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Stocks were up yesterday with the tech-heavy Nasdaq leading the way with a gain of 1.39% and making a new all-time high in the process.
Traders shrugged off tariff concerns and replaced them with a focus on the strength of the economy and optimism for Q2's earnings season. This spurred on yesterday's advance and kept the momentum for the week pointing up.
Underscoring the economy was Thursday's better than expected Weekly Jobless Claims which fell -18,000 to 214,000 vs. views for 225K.
The Consumer Price Index came in as expected with a 0.2% m/m change (less food & energy) and a slightly higher than expected 2.3% y/y change. Analysts called the report 'subdued' yet still 'inching higher', which is actually a perfect place to be. We are seeing beneficial, growth-inducing inflation, but not so much where it's a detriment or would cause the Fed to accelerate their normalization pace.
Today we'll get Import and Export Prices, and Consumer Sentiment.
And if all goes well, the markets are poised for another weekly gain.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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Stocks were up yesterday with the tech-heavy Nasdaq leading the way with a gain of 1.39% and making a new all-time high in the process.
