to $1474 per ounce.

As was the case last week, and as will be the case for several weeks of come, the volume of stock transactions made by corporate insiders over the past seven days is low. Indeed, most insiders can't even think about trading shares around the time when companies release material but previously nonpublic news. This week, Vickers Stock Research lists 643 insider transactions that meet the criteria for inclusion in the Weekly Insider Report. Often, this number exceeds 2000 weekly transactions. Looking at the trades that do exist, we note the following.

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.

Stocks are higher on Monday morning after Governor Andrew Cuomo announced plans for a phased reopening in New York beginning as soon as May 15. The Bank of Japan said that it would purchase more corporate bonds and do away with limits on government bond buying. Industries trading higher today include banks, leisure products, and distributors. Industries trading lower include energy equipment & services, oil, gas & consumable fuels, and metals & mining. The VIX is down 3.17 at 32.77. The Dow rose 0.9%, the S&P 0.9%, and the Nasdaq 1.3%. Crude oil traded near $12.50 per barrel, while gold fell $9 to $1727 per ounce.

Stocks fell on Friday morning despite a strong January employment report. However, the Labor Department also said that the U.S. economy created 514,000 fewer jobs in the year ended March 2019 than it initially reported. January nonfarm payrolls rose by 225,000, up from a revised 147,000 in December and above the Reuters consensus forecast of 160,000. The official unemployment rate edged up to 3.6% from 3.5%. The S&P fell 0.3%, the Dow 0.5%, and the Nasdaq 0.3%. Crude oil fell slightly to $51 per barrel, while gold rose $2.50 to $1572 per ounce.

Growth Stocks Lead as 3Q EPS Season Takes Shape

Growth Stocks Lead as 3Q EPS Season Takes Shape

Market sentiment grows ever-more positive, and some contrarians might think that is automatically bearish for stocks. But when sentiment cycles into pessimistic territory and then swings toward the positive side, history tells us it tends to be fairly bullish. As bullish sentiment reaches an extreme, stocks can actually continue higher as high positive sentiment readings can exist for quite some time. This is what happened well before the '87 crash as well as many, many months before the top in 2000.

Market sentiment grows ever-more positive, and some contrarians might think that is automatically bearish for stocks. But when sentiment cycles into pessimistic territory and then swings toward the positive side, history tells us it tends to be fairly bullish. As bullish sentiment reaches an extreme, stocks can actually continue higher as high positive sentiment readings can exist for quite some time. This is what happened well before the '87 crash as well as many, many months before the top in 2000.

Stocks hit a speed bump in the middle of July, recording their worst week since May. The S&P 500 lost 1.2% for the week, as geopolitical tensions (Iran seizing tankers) contributed to a fraught political environment.

Stocks drifted lower on Friday, with traders pointing to comments from Federal Reserve officials that indicated a smaller 25-basis-point cut in interest rates was more likely than 50 basis points when the Fed meets later this month. The Dow Jones Industrial Average was down 0.3%, the Nasdaq Composite fell 0.7%, and the S&P 500 declined 0.6%. Second-quarter earnings reports otherwise dominated the news flow last week, with mixed performances leading to some wide swings in individual stock prices. For the week, the Dow declined 0.7%, while both the Nasdaq and S&P 500 were down 1.2%. Year-to-date gains were trimmed to 16.4% for the Dow, 22.8% for the Nasdaq and 18.7% for the S&P 500.

Stocks drifted lower on Friday, with traders pointing to comments from Federal Reserve officials that indicated a smaller 25-basis-point cut in interest rates was more likely than 50 basis points when the Fed meets later this month. The Dow Jones Industrial Average was down 0.3%, the Nasdaq Composite fell 0.7%, and the S&P 500 declined 0.6%. Second-quarter earnings reports otherwise dominated the news flow last week, with mixed performances leading to some wide swings in individual stock prices. For the week, the Dow declined 0.7%, while both the Nasdaq and S&P 500 were down 1.2%. Year-to-date gains were trimmed to 16.4% for the Dow, 22.8% for the Nasdaq and 18.7% for the S&P 500.

Stocks hit a speed bump in the middle of July, recording their worst week since May. The S&P 500 lost 1.2% for the week, as geopolitical tensions (Iran seizing tankers) contributed to a fraught political environment.

The major indices are flat at midday on Monday, with Energy the only sector showing significant gains. Tesla is holding a press event this afternoon, at which the electric car maker is expected to reveal new details about its progress with autonomous vehicles. This event comes just two days before the company reports quarterly earnings. Industries doing well today include Household Products, Oil & Gas, and Tobacco. Industries showing weakness include Metals & Mining, Distributors, and Household Durables. The Dow fell 0.1%, while the S&P and the Nasdaq were flat. Crude oil rose nearly 3.0% to about $66 per barrel, while gold traded near $1276 per ounce.

The major indices are flat at midday on Monday, with Energy the only sector showing significant gains. Tesla is holding a press event this afternoon, at which the electric car maker is expected to reveal new details about its progress with autonomous vehicles. This event comes just two days before the company reports quarterly earnings. Industries doing well today include Household Products, Oil & Gas, and Tobacco. Industries showing weakness include Metals & Mining, Distributors, and Household Durables. The Dow fell 0.1%, while the S&P and the Nasdaq were flat. Crude oil rose nearly 3.0% to about $66 per barrel, while gold traded near $1276 per ounce.

Vickers Stock Research, Argus' sister company, calculates proprietary Sell/Buy Ratios using data from recent Form-4 filings (through which insiders register purchases and sales of their stock with the SEC). Insiders are deemed to be in a bullish mood when the Sell/Buy Ratio comes in at 2.00 or below; they are neutral in the 2.00 to 2.50 range; and they are bearish if results are 2.50 or above.

Vickers Stock Research, Argus' sister company, calculates proprietary Sell/Buy Ratios using data from recent Form-4 filings (through which insiders register purchases and sales of their stock with the SEC). Insiders are deemed to be in a bullish mood when the Sell/Buy Ratio comes in at 2.00 or below; they are neutral in the 2.00 to 2.50 range; and they are bearish if results are 2.50 or above.

Vickers Stock Research, Argus' sister company, calculates proprietary Sell/Buy Ratios using data from recent Form-4 filings (through which insiders register purchases and sales of their stock with the SEC). Insiders are deemed to be in a bullish mood when the Sell/Buy Ratio comes in at 2.00 or below; they are neutral in the 2.00 to 2.50 range; and they are bearish if results are 2.50 or above.