When management at a company raises guidance, it can be a catalyst for market-beating returns in the quarters ahead. The second-quarter earnings season is wrapping up, with blended earnings (actual results and the consensus for those still to report) showing a year-over-year gain of 12%, according to Refinitiv. That is considerably better than what was expected at the start of the earnings period. Leading the outperformance are strong gains in Financial, with earnings up 20%. On the flipside, Materials is performing the worst, down 6%. Our analysts are always on the lookout for companies that boost their outlooks during earnings season. Here is a partial list of BUY-rated companies in Argus' Fundamental Universe of Coverage at which management raised guidance or increased its outlook during the 2Q24 EPS reporting season. We like this theme, as it crosses numerous industries and generates a robust list of potential portfolio candidates.

The bounce continues to confound the masses, including us, as the bears not only fumbled the ball but have been trampled by the relentless bulls. On Thursday, the S&P 500 (SPX) ripped higher by 1.6%, the S&P 100 surged 1.7%, the Nasdaq spiked by 2.3%, the Nasdaq 100 (QQQ) tacked on 2.5%, the S&P 400 was up 2%, and the Russell 2000 popped 2.6%. Over the past six days, the SPX has jumped by 6.6%, the largest such move since November 2022, when stocks were emerging from a bear market. Historically, gains like this occur in two very different market environments: a market that is bottoming and/or coming out of a correction/bear market, or during counter-trend rallies within corrections/bear markets. It seems clear that the first scenario describes what is currently taking place. The Nasdaq and the QQQ have catapulted 9% in six days, also the strongest move since November 2022. There are a few things missing from the rally, but we can write at least one of them off due to the summer doldrums. Volume on the major indices has been lacking, which is common this time of year. We have not seen a typical breadth thrust, which happens many times when stocks are coming out of pullbacks, corrections, and bear markets. The reading of NYSE advances/total issues has not registered an 80%-up day while advancing volume/total volume has printed two 80% (or more) days since the rally started. The stunner of the week, again, is the NAAIM Exposure Index. It dropped for a second straight week (the survey is taken every Wednesday) and is neutral at 57%. Exposure rises coincident with price, and vice versa. Can we chalk this up to the summer as well? If not, this is an extremely bullish tell for the market. (Mark Arbeter, CMT)

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

U.S. stocks are up, at midday. The mood feels optimistic with some caution sprinkled in as Wall Street hasn't forgotten the drubbing two days ago. Today's start was helped again by Japan's Nikkei, which rose 1% overnight after the dramatic fall a few nights ago. A Bank of Japan official commented that the central bank wouldn't raise rates further given the market volatility. Earnings reports continue to drive movement in individual U.S. stocks.

Last week was tough for stocks -- and we now enter the biggest weeks of the second-quarter earnings season, with plenty of major earnings report for the market to digest. On the economic front, it will be relatively quiet -- but we do get updates on GDP on Thursday and on PCE on Friday. The major indices have worked off extreme overbought conditions on the daily charts, and quickly. But the daily uptrends in the 14-day relative strength index and the daily moving-average convergence/divergence have been broken. In addition, weekly momentum is still elevated and we did see a bearish divergence at the weekly closing high on July 12 versus the closing high from late March. The S&P 500 broke its 21-day exponential for the first time since early April, but its uptrend off the lows since early May remains intact. The 21-day rate of change is close to going bearish, as is the daily vortex indicator. Minor trendline support next week is at 5,480, the rising 50-day is at 5,420 (extending into next week), and chart support lies between 5,225 and 5,310. These levels also are associated with 50% and 61.8% retracements of the rally since mid-April. The more worrisome condition exists with the high-beta indices like the Nasdaq 100 (QQQ). It has broken an uptrend off the lows since early May, the 21-day rate of change is in negative territory, there have been multiple days of distributive action, the 5/13 exponential crossover is bearish, and price is sitting on the prior low from June 24 near $474. In addition, the biggest QQQ issues either are close to breaking or have already broken below their 50-day averages. (Mark Arbeter, CMT)

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

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 DuPont de Nemours Inc (DD); GE Vernova Inc. (GEV); Palantir Technologies Inc (PLTR); Dicks Sporting Goods, Inc. (DKS) and the Focus List deletions are ASML Holding NV (ASML); Linde Plc. (LIN); Oshkosh Corp (OSK); TJX Companies, Inc. (TJX).

The board is red -- and investors appear to be taking a defensive stance -- ahead of Fed and inflation news, all coming out tomorrow. The yield on the 10-year Treasury note is down two basis points to 4.44%. Oil is lower at $77 per barrel. Bitcoin is down 4% at $67,000.

