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.

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 bounced back after Wednesday's decline. However, regional banks are down following New York Community Bancorp's dismal results. Initial jobless claims for the week ending January 27 were 224,000, up 9,000 from the previous week's revised level. Ongoing unemployment was 1,898,000, an increase of 70,000 from the previous weeks revised 1,833,000. The Dow rose 0.1%, the S&P 500 was up 0.3% and the Nasdaq gained 0.4%. Crude oil traded above $76 per barrel, while gold rose $7.50 to trade near $2075 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.

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.

Stocks fell on Thursday, extending Wednesday's selloff, as investors weighed a wide range of earnings reports, a tentative labor agreement between Ford and the UAW, and stronger-than-expected GDP data. Shares of Meta fell 3.7%, along with Apple (down 2.5%) and Microsoft (down 3.8%). The 10-year yield pulled back to 4.84%. The Dow fell 0.8%, the S&P 0.7%, and the Nasdaq 1.8%. Crude oil fell settled at $83.63 per barrel, while gold closed near $1993 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.

Stocks fell on Wednesday morning amid continued concerns about rating downgrades for some U.S. banks and more weak economic data from China, which reported deflation in both consumer and producer prices in July. On the earnings front, Twilio shares rose after the software maker posted above-consensus 2Q results and raised its full-year earnings forecast. Meanwhile, Lyft shares fell 7% on concerns about slowing revenue growth as the company cuts prices to better compete with Uber. The Dow fell 0.4%, the S&P 0.6%, and the Nasdaq 1.2%. Crude oil rose slightly to $83.50 per barrel, while gold fell $10 to $1950 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.

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.

The first-quarter earnings season is wrapping up, with blended earnings (actual results and the consensus for those still to report) showing a 0.6% year-over-year decline, according to Refinitiv. That is considerably better than the 5.0% decline expected at the start of the earnings period, though still not enough to avoid a technical earnings recession following 4Q's 3.4% decline. Propelling the 1Q outperformance was a 74% beat rate (versus the long-term average of 62%), with strong gains in Consumer Discretionary (+55%) and Industrials (+26%), but drags from Basic Materials and Utilities (both -22%). Our analysts are always on the lookout for companies that boost their outlooks during earnings season. Management's ability to "raise guidance" can often be a catalyst for market-beating returns in the quarters ahead. Here is an initial list of BUY-rated companies in Argus Coverage for which management has raised guidance or increased its outlook during the 1Q23 EPS reporting season.

Stocks fell on Friday morning, led by declines in the Financial and Consumer Discretionary sectors. Consumer sentiment data was weak. The University of Michigan said that its sentiment index fell to 57.7 in May, down from 63.5 in April and the lowest reading since last November. The Dow fell 0.4%, the S&P 0.5%, and the Nasdaq 0.6%. Crude oil fell slightly to $70.50 per barrel, while gold traded near $2017 per ounce.

There is a large dichotomy between sentiment when the stock market is in a bear market and sentiment when the stock market is in a bull market. For many, this is hard to grasp. But it happens, cycle after cycle.

Dividend growth is among our most-important investment themes in 2023, and stretches across industries. At this stage of the economic and market cycles, Argus recommends that investors pay close attention to dividend growth. We think consistent -- and accelerated -- dividend growth at a company gives three important signals to investors: 1) the company's balance sheet is strong enough to pay a dividend; 2) management is mindful of shareholder returns, which include dividends; and 3) a significant dividend increase can be a message from management that the near-term outlook for the company is promising, even during a pandemic. In particular, we like companies that have grown their dividends at an average double-digit pace over the past five years. Stocks on our BUY list that meet this test include the following.

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.

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.

