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Profit from the Pros By Kevin Matras Executive Vice President
Stocks End Lower, Earnings And Jobs In Focus This Week
Stocks closed mostly lower on Monday, giving up their intraday gains.
But after a spectacular first 7 months of the year, a little bit of profit taking is to be expected.
The growth outlook continues to impress with full-year GDP expected to come in at the fastest pace in 37 years.
But admittedly, last week's weaker than expected Q2 GDP, which came in at 6.5% rather than the expected 8.0%, was a bit disappointing.
But as I mentioned previously, much of that can be attributed to temporary supply chain disruptions and worker shortages. But with extended unemployment benefits scheduled to end in September, and with many of those who were incentivized to stay home now being 'forced' to return to work, that will begin to bring relief to both supply shortages and worker shortages, while simultaneously easing inflation concerns as well.
Earnings season continues. We have another 1,757 companies reporting between today and the rest of the week. And then another 1,322 on deck for next week.
Traders will also be watching Friday's Employment Situation report for another read on the economy.
In the meantime, both the economy and the market have had a great first 7 months of the year. And they both look poised for even more upside to come.
See you tomorrow,
Executive Vice President, Zacks Investment Research
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