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Q3 Earnings, 4 Trade Deals, And Maybe Another Rate Cut On Deck For Stocks

Stocks closed lower on Friday, and lower for the week, ending their 3-week winning streak. But stocks remain just under their all-time highs, with the S&P just 1.20% away.

So I wouldn't read anything into last week's slight pullback. After 3 weeks of gains totaling 5.63%, last week appeared to be nothing more than the market taking a breather until its next run up.

And it looks like that could come sooner rather than later.

For one, the U.S. and Japan are set to formalize a trade agreement this week when they meet again at the United Nations General Assembly session in NY.

The U.S. and India are also expected to finalize a trade deal in time for the UN session.

The U.S. and China are set to resume high-level, face to face trade talks in Washington, DC in early October.

Q3 earnings season begins shortly thereafter.

And the U.S. House of Representatives is expected to bring the USMCA deal to the floor for a vote by the end of October, where it's expected to pass (and then goes onto the Senate where it's expected to pass there as well).

Additionally, the Fed cut interest rates for the second time this year, just last Wednesday (with the first one taking place on July 31st). And with only two more FOMC meetings left this year (October and December), there's plenty of speculation that we'll get at least one more cut by year's end, which means that could come as early as October 30th when they next meet again.

I wouldn't rule out some additional volatility beforehand.

Especially on news that the U.S. is sending U.S. troops to the Middle East to deter Iran. The deployment is characterized as defensive in nature to strengthen air and missile defenses around Saudi Arabia and the United Arab Emirates. While it does mark another increase in tensions in the region, the market, so far, has been able shrug most of it off.

But the positive catalysts for the U.S. economy and the market far outweigh any potential negatives.

And it looks like there's a lot more upside to go.

So make sure you're taking full advantage of it.

See you tomorrow,

Kevin Matras

Executive Vice President, Zacks Investment Research


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