Last week was the busiest of the quarter for corporate earnings, with a fair number of sharp moves in stock prices following above- or below-consensus results or changes in company guidance. Through October 25, Refinitiv reports that 129 S&P 500 companies have announced earnings, with 74% of those coming in ahead of the EPS consensus. The blended (reported and estimated) growth rate for the full quarter, however, is now at 3.3%. That's down from the 4.5% that was expected at the start of the quarter, which is likely a combination of the magnitude of the earnings misses as well as earnings estimates still coming down for those still scheduled to report. Sectors with the strongest beat rates so far have been Healthcare and Communication Services, where 100% of companies reporting have come in ahead of consensus. The biggest laggard has been Consumer Discretionary, where only 47% have exceeded consensus. Energy dominates, with a 119% blended earnings growth rate versus 3Q21, while Financials are at the other end with a 16% earnings decline. Our analysts are always on the lookout for companies that boost their outlooks during earnings season. Management's ability to "raise guidance" can often be a catalyst to strong returns in the quarters ahead. Here is an initial list of BUY-rated companies in Argus coverage for which management has raised guidance or increased its outlook during the 3Q22 EPS reporting season.

Stocks were mixed on Thursday morning following more 3Q earnings reports and new economic data. The Commerce Department, in its advance estimate, said that U.S. GDP rose at a 2.6% annualized rate in 3Q, up from a 0.6% decline in 2Q and above the Reuters consensus forecast of 2.4% growth. The strong reading was driven by growth in net exports, while consumer spending slowed. Meta shares plunged 22% on concerns about declining advertising revenue and heavy investment spending on the company's metaverse initiative, while McDonald's rose 4% following stronger-than-expected earnings and same-store sales. The Dow rose 1.4%, the S&P rose 0.3%, and the Nasdaq fell 0.5%. Crude oil traded near $89 per barrel, while gold fell slightly to $1665 per ounce.

Have stock indices come far enough to put the bear to bed? The media is doing what they do, and calling the recent stock advance "unprecedented." Oh really? We will examine two time periods: one off "the" closing low on June 16 (39-day) and the other when stocks started shooting higher after the low on July 14 (21-day).

Monday Tee-Up: Housing, Consumers, Manufacturing

onday Tee-Up: Housing, Consumers, Manufacturing

Last week featured some terrible inflation data (CPI, PPI). While the stock market was weak following these numbers, the indices all saw nice intraday recoveries and then rallied hard on Friday. All the major indices were down last week, but it could have been a lot worse based on only the headlines. As we have said, the numbers don't matter as much as the reaction to the numbers -- and that was positive (and certainly a change in recent character for the market).

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.

The stock market soared on Tuesday, so it's not surprising that Wednesday was flat -- but we certainly had a lot of good intermarket news. Yields fell across the curve, crude oil and some grain and soft commodity prices got hammered, and the U.S. Dollar Index fell slightly. If you are bullish on stocks, you can't ask for much more than that.

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.

Sentiment continues to get more bearish -- and eventually that will be bullish. The five-day CBOE equity-only put/call (P/C) hit 0.77 on May 12, the highest level since the correction started. Yet that is not near prior peaks during corrections/bear markets (when it ran from 0.85 to over 1.00). The smallest option traders spent 30% or more of their volume buying put options to open. They also spent more on put premiums than on call premiums. Both events are very rare -- and when this happens, the market often moves higher over the next year.

Stocks rallied on Friday morning, paring some of their recent sharp losses. However, the major indices were still on track for their sixth straight weekly decline amid continued concerns about inflation and the Fed's ability to control it. In an NPR interview on Thursday, Fed Chair Jerome Powell reiterated that the central bank would likely raise interest rates by 50 basis points at each of its next two meetings, but that it was 'prepared to do more' if the data warranted. The Dow rose 1.4%, the S&P 2.1%, and the Nasdaq 3.6%. Crude oil rose $4 to $110 per barrel, while gold traded near $1813 per ounce.

Stocks rallied on Friday morning, paring some of their recent sharp losses. However, the major indices were still on track for their sixth straight weekly decline amid continued concerns about inflation and the Fed's ability to control it. In an NPR interview on Thursday, Fed Chair Jerome Powell reiterated that the central bank would likely raise interest rates by 50 basis points at each of its next two meetings, but that it was 'prepared to do more' if the data warranted. The Dow rose 1.4%, the S&P 2.1%, and the Nasdaq 3.6%. Crude oil rose $4 to $110 per barrel, while gold traded near $1813 per ounce.

Finally, sentiment has turned more bearish, as many indicators have remained stubbornly neutral despite the very quick dip in the stock market. The American Association of Individual Investors (AAII) poll is one of the exceptions, as it has been showing significant fear for weeks. For a third consecutive week, the poll reports less than 19% bulls. Bears rose to 59.4% this week, while the spread between bulls and bears hit 43 percentage points in favor of bears.

