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Nasdaq And The Russell 2000 Small-Cap Index Poised For New Weekly Highs
The markets closed mostly higher yesterday with the tech-heavy Nasdaq making new all-time highs, and the small-cap Russell 2000 Index making a new all-time high close.
Earlier in the week, worries over the Trump administration's levying of tariffs on as much as $50 billion worth of Chinese goods as early as today, caused some mild concerns in the market.
But the market seemed to shrug them off yesterday as reports suggesting the list will be smaller in value and be more focused on tech. And while the list is likely to be announced today, there's no word on exactly when those tariffs will actually take effect, other than saying it will happen "shortly".
The less than immediate time frame was enough to give traders a bit of relief, and the focus on tech was one of the reasons why tech performed so well yesterday.
In other news, Weekly Jobless Claims came in better than expected shedding -4,000 new claims at 218,000. It was noted that new claims, continuing claims and the 4-week moving average for continuing claims were all sitting at or near their historic lows.
Retail Sales rose more than expected with a m/m increase of 0.8% vs. views for 0.4%. Analysts singled out restaurants, building materials, and clothing stores as some of the biggest contributors.
And Business Inventories rose 0.3% as expected. Details show the y/y build up 4.4%, and it was noted that total inventories look lean compared to sales which are up 6.7%. This suggests more restocking in the near offing which will be a benefit to GDP.
Late today we'll get the Empire State Manufacturing Survey, Industrial Production, and Consumer Sentiment.
And if all goes well, it looks like the S&P, the Nasdaq, and the Russell 2000 Index will notch another weekly gain, with the latter two making new weekly high closes.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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The markets closed mostly higher yesterday with the tech-heavy Nasdaq making new all-time highs, and the small-cap Russell 2000 Index making a new all-time high close.
