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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Finished Down, But Well Off Their Lows
Image: Bigstock
Stocks closed lower yesterday, but well off their lows. The Nasdaq even turned positive at one point, before finishing only marginally lower.
Continued concerns over the cyberattack on the Colonial Pipeline (the largest U.S. pipeline), which is causing gas shortages on the east coast, contributed to the market's weakness.
Same for the increased tensions in the Middle East after it was reported earlier in the week that the U.S. fired warning shots at Iranian gunboats in the Strait of Hormuz.
In other news, in the wake of last week's disappointing employment report, some states, and the administration, are separately talking about ways to get people back to work. Some states are ending the enhanced unemployment benefits, while the administration is saying that anyone who is "offered a suitable job" must take it or risk getting cut off of unemployment altogether.
We will see how these ideas play out.
This is an important issue, especially after the JOLTS (Job Openings and Labor Turnover Survey) report showed 8.123 million job openings, well above the consensus estimate for 7.456M, which illustrates the difficulty some employers are having in getting people to come back to work.
Expect more talk on the proposed infrastructure package and the Families Plan package this week, and in the weeks to come. The market will be focused on the size and timeline of these packages. And, of course, the proposed tax hikes on corporations and individuals to pay for it.
In the meantime, earnings season continues with another 735 companies on deck for the rest of this week. And another 446 next week.
As for economic reports, today we'll get MBA Mortgage Applications, the Consumer Price Index, and the Atlanta Fed Business Inflation Expectations.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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