Checking in on the intermediate- to longer-term (weekly and monthly charts) outlook for the S&P 500, we note that the index has rallied back to a very important level. The "500" had been in a very consistent bullish channel off the lows since June 2020 and off the highs since August 2020. It broke the lower channel in February along with the 39-week exponential average. But with the latest rally, the index has recovered the 39-week EMA, though it still is pushing right up against the lower channel -- an example of broken support that has turned into resistance. Needless to say, it would be a positive event if the index were to get back into the bullish channel. So far, the 16-week EMA has not crossed below the 39-week EMA, which would have been an intermediate-term sell signal.

Generally, the stock market gives us a few warnings before we see the end of a cyclical and secular bull. The 1982 to 2000 secular bull market saw two cracks before the top, with the S&P 500 falling 22% in 1998 and 13% in August 1999. While the Nasdaq topped in March 2000, the S&P 500 made its final high in August 2000. During the cyclical bull market from 2003 until 2007, the "500" dropped 8% in June 2006 and 7% in March 2007. In July and August, the index fell almost 12% on an intraday basis before finally peaking in October 2007.

The entire Treasury curve has continued to move higher, with yields back to pre-pandemic levels. The 10-year yield hit an intraday high of 1.97% on Tuesday, the highest level since November 2019. The 10-year recently broke above key chart support in the 1.70% area and, in the process, completed a large cup-with-handle that started two years ago. The next area of chart support is between 1.95% and 2.07%. Despite the pop toward 2% by the 10-year, stocks did just fine -- with the S&P 500 rising 0.8% and the Nasdaq adding 1.3%. Obviously, the stock market knows higher rates are coming and likely has discounted the event by now.

The stock market kicked off February with a winning week, though 2022 remains deeply in the loss column. On Friday, the Dow Jones Industrial Average edged down by 21 points, or 0.06%. The S&P 500 was up 0.52%, and the Nasdaq Composite rose 1.58%. For the week, the DJIA was up 364 points, or 1.05%, the S&P 500 was up 1.55%, and the Nasdaq Composite was up 2.38%. Year-to-date, the Dow is down 3.44%; the S&P 500 is off 5.57%; and the Nasdaq Composite is on the edge of correction territory, down 9.89%.

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.

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 Host Hotels & Resorts Inc (HST); NXP Semiconductors NV (NXPI); Western Digital Corp. (WDC); IQVIA Holdings Inc (IQV); American Electric Power Co Inc (AEP) and the Focus List deletions are Weyerhaeuser Co. (WY); Dell Technologies Inc (DELL); Qorvo Inc (QRVO); Anthem Inc (ANTM).

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 stock market moved higher last week as earnings season picked up steam. Tech stocks outperformed blue chips, though the margin of outperformance was slim owing to disappointing earnings from some tech names. During Friday's session, the Dow Jones Industrial Average increased 74 points, or 0.21%. The S&P 500 was down 0.11%, and the Nasdaq Composite was down 0.82%. For the week, the DJIA was up 382 points, or 1.08%, the S&P 500 was up 1.64%, and the Nasdaq Composite was up 1.29%. Year-to-date, the DJIA is up 16.57%, the S&P 500 is up 21.00%, and the Nasdaq Composite is up 17.08%.

Second-quarter earnings announcements are nearly complete, with some 90% of S&P 500 companies having reported. The profit recovery from the depths of the pandemic low in 2Q20 was been swift, with earnings growth of 93% in 2Q21, according to Refinitiv. But earnings do not look good just on a relative basis -- the $53.93 projected to be earned by S&P 500 companies for the second quarter is the highest ever for the index. Investors can now turn their attention to the third quarter, when earnings are expected to rise a still-strong 30% year-over-year. 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 to strong returns in the quarters ahead. Here are 20 BUY-rated companies in Argus coverage for which management has raised guidance or increased its outlook during the 2Q21 EPS reporting season.

July ended with a bout of selling, but bulls considered it overdue profit-taking after another successful month. Even with Friday's washout, the S&P 500 rose 2.3% in July. That marked six straight months of appreciation for the blue chip index (only January has been negative in 2021) and was the best market month since April.

