Stocks were mixed yesterday with the Dow and the S&P up, while the Nasdaq and small-cap Russell 2000 were down. The Dow actually made a new all-time high and close in the process.
The stellar earnings season continues on with another 782 companies reporting throughout the rest of the week, and another 1,037 companies next week.
Yesterday's MBA Mortgage Applications dipped -0.9% w/w, while the Purchase Index declined -3.0%, and Refi's ticked up 0.1%.
The PMI Composite Final report came in better than expected at 63.5 vs. last month's 59.7 and views for 62.2. The Services Index rose to 64.7 vs. last month's 60.4 and the consensus for 63.1.
The ISM Services Index, however, slipped to 62.7 from last month's 63.7 and estimates for 64.2.
The ADP Employment Report estimated a large gain in private sector jobs with an increase of 742,000. That was under the 785K consensus, but well above last month's upwardly revised 565K gain.
We'll get another look at jobs today with the Weekly Jobless Claims report.
But the jobs report everybody will be watching is Friday's always important Employment Situation Report. The estimates are calling for a gain of 938,000 (that's 853K in the private sector and 85,000 in the public). And the unemployment rate is expected to come in at 5.8%, which is down from last month's 6.0%.
In the meantime, the economy continues its impressive rebound with even bigger gains expected as the year goes on.
And that suggests even bigger gains ahead for the market.
While the economic rebound we're witnessing is truly historic, we're also witnessing another historic event take place, and that's the digital revolution.
The pandemic couldn't slow it down. In fact, it only sped it up. And the unprecedented digital innovation is going to reshape virtually every part of the economy. If you were in the right stocks last year and early this year, you could have made a fortune. And the ongoing digital revolution is likely to mint even bigger winners as it unfolds. To learn how to take full advantage of it, be sure to read our latest commentary...
Stock Investors: You'd Never Forgive Yourself
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