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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Lower Yesterday, But Remain Near All-Time Highs
Image: Bigstock
Stocks finished lower yesterday, but remain near all-time highs.
It was a great month with the S&P up 10.75%, the Nasdaq up 11.80%, the Dow up 11.84%, and the small-cap Russell 2000 up a whopping 18.29%.
Take note of the Russell; as I've been saying, the breaking out of small-cap stocks has long been considered a powerful bullish signal. And their outperformance suggests even bigger moves ahead.
Reports that Moderna would ask the FDA for Emergency Use Authorization on Monday suggests the vaccine, if approved, could be available for use as early as December 21st. Very exciting.
In other news, yesterday's Dallas Fed Manufacturing Survey came in better than expected at 12.0 vs. expectations for 10.7.
Today we'll get another look at manufacturing with the ISM Manufacturing Index, and the PMI Manufacturing report. We'll also get a look at retail sales with the Redbook report, and construction numbers via the Construction Spending report.
We'll also hear from Fed Chair Jerome Powell, and Treasury Secretary Steven Mnuchin, as they testify before Congress on the importance of additional fiscal stimulus.
Whether it be a sweeping bill, or something more targeted, there's widespread agreement that something should be done to further help those hardest hit by the pandemic. Maybe this will help jump-start those talks. And traders will be watching.
In the meantime, our economic rebound continues to impress.
And it looks like there's a lot more upside to go for both the economy and the market.
So make sure you're taking full advantage of it.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
Progress toward a coronavirus vaccine and Yellen yet again likely to be selected for a top post certainly bode well for stocks in December. Read More »
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