Consumers are now more willing to spend on lifestyle enhancements along with necessary spending on life-saving treatments. In addition, the survival of the Affordable Care Act has kept the ranks of insured U.S. citizens above the historical average, further increasing consumer spending on healthcare services and products. Meanwhile, companies with experience in diagnostic testing, vaccines, and antiviral medicines, as well as suppliers of protective equipment and other hospital products, should benefit from efforts to contain the coronavirus pandemic. The sector accounts for 13.0% of the S&P 500, and includes companies in the pharmaceuticals, medical devices, healthcare services, and insurance industries. The sector is underperforming the market thus far in 2021, with a gain of 12.9%. We think the sector should account for 15-17% of diversified portfolios. Here is how we use our analysts' Financial Services sector ideas in our Focus List and Model Portfolios. All stocks are rated BUY at Argus.

Many sentiment indicators remain elevated. Although we don't give much weight to this data, we can't deny that it represents impressive and consistent optimism. The enthusiasm comes from CBOE put/call ratios (P/C), Rydex data, small-trader option activity, hedge fund exposure, and the AAII stock allocation.

Sustainable Impact investing continues to grow. According to Opimas, a management consultancy focused on global capital markets, global assets under management in ESG strategies grew to $40.5 trillion in 2020, doubling in four years and tripling in eight. As assets have flowed in, SRI investing has evolved over the past 40 years. Now, instead of merely identifying industries to avoid, the discipline promotes "sustainable" business practices across all businesses that can have an "impact" on global issues such as workers' rights, poverty, hunger, and the climate. Based on numerous requests from clients, we have compiled a portfolio of companies followed by Argus Research that are in position to have this type of "sustainable impact" on the environment, workplace, and community. These firms have exemplary records not only in delivering on the bottom line, but also in improving the environment, contributing to community relations, and showing respect for their employees. We built our portfolio by identifying companies that are BUY-rated by Argus analysts and also score well on ESG (Environmental, Social and Governance) criteria established by the JUST Capital Foundation. JUST Capital utilizes a combination of polling, data-driven research, and strategic engagement to shift behaviors and activities in corporate America and the financial markets. JUST Capital's mission is to drive measurable corporate change to create a stakeholder-centric, inclusive form of capitalism that reflects the priorities of the American public. JUST ranks the Russell 1000 on these criteria against a scale of 1-100. Here are company highlights from the Argus U.S. ESG Model Portfolio.

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.

Continuing the Process: Our Monthly Survey of the Economy, Interest Rates, and Markets

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.

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.

Stocks rallied strongly on Tuesday morning on signs that the Biden administration and Congressional Democrats would move forward quickly on their $1.9 trillion stimulus plan, rather than opt for a smaller plan like that proposed by Republican senators. On the earnings front, UPS shares rose after the company posted stronger-than-expected 4Q results. Investors also looked ahead to earnings from Alphabet and Amazon after the close. The Dow rose 2.0%, the S&P 1.7%, and the Nasdaq 1.4%. Crude oil traded near $55 per barrel, while gold fell $22 to $1840 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.

The IMF is now forecasting global growth of 5.2% for 2022 -- a rebound from the expected global GDP decline of 4.9% in 2020 (due to the impact of COVID-19). The IMF expects that emerging markets, led by India and China, will grow the fastest (at an average rate of 6%). India and China are expected to grow 8.8% and 8.2%, respectively. Developed economies are expected to grow at an average rate of 3.9%. The IMF forecasts that the Eurozone will grow at a 5.2% clip, above the rate of growth of the U.S., which is forecast at 3.1%. We take this forecast with a grain of salt, as catalysts for economic weakness abound in Europe, including Brexit, negative interest rates, and PMI readings below 50. While two of the BRICS have bright outlooks, the other two (Brazil and Russia) are forecast to grow at roughly 2.5% rates. Japan brings up the rear, with an outlook for GDP growth in 2021 of 2.3%. Much of the global recovery in GDP will depend on the distribution of COVID-19 vaccines. We anticipate that wealthier nations will have more success acquiring, storing and distributing vaccines.