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Plus New Zacks Strong Buys for Wednesday, October 23
Profit from the Pros
Stocks Give Up Early Gains, But Remain Near All-Time Highs
Stocks closed modestly lower yesterday, giving up their intraday gains.
Earnings season continues to roll on, and it continues to impress.
There's still plenty of optimism on phase 1 of the U.S.-China trade deal. But we're going to have to wait until November before it potentially gets signed.
There's also plenty of optimism on the USMCA trade deal – if/when it's finally brought up for a vote in the House of Representatives. It's also expected to pass the Senate afterwards. There's a bit of frustration that it's taking so long since it's widely believed there's enough votes to pass it right now. But assurances have been made that it's being worked on. And it appears to have strong bipartisan support.
This time next week, on Wednesday, October 30th, the Fed will meet again on interest rates, and decide if they'll cut again for the 3rd time this year.
There's less certainty surrounding the upcoming meeting vs. last month's near certainty for a cut. Same for the one in August as well.
But the market should do well regardless. A cut, of course, would be beneficial for the economy. But a pause would suggest we are on better footing and imply that the Fed has increased confidence in the economy. Either way, both are potentially bullish nods to the economy, and thus the market.
In the meantime, today we'll get a look at housing with the MBA Mortgage Applications report, and the FHFA House Price Index.
And, of course, more earnings reports.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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Stocks closed modestly lower yesterday, giving up their intraday gains.
