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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Soared Yesterday With The Dow And S&P Erasing Monday's Dip
Stocks closed sharply higher yesterday with the Dow and the S&P erasing Monday's losses.
There will be three main things the market will be focusing on over the next few weeks.
1) The increase in COVID-19 cases. CA already closed bars and in-dining restaurants. And the question now is for how long? And who will be next? If cases peak and start to go back down, it will be a short-lived event. If they keep rising, then more restrictions could follow and stay in place for longer.
2) Testing on treatments and vaccines? Pfizer and BioNTech got fast-track designation on two experimental vaccines on Monday. And then after the close yesterday, Moderna said its latest trial produced a 'robust' immune response in all patients. There's tremendous excitement around the prospect of a vaccine. It's generally believed that once a vaccine is approved and available, that will mark the day the world can truly begin to get back to normal. At the moment, there are 160 vaccines being developed worldwide.
3) Earnings season. Stocks typically go up during this time. While most everyone expects Q2 to show a deep contraction for GDP (before gaining roughly 20% in Q3), the better than expected economic numbers we've seen over the last couple of months suggest we could see plenty of better than expected earnings reports too. And if Q2 earnings are better than expected, then that bodes well for beating earnings expectations in Q3.
It will be interesting to see how the next few weeks play out.
In the meantime, keep your eyes on the big picture.
This is history in the making.
There may be a few bumps in the road on the reopening. But the economy will reopen. Sooner or later. And the pent-up economic demand we've seen so far, just on the partial reopen, has been enormous.
So make sure you're taking full advantage of it.
See you tomorrow,
Executive Vice President, Zacks Investment Research
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