Stocks Erase Previous Day's Gains, But Close Well Off Their Lows

Tough day in the markets yesterday with all of the major indexes in the red. Nothing of any great importance. Was just disappointing to see Tuesday's rebound erased. But stocks closed well off of their lows. So that was very encouraging.

There was plenty of optimism heading into Wednesday, but that was quickly dashed after Turkey said it would levy new tariffs on US goods in retaliation for the US sanctioning them for holding American citizens.

It was an unfortunate development. But the optics are far worse than any impact, especially since Turkey's GDP is less than 5% of the United States. Nonetheless, the market would prefer all of these tariffs to go away. But for now, this is the environment we're in. Fortunately, the US economy is in the best position to weather any financial hiccups. And at worst, that's all it is.

In other news, Retail Sales increased by 0.5% m/m, beating expectations for just 0.1%.

The Empire State Manufacturing survey came in at 25.6, up from last month's 22.6. Analysts note that 'new orders continue to pour in'.

And Business Inventories rose 0.1%. This was expected. But with sales up 0.3%, this is a very positive report. In fact, on a y/y basis, inventories are up 4.0% while sales have grown by more than twice as much at 8.2%.

More good news on the economy. And that translates to good news for the market as well.

Meantime, buy the dips. Stay in the best stocks. And focus in on the best industries. One industry in particular that has been a leader this year is tech. Industrial demand for tech-related products has never been stronger, consumers are spending more on tech in all areas of their lives, and tech companies are coming up with new innovations all the time. Some of the biggest gains this year have been in tech and that trend looks like it will continue. If you're wondering if now is the right time to get into tech, the answer is yes. To learn why, please read our latest commentary...

Is Now The Right Time To Get Into Tech?

Kevin Matras

Executive Vice President, Zacks Investment Research

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