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

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.

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

Management's ability to "raise guidance" can often be a catalyst for market-beating returns in the quarters ahead. The fourth-quarter earnings season has crossed the 95% mark and is wrapping up, with blended earnings (actual results and the consensus for those still to report) showing a year-over-year gain of almost 10%, according to Refinitiv. That is considerably better than the 4%-7% advance expected at the start of the earnings period. Leading the outperformance were strong gains in Communication Services earnings, up 53%. On the flipside, Energy (like last quarter) is performing the worst, down 22%. Our analysts are always on the lookout for companies that boost their outlooks during earnings season. Here is an initial list of BUY-rated companies in Argus' Fundamental Universe of Coverage at which management raised guidance or increased its outlook during the 4Q23 EPS reporting season.

U.S. markets rallied on Thursday morning on stellar Nvidia results. On the housing front, existing home sales rose 3.1% to an annual rate of 4 million, this up from 3.8 million in December. The median home sales price was $379,100, 5.1% higher than a year ago, but down from $381,400 in December. As for economic trends, S&P Global's flash readings for February's PMI show expansion in both services and manufacturing. Services activity slowed to 51.3, down from 52.5 in January, but remained in expansion territory. Manufacturing PMI expanded more quickly in February with a reading of 51.7, up from 50.7 in January. The tech heavy Nasdaq rose 2.6%, the S&P 500 was up $1.8% and the Dow gained 0.8%

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

Management's ability to "raise guidance" can often be a catalyst for market-beating returns in the quarters ahead. The third-quarter earnings season is wrapping up, with blended earnings (actual results and the consensus for those still to report) showing a 6.3% gain, year-over-year, according to Refinitiv. That is considerably better than the 1.0% expected at the start of the earnings period, and should be enough to end the "earnings recession" that investors have endured over the past three quarters. Propelling the 3Q outperformance were strong gains in Communication Services, up 46%, while Energy again (like last quarter) is performing the worst, down 33%. Our analysts are always on the lookout for companies that boost their outlooks during earnings season. Here is an initial list of BUY-rated companies in Argus Coverage at which management raised guidance or increased its outlook during the 3Q23 EPS reporting season.

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 Linde Plc. (LIN); Crowdstrike Holdings Inc (CRWD); Advanced Micro Devices Inc. (AMD); Vertex Pharmaceuticals, Inc. (VRTX) and the Focus List deletions are Adobe Inc (ADBE); Albemarle Corp. (ALB); Catalent Inc. (CTLT); Intel Corp. (INTC).

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

Stocks rose strongly on Friday morning after lower-than-expected employment growth raised the likelihood of an end to the Fed's rate hike campaign. The Labor Department said that the U.S. economy added 150,000 payroll jobs in October, down from a revised 297,000 in September and below the Reuters consensus forecast of 180,000. In other signs of a cooling labor market, the unemployment rate edged up to 3.9% from 3.8% a month earlier and annual growth in average hourly earnings slowed to 4.1% from 4.3%. The Dow rose 0.7%, the S&P 0.9%, and the Nasdaq 1.2%. Crude oil traded near $82 per barrel, while gold rose $8 to $2002 per ounce.

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

Most major indices rose last week after falling for the three prior weeks (for the first time since December 2022). The S&P 500 (SPX) added 0.8%, the Nasdaq tacked on 2.3%, and the Nasdaq 100 (QQQ) rose 1.6%. Technology (XLK) led, with a 2.3% gain, followed by Discretionary (XLY, +1.2%), Real Estate (XLRE, +0.7%), and Communication Services (XLC, +0.5%). Energy (XLE) fell 1.4% and Staples (XLP) lost 0.8%.

When looking at insider-sentiment data from Vickers Stock Research over the past few weeks, the significant talking point has been Vickers' one-week sell/buy ratio for stocks that trade on the Nasdaq. While Vickers' other indicators generally were in keeping with historical standards during earnings season, the sell/buy ratio for the Nasdaq bearishly skyrocketed three weeks ago to 13.20 (on a scale where a reading above 2.50 is bearish). Last week, the ratio improved significantly, but at 7.51 was still uncomfortably high. This week, the ratio is 6.68 and again has improved but again has more wood to chop. But the trend is positive -- and that trend, along with other sentiment barometers that are of little concern, has resulted in a stabilization in overall insider sentiment.

We had some reversion to the mean last week, although it was just a blip on the broader radar. The Nasdaq 100 gave back 0.9% and the Nasdaq lost 0.6%, while the Russell 2000 gained 1.5%, the S&P 500 Equal Weight tacked on 1.4%, and the S&P MidCap 400 added 1.2%. The NYSE Fang Plus Index (10 stocks with equal weighting, including AAPL, MSFT, NVDA, GOOGL, TSLA) fell 3.3%. But don't fret, the index is still up 74% in 2023.

