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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Start The Week Modestly Lower
Image: Bigstock
Stocks closed modestly lower yesterday.
Inflation concerns, which weighed on stocks early last week, but seemed to dissipate as the week wore on, are still present. But let's not forget that the Fed wants to see some inflation as the worry over the last several years has been about low inflation and not high inflation. So fears over runaway inflation seems premature at best, if not misguided.
While the worst of the cyberattack on Colonial Pipeline (the largest U.S. pipeline) appears to be over, now that they have come back on line, the gas shortages and long lines persist. In Washington, D.C., for example, nearly 90% of pumps are out of gas.
And tensions in the Middle East continue. But it has not had an impact on the U.S. economy or the market.
In other news, the Empire State Manufacturing Index came in at 24.3. That was under last month's 26.3 and views for 24.2. But for context, last month's reading was the highest in 5 years. And anything above 20 is a solid showing.
And the Housing Market Index came in at 83, which was inline with last month and expectations for the same.
As more and more of the country opens up, the economic rebound is expected to get stronger.
That's why forecasts have full-year GDP coming in at fastest pace in 36 years.
Then add in even more potential stimulus from the proposed infrastructure package and Families Plan package, and it could soar even more.
And that suggests a lot more upside to go for the market.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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