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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Mixed After An Impressive Intraday Rebound
Stocks closed mixed yesterday, but well off their lows of the day.
The major indexes remain up for the week with one more trading day to go.
Stocks opened flat to higher after the Retail Sales report showed a surprise gain of 0.7% vs. views for a decline of -0.8%. Ex-vehicles, it was even better with a 1.8% gain vs. -0.1% expected. And ex-vehicles & gas, it was even better still with a 2.0% gain vs. -0.3% expected.
The good news continued with the Philadelphia Fed Manufacturing Index which came in well above expectations at 30.7 vs. last month's 19.4 and the consensus for 19.2.
Although, Weekly Jobless Claims disappointed with an increase of 20,000 new claims at 332K vs. estimates for 315K.
Stocks turned sharply lower shortly after the open, hitting their worst levels in the morning. But then spent the rest of the day clawing their way back.
Today we'll get a look at the economy through the eyes of the consumer with the Consumer Sentiment report. Always an important barometer given that 70% of our GDP comes from consumer spending. And an optimistic and confident consumer is more likely to be a healthy and spending consumer.
Traders will also be watching for developments on the infrastructure bill, the budget framework bill, and the tax hikes to pay for it. With everything supposed to be voted on by September 27th, that leaves just 11 more days left.
In the meantime, stocks continue to trade near their all-time highs. And it won't take much to see them break out even higher.
In spite of the headwinds of inflation, supply and worker shortages, and the delta variant, we are in the midst of an historic economic recovery, extraordinary job opportunities, and a record amount of pent-up demand coupled with an unprecedented amount of stimulus money, all against a backdrop of record low interest rates.
What we are seeing right now is history in the making.
And historic times typically usher in historic price moves.
So make sure you're taking full advantage of it.
Executive Vice President, Zacks Investment Research
The Executive Vice President of Zacks Investment Research, Kevin Matras, is very optimistic about our country's financial future. As the economy continues to grow stronger, he expects stocks to soar far higher right through the market blips and dips.
But what's the key to being successful? Knowing the right strategies and where to find stocks that will lead the market.
For a limited time, Kevin is offering his hardcover book, Finding #1 Stocks, absolutely free. In the book, he shares exclusive secrets to picking stocks, including the exact formulas of strategies that produced gains of 130.5%, +381.1%, and even +580.6% from 2016 through 2020.
This brief opportunity will end at midnight Saturday, September 18 or when inventory is depleted. Don't miss your chance to get an edge in the game.
Catch breaking news on your stocks and funds at a glance, including timely recommendation changes ... Zacks Ranks ... Industry Ranks ... earnings announcements ... earnings estimate revisions ... and more. And now you can screen for new stocks to improve portfolio performance.
Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. Read More »
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