There has been a massive sentiment shift to optimism since the end of April (from deep pessimism late last year). The pop in optimism also occurred early this year, but dissipated in March. The cavalry of bearish strategists, most of which hadn't budged from pessimism about 2023 and 2024, are fumbling over each other and raising their S&P 500 (SPX) targets and their stock allocations. That's what higher prices do -- and when many cave at the same time, the market sometimes takes a break.

Market breadth, like the stock market, continues to offer a confusing picture that is dependent on the data series used. It is best when breadth is leading price to new highs, and also bullish when breadth is tracking price. When breadth is failing as prices rise, generally there is an internal warning that something isn't right. While the current number of stocks above their 200-day averages is right down the middle, we are seeing a more-bullish story from the advance/decline lines of the major indices.

Stocks were mixed on Monday morning as investors weighed the takeover of failing First Republic Bank by JPMorgan. JPM shares rose nearly 3% on news of the acquisition. Investors also awaited the Fed's interest rate decision and economic commentary later this week. A 25-basis-point rate hike is widely expected. The Dow rose 0.2%, the S&P rose 0.1%, and the Nasdaq fell 0.2%. Crude oil fell to $75.50 per barrel while gold fell $8 to $1992 per ounce.

Linde is the largest industrial gas supplier in the world, with operations in over 100 countries. The firm's main products are atmospheric gases (including oxygen, nitrogen, and argon) and process gases (including hydrogen, carbon dioxide, and helium), as well as equipment used in industrial gas production. Linde serves a wide variety of end markets, including chemicals, manufacturing, healthcare, and steelmaking. Linde generated approximately $33 billion in revenue and $5.4 billion in GAAP operating profit in 2022.

So far in 2023, the Nasdaq 100 has gained 20%, the Nasdaq is up 16%, the S&P 100 is up 11%, the S&P 500 and Russell 2000 are up 8%, and the S&P MidCap 400 is up 4%. From a sector level, Communication Services leads with a 22% gain, followed by Technology at 20%, Consumer Discretionary at 15.5%, Basic Materials at 5.5%, and Industrials at 3.5%. Financial Services, Healthcare, Utilities, and Energy are all down 1% to 2%.

This must be the week of the false breakdown. Yesterday, we discussed some of the Financial sector stocks and ETFs that traced out new lows but reversed sharply. Generally, this is bullish -- but we would like to see some follow through.

Just when it looked like the rise in interest rates since early February was going to break the back of the stock market and send indices below support from their important 200-day averages, prices rallied and turned an ugly week into a positive one. From the intraday low last Thursday to Friday's close, the S&P 500 (SPX) jumped 3%, while the Nasdaq popped 3.7%, and the Nasdaq 100 powered ahead by 3.9%. All three indices undercut their 200-day averages by a minor amount on Thursday before buyers stepped in.

Stocks gave up most of their early gains on Thursday morning as investors weighed earnings from Disney and PepsiCo, along with weekly employment data. Disney shares rose after the company reported better-than-expected fiscal 1Q results and announced substantial cost cuts, including the elimination of 7,000 jobs. The company is also likely to restore its dividend by the end of the year. PepsiCo shares rose following above-consensus 4Q earnings and the announcement of a 10% dividend hike. The Dow rose 0.3%, the S&P 0.3%, and the Nasdaq 0.4%. Crude oil fell 1% to $77.50 per barrel, while gold fell $6 to $1885 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 Corteva Inc (CTVA); Dell Technologies Inc (DELL); Exxon Mobil Corp. (XOM); Thermo Fisher Scientific Inc. (TMO) and the Focus List deletions are Linde Plc (LIN); Lilly(Eli) & Co (LLY); ASML Holding NV (ASML); EOG Resources, Inc. (EOG).

Stocks rose on Monday morning ahead of the Tuesday midterm elections and new inflation data on Thursday. Meta shares rose more than 6% following reports that the company would lay off thousands of workers in order to cut costs. Apple fell 1% after warning of reduced iPhone 14 production due to COVID restrictions in China. The Dow rose 0.7%, the S&P 0.4%, and the Nasdaq 0.1%. Crude oil traded near $94 per barrel, while gold rose $5 to $1682 per ounce.

