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Stocks Mostly Higher As Markets Regroup After A Volatile Week
Stocks closed mostly higher yesterday, but are still down for the week after Wednesday's pullback.
The yield curve inversion hysteria seemed to die down a bit yesterday, with saner heads prevailing.
Former Fed Chair Janet Yellen was one of those saner voices when she dismissed the recent yield curve inversion by insisting the markets should place less weight on it and urging folks that "on this occasion it may be a less good signal."
She continued by saying, "the reason for that is there are a number of factors other than market expectations about the future path of interest rates that are pushing down long-term yields."
And she added that the U.S. is not likely to head into a recession saying, "I think the U.S. economy has enough strength to avoid that..."
Thank you Janet Yellen.
That's what we've been saying all along.
I'm sure we haven't heard the last of the sky-is-falling doomsayers. But it was nice to not hear as much of that nonsense yesterday.
All of that notwithstanding, that doesn't mean we're out of the woods on the market just yet.
I am decidedly bullish.
But there's bound to be more volatility as we approach the September 1st tariff deadline, the continuing trade talks later that month, and the next FOMC meeting in mid-September where we'll find out if they cut rates again (odds are at 74% they do), and whether it will be 25 basis points or 50.
In the meantime, I would continue to look at any pullback as a buying opportunity.
As I've said before, these are historic times for our economy and the market.
And it looks like there's a lot more upside to go.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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Stocks closed mostly higher yesterday, but are still down for the week after Wednesday's pullback. 
