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Profit from the Pros By Kevin Matras Executive Vice President
Earnings And The Fed Press Conference On Deck Today
Image: Bigstock
Stocks closed lower yesterday as a busy week of earnings, and debate over the next coronavirus package continue.
While earnings season has gotten off to a fine start, a few high profile misses yesterday underscored the difficulty that Q2 was for many companies. Gladly, that's reflecting a snapshot in time that the country is rapidly moving away from. Nonetheless, a tough quarter is a tough quarter. And that can weigh on a company's stock.
Uncertainty over the next relief/stimulus package also weighed on stocks. It does sound like there's progress being made behind the scenes. But publicly, both parties seem to be a ways apart. We'll see how that progresses. But it's coming down to the wire. And at the end of the month many people will lose the benefits that the first three packages provided.
In other the news, the Richmond Fed Manufacturing Index came in at 10 vs. last month's print of 0, indicating a nice uptick for new orders and shipments.
Today, we've got reports on International Trade In Goods, Retail and Wholesale Inventories, Pending Home Sales, and the State Street Investor Confidence Index.
We'll also hear from the Fed as they conclude their two-day meeting with their FOMC Meeting Announcement, and the Fed Chair Press Conference.
And earnings season continues with another 370 companies reporting today (668 companies over the next three days).
As I've said before, keep your eyes on the big picture. Because with expectations for unprecedented economic growth for the remainder of the year, and annual GDP growth next year to be the strongest in 38 years, 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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