Recent one-week insider-sentiment readings from Vickers Stock Research have been toggling between very positive and neutral. As a result, Vickers' eight-week sell/buy ratios have started to retreat a bit from the exceedingly bullish levels of a few weeks ago. Still, current readings remain well below the 2.00 line that starts the bullish territory for these sentiment gauges. Vickers' current NYSE Eight-Week Sell/Buy Ratio is 1.60, the Nasdaq is 1.87, and the Total, which accounts for activity across all of the exchanges, is 1.74. Those are good sentiment readings under any conditions.

Stocks fell on Wednesday morning ahead of the Federal Reserve's afternoon policy statement and comments from Fed Chair Jerome Powell. On the employment front, payroll provider ADP said that U.S. companies added 247,000 payroll jobs in April, down from 479,000 in March and below the Bloomberg consensus forecast of 383,000. The Dow fell 0.3%, the S&P 0.6%, and the Nasdaq 1.5%. Crude oil rose more than 3% to $106 per barrel, while gold dropped $3 to $1868 per ounce.

The U.S. housing market has been a positive contributer to the economic recovery from the pandemic. While high prices have cooled the market a bit, many metrics remain positive. The National Association of Realtors recently reported that existing home sales in January totaled 6.5 million at a seasonally adjusted annual rate. That's the highest level since January 2021. The Commerce Department reported that new one-family homes were selling at an 801,000/year rate in December -- up from 668,000 in August 2021. Meanwhile, a leading indicator for the industry, housing permits, is also sending a positive signal. According to the Census Bureau, permits were being authorized in January at a 1.9 million rate, a pandemic-period high. Housing prices remain hot. The S&P/Case-Shiller National Home Price Index for December 2021 showed that prices gained 19% year-over-year. The high prices have loosened housing inventories. According to the U.S. Census Bureau, there is a 6.1-month supply of existing homes for sale; the average range is 4.5-7.5 months. Until pricing pressures start to cool off, we look for modest growth, at best, in the housing sector.

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 Director of Research Kelleher typically adds three or four new stocks per month. Below are the latest additions, all of which are rated BUY at Argus Research.

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 Linde Plc (LIN); Sysco Corp. (SYY); Target Corp (TGT); Vertex Pharmaceuticals, Inc. (VRTX) and the Focus List deletions are DuPont de Nemours Inc (DD); Zoetis Inc (ZTS); Lululemon Athletica inc. (LULU); Tyson Foods, Inc. (TSN).

Stocks fell on Wednesday morning, giving up some of Tuesday's gains, led by declines in the Technology and Communication Services sectors. Retail sales data was stronger than expected. The Commerce Department said that U.S. retail sales rose 3.8% in January, above the consensus estimate of 2.0%, after a 2.5% decline in in December. The Dow fell 0.6%, the S&P 0.6%, and the Nasdaq 1.0%. Crude oil traded near $95 per barrel, while gold rose $7 to $1863 per ounce.

Investors liked what they heard from the Federal Reserve, and stocks took off like one of those new rockets the billionaires are making so they can enjoy a couple of minutes in "space." The Fed increased its taper to $30 billion/month and expects three rate hikes in 2022 and three in 2023. While the Fed will still be purchasing Treasuries and mortgage-backed securities, the pace will slow. But the liquidity pump is still open. The taper amount probably was baked into the market, but the six rate hikes over the next two years seems more hawkish than the market was expecting. Still, with the fed funds rate at 0%, six 0.25% hikes gets us to a whopping 1.5% if the Fed does indeed follow this path. Historically, that is still extremely low. What to do about the almost $9 trillion Fed balance sheet is the real question.

Last week, we wrote that one of the problems with chart reading is that two similar charts, with very similar bullish setups, can diverge, with one working to a "T" and the other slapping you in the head. Indeed, not every bullish or bearish chart works out as "expected."

The stock market moved higher last week during the busiest days of earnings season. Tech stocks far outperformed blue chips, though a portion of the outperformance was attributable to Tesla, as its stock is included in the S&P 500 and Nasdaq Composite, but not the DJIA. During Friday's session, the Dow Jones Industrial Average increased 89 points, or 0.25%. The S&P 500 was up 0.19%, and the Nasdaq Composite was up 0.33%. For the week, the DJIA was up 143 points, or 0.40%, the S&P 500 was up 1.33%, and the Nasdaq Composite was up 2.70%. For the YTD, the DJIA is up 17.03%, the S&P 500 is up 22.61%, and the Nasdaq Composite is up 20.25%.

Both gold and silver prices popped on Wednesday, with the SPDR Gold Shares (GLD) up 1.8% and the iShares Silver Trust (SLV) rising 1.9%. However, both closed off their intraday highs as GLD almost ran smack into its 21-week exponential average and almost hit its 200-day average. SLV almost hit its falling 50-day average.

