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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Pull Back After Recent Gains, Earnings Season To Take Center Stage
Image: Bigstock
Stocks closed lower yesterday, giving up early gains.
Uncertainty over stimulus continues to be a factor. But I think the market has already reconciled that even if we don't get a deal before the election, it's highly likely that we'll get one after. Nonetheless, if we actually do get one beforehand, that should provide an immediate upside catalyst.
In other news, the Housing Market Index came in better than expected with a print of 85 vs. last month's 83 and views for the same.
Today we'll get another look at housing with the Housing Starts and Permits report, as well as another look at retail sales with the Redbook report.
But earnings season will be taking center stage. And since stocks typically go up during earnings season, there's plenty of bullish excitement helping to underpin stocks.
We'll get another 462 companies reporting earnings this week. And another 1,095 companies next week.
After 3 up weeks in a row for the market (4 weeks for the Nasdaq), there's bound to be some profit taking and position squaring along the way.
But the economy is getting better and better.
And with analysts predicting unprecedented growth for the remainder of the year, it looks like stocks have a lot more upside to go.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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As truckloads increase and fewer trucks become available, it pushes more customers to the spot market, where rising demand pushes up prices. Read More »
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