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Stocks Up Two Weeks In a Row, Eyes On Fed This Week

The markets closed slightly lower on Friday, but finished up for the week for the second week in a row.

Stocks shrugged off escalating tensions with Iran. And so did oil, which actually closed down for the week.

Traders will be watching for any new developments. But so far, the markets have taken it all in stride.

The upcoming G20 summit will also come into sharper focus as we get closer to its date. Not only will the market be watching to see if President Trump and President XI actually meet afterwards (while a meeting has been unofficially announced, it's not been officially confirmed), but then if the talks lead to continued negotiations or perhaps even a deal.

In the meantime, traders will be scrutinizing every word the Fed says this week (Wednesday afternoon), with their FOMC Meeting Announcement, FOMC Forecasts, and Jerome Powell's Fed Chair Press Conference.

Nobody is expecting an actual rate cut at this week's meeting. But everybody will be listening for any change in tone, verbiage, or time frame for when a rate cut could be coming. (The market is pricing in a 97% certainty that at least one rate cut is coming this year, with others speculating that we could see as many as two or three.)

The momentum remains up for the market.

And the strength in our economy and jobs market is underscoring even better things to come.

See you tomorrow,

Kevin Matras

Executive Vice President, Zacks Investment Research


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