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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Mostly Higher To Start The Week
Stocks closed mostly higher yesterday with only the Nasdaq finishing with a tiny loss.
Inflation will continue to be a concern for the market until it starts to abate, as the Fed and others have predicted. In the meantime, traders will continue to monitor it.
Growth will also remain in focus. A slower go during the summer due to the delta variant, supply strains, and worker shortages have analysts reducing Q3's GDP. Still robust, but lower nonetheless.
But full-year GDP still looks like one for the record books.
Aside from the delta variant, traders will be looking for signs that supply disruptions and worker shortages have begun to ease. With the enhanced unemployment benefits expiring last week, many that were incentivized to stay home are now expected to rejoin the workforce. If so, that will finally ease the aforementioned challenges and ignite growth once again.
The markets will also be following developments in Congress regarding the $1.2 trillion infrastructure bill, the $3.5 trillion budget framework bill, and the possible taxes that will be proposed to pay for it all. With the House agreeing to vote of the infrastructure bill by 9/27, while also stating they'll take up the budget framework bill first, that means they have 14 more days to get everything done. And the markets will be watching.
We'll get another look at the economy today with the NFIB Small Business Optimism Index, the Consumer Price Index, and the Redbook retail sales report.
Yesterday's mostly green arrows was a great way to start the week.
Even better would be another positive day today.
See you tomorrow,
Executive Vice President, Zacks Investment Research
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