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Plus New Zacks Strong Buys for Friday, November 22
Profit from the Pros By Kevin Matras Executive Vice President
Stocks Modestly Lower On Trade Concerns, But Remain Near All-Time Highs
Stocks closed modestly lower yesterday on continuing trade concerns.
Nothing new, just the same concerns from earlier in the week when it was reported that China is reluctant to commit to a specific amount of ag purchases, and the U.S. is reluctant to remove all tariffs ahead of a formal agreement on a phase 1 trade deal.
But again, spokespeople from both countries have praised the ongoing negotiations as "constructive" and that "progress is being made" on the text of the agreement.
And it's widely believed that both countries want and need this phase 1 deal.
The market also heard from the Speaker of the House yesterday that it was now unlikely that they will be able to bring the USMCA trade deal to the floor for a vote by year's end, in spite of saying just last week that she'd like to see it get "done this year," and even going so far as to say that a deal between the House and the Administration was "imminent."
There remains strong bipartisan support for the deal. But it looks like this is going to have to wait until after the first of the year.
In the meantime, as I've been saying over and over, our economy is strong with 50-year low unemployment, near record high consumer confidence, low interest rates, impressive corporate profits, housing permits at a 12-year high, and household income at the highest level in 20 years.
This is why stocks continue to set record after record.
And why it looks like stocks have a lot more upside to go.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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Stocks closed modestly lower yesterday on continuing trade concerns.