The last run higher in West Texas Intermediate (WTI) hit our target when WTI reached an intraday high of $77 on July 6. That was followed by a sharp reversal, with WTI closing at $73.37 that same day. Crude then fell to $65 on July 20, rallied to $74.23, and tested the $65 level August 9. That was followed by a small rebound to the declining 13-day exponential average at $69.62 and another dip back to $67 on Monday. A break below $65 could elicit a fairly sharp downside move.

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.

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 Vontier Corp (VNT); Discover Financial Services (DFS); U.S. Bancorp. (USB); LyondellBasell Industries NV (LYB) and the Focus List deletions are Linde Plc (LIN); ServiceNow Inc (NOW); Old Dominion Freight Line, Inc (ODFL); Square Inc (SQ).

Stocks were mixed on Friday morning following a positive manufacturing activity report and new housing market data. IHS Markit said that its flash manufacturing PMI rose to 61.5 in the first half of May, up from a final reading of 60.5 in April and above the consensus forecast. The National Association of Realtors said that U.S. existing home sales fell 2.7% in April to an annualized 5.85 million, below the consensus of 6.09 million. At the same time, the median existing home price rose 19.1% from the prior year to $341,600. On the earnings front, Deere shares rose more than 3% after the farm equipment maker posted strong fiscal 2Q results and raised its full-year earnings guidance. The Dow rose 0.7%, the S&P rose 0.3%, and the Nasdaq fell 0.1%. Crude oil traded near $64 per barrel, while gold fell $6 to $1876 per ounce.

Stocks were largely flat on Friday morning as investors weighed new consumer sentiment data and awaited further progress on the Biden administration's stimulus plan. The University of Michigan said that its consumer sentiment index fell to 76.2 in the first half of February, down from a final January reading of 79 and below the Reuters consensus forecast of 80.8. The Dow fell 0.1%, the S&P rose 0.2%, and the Nasdaq rose 0.2%. Crude oil traded near $59 per barrel, while gold fell $2 to $1825 per ounce.

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 Director of Research Kelleher typically adds three or four new stocks per month. Below are the latest additions, all of which are rated BUY at Argus.

Core prices are starting to increase, though we don't think the U.S. Federal Reserve is overly worried. Currently, most inflation measures remain below the Fed's target of 2.0%, though on average they are up month-over-month. We track 14 inflation measures on a monthly basis. On average, they indicate that prices are rising at a 1.14% rate, ahead of last month's reading, which was 1.04%. Looking at core inflation -- which we obtain by averaging Core CPI, market-based PCE Ex-Food & Energy and the 10-year TIPs Breakeven Interest Rate -- our reading is 1.16%, lower month-to-month. With this inflation backdrop, we expect the Fed will focus on other issues (backstopping financial markets) and keep short-term rates close to zero until at least 2022. That's not to say there aren't threats that inflation may surge at some point. For example, as Western and Asian populations age and if globalization reverses, there may be a shortage of workers. Further, aging populations and their healthcare needs may encourage politicians to increase deficit spending. Given current government debt levels and central bank liabilities, central banks that are forced to raise rates to stem inflation will do so at high cost.

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 Trane Technologies plc (TT); Linde Plc (LIN); Western Digital Corp. (WDC); Peloton Interactive Inc (PTON) and the Focus List deletions are PPG Industries, Inc. (PPG); Roper Technologies Inc (ROP); Snap Inc (SNAP); TJX Companies, Inc. (TJX).

Stocks traded mostly lower on Tuesday morning, a day after rallying strongly on news of positive clinical trial results for the Pfizer/BioNTech coronavirus vaccine. Technology and Communication Services stocks fell as investors turned away from companies that have benefited from remote working and stay-at-home restrictions during the pandemic. On the earnings front, Beyond Meat shares fell more than 20% after the company posted sharply lower revenue and a wider-than-expected third-quarter loss. Eli Lilly shares rose more than 3% after the drug maker received FDA emergency use authorization for its COVID-19 antibody treatment. The Dow was flat, the S&P fell 1.0%, and the Nasdaq fell 2.2%. Crude oil traded near $41 per barrel, while gold rose $26 to $1881 per ounce.

Stocks were mixed on Tuesday morning amid new manufacturing data, a range of 2Q earnings reports, and increased U.S.-China tensions related to the potential sale of TikTok's U.S. operations. The Commerce Department said that June factory orders rose 6.2%, down from 7.7% in May but above the Reuters consensus forecast of 5.0% growth. The Dow rose 0.5%, the S&P rose 0.2%, and the Nasdaq fell 0.1%. Crude oil traded near $41.50 per barrel, while gold rose $26 to $2012 per ounce.