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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Pause After Two Days Of Big Gains
Image: Bigstock
Stocks ended modestly lower yesterday after two heady days of gains.
But uncertainty over a potential fifth coronavirus relief/stimulus package put stocks in check. However, the Treasury Secretary and the Speaker of the House are expected to meet later today and resume negotiations that ended last month with no deal.
In other news, yesterday's Redbook report showed same store retail sales up 2.2% y/y vs. last month's rate of 1.5%.
And the Case-Shiller House Price Index was up an unadjusted 0.6% m/m vs. views for 0.3%, and 3.9% y/y vs. estimates for 3.7%.
Today is a big day of reports with MBA Mortgage Applications, Pending Home Sales, the third and final estimate for Q2 GDP, Corporate Profits, the Chicago PMI report, the State Street Investor Confidence Index, and the ADP Employment Report.
But the report everyone is waiting for is Friday's always important Employment Situation report.
In the meantime, the market will have plenty of data to act upon today.
And that's on top of months of improving economic numbers, and expectations for unprecedented growth for the remainder of the year.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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Four experts each announce their single favorite stock with the best upside for what looks to be a record-setting Q4. One is a next gen ad platform that's encroaching on Google and Facebook, forming alliances with Disney and Amazon, and entering China with 500 million mobile phone shoppers.
Today, download the private Special Report that names these stocks, and spotlights their exceptional gain potential as pent-up economic demand continues to release.
Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. Read More »
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