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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Pull Back After Dow Hits New Intraday High
Stocks closed lower yesterday in uneven trade. The Nasdaq led the decliners with a loss of -2.63%. The S&P lost -1.04%. But the Dow gave up just -0.10% after hitting a new intraday high in the morning.
There was no one thing that sent stocks lower yesterday. But a cyberattack on the largest U.S. pipeline over the weekend (which is still offline, and not expected to be back up until the end of the week), and rising tensions in the Middle East (reports that a U.S. warship fired warning shots at Iranian gunboats in the Strait of Hormuz), created a sense of unease in the market.
In other news, we should begin hearing more on the proposed infrastructure package and the Families Plan package. In fact, the administration will be hearing from key lawmakers on a smaller infrastructure package this week. And, of course, we expect to hear more about the tax hikes to pay for it.
In the meantime, the stellar earnings season continues with another 906 companies on deck for the rest of this week. And another 413 next week.
But earnings were clearly overshadowed by other concerns yesterday.
Today we'll get the NFIB Small Business Optimism Index, the Redbook report, and the Job Openings and Labor Turnover Survey report (or JOLTS for short).
See you tomorrow,
Executive Vice President, Zacks Investment Research
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