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Plus New Zacks Strong Buys for Wednesday, February 19
Profit from the Pros By Kevin Matras Executive Vice President
Stocks Close Mostly Lower, But Nasdaq Finishes Up
Stocks closed mostly lower yesterday, but the Nasdaq eked out a small gain, and set a new all-time high close in the process.
Concerns over the coronavirus continue, even though the World Health Organization came out last week and downplayed the spike in new cases as a by-product of how they are classified.
And while these worries have largely missed U.S. stocks with analysts estimating that the coronavirus will only shave two tenths of one percent off of Q1 GDP (and maybe another two tenths later in the year), it became a little more real after Apple warned on Q2 revenue due to global supply constraints and Chinese demand due to the outbreak.
Apple's warning is not inconsistent with previous analysts' estimates on the economic impact of the coronavirus. But again, when companies start acknowledging the impact on their own numbers, the concerns do seem to come to life a bit.
But the economy is in great shape with a strong GDP, 50-year low unemployment, 20-year high in household income, and near record high consumer sentiment.
Nonetheless, traders will be listening carefully to the 745 companies reporting earnings this week for any mention of the coronavirus on their top and bottom lines.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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Stocks closed mostly lower yesterday, but the Nasdaq eked out a small gain, and set a new all-time high close in the process.
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