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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Post Solid Rebound, But Still Down For The Week
Image: Bigstock
Stocks rebounded strongly yesterday, erasing a good portion of Wednesday's losses.
Although, the major indexes are still down for the week with only one more trading day to go.
The so-called catalyst for Wednesday's pullback was a hotter than expected reading on inflation with the Consumer Price Index showing a 4.2% y/y increase vs. the consensus for 3.6%.
However, yesterday's hotter than expected Producer Price Index, which showed a 6.2% y/y increase vs. the 5.9% consensus, did not seem to phase the market.
As I mentioned yesterday, none of this should come as a surprise. Everyone has been saying we're going to see an uptick in inflation. In fact, it's desired.
So all of the latest hand-wringing over inflation seems premature, if not misplaced.
In other news, it was reported that Colonial Pipeline came back online yesterday.
While drivers were cautioned that there could still be a few more days of shortages and lines, the worst (i.e., the uncertainty of when they would be back up and running), seems to be over.
More good news came in the way of the Weekly Jobless Claims report which showed new claims at 473K (a new pandemic low) vs. last week's 507K and estimates for 475K.
Today we'll get another look at the economy with the Retail Sales report, Import and Export Prices, Industrial Production, Business Inventories, and Consumer Sentiment.
In the meantime, in spite of a volatile week, the major indexes remain within striking distance of their all-time highs.
And with big economic gains expected for the rest of this year (full-year GDP is expected to come in at the fastest pace in 36 years), it looks like there's a lot more upside to go for the market as well.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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