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Retail Continues To Shine, But Stocks Closed Mixed Ahead Of Mr. Powell's Speech This Morning
Stocks closed mixed yesterday ahead of Fed Chair Jerome Powell's upcoming speech in Jackson Hole, Wyoming this morning.
While nobody is expecting Mr. Powell to break any new ground when he speaks at the Economic Policy Symposium, you never know.
But with so many people speculating on what the Fed's next move will be in just under four weeks from now (September 18th), everybody seems interested in what the Fed Chairman has to say, and if he'll offer any glimpse into what we can expect to hear at their next FOMC meeting.
In the meantime, the parade of strong retail results continues. Earlier this week we got beats from Walmart and Home Depot. Then Lowe's and Target. And yesterday we got positive surprises from Dick's Sporting Goods, Hormel, BJ's Wholesale, L Brands, and Nordstrom.
Retail is alive and well.
And this should come as no surprise given the strength of our economy, and the confidence and sentiment of the consumer.
Further underscoring the strength of our economy was yesterday's Weekly Jobless Claims which fell more than expected to 209K vs. estimates for 221K.
And the Leading Indicators report came in better than expected as well with a 0.5% increase vs. views for 0.2%.
The economy is doing great. But, of course, it could always do better.
If the Fed cuts rates again in September, that will give the market the added confidence it's looking for.
And that likely means an even further boost to the economy and the market.
But before that, we'll get Mr. Powell's speech in Jackson Hole, WY this morning.
Who knows what he'll say. And who knows how people will interpret it.
But right now, the odds are more than 90% that we'll see another rate cut in September.
And if Mr. Powell's comments spark some volatility – buy the dips.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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Stocks closed mixed yesterday ahead of Fed Chair Jerome Powell's upcoming speech in Jackson Hole, Wyoming this morning.
