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Profit from the Pros By Kevin Matras Executive Vice President
Stocks End Mixed, Eyes On The Fed Today
Stocks closed narrowly mixed yesterday with the Dow and the S&P in the red while the Nasdaq was in the green. Although, the moderate changes by day's end don't fully reflect the busyness of the day as the S&P, for example, traded in both the plus column and the minus column four separate times before the close.
Same concerns yesterday as the day before: inflation, supply and worker shortages, the fate of the spending bills in Congress and the taxes to go along with it, the U.S. debt ceiling, and the mounting debt of Chinese real estate developer Evergrande and whether the government will step in to assist.
The S&P bounced as much as 0.85% at its highest yesterday, but after lots of back and forth ended lower by -0.08%.
As I mentioned the other day, there's lots of good things to get excited about too, not the least of which is full-year GDP still expecting to come in at the fastest pace in 37 years.
More good news was seen with yesterday's Housing Starts and Permits report which showed Starts coming in at 1.615 million units (annualized) vs. last month's 1.554M and views for 1.575M, while Permits came in at 1.728M vs. last month's 1.630M and the consensus for 1.610M.
The Redbook retail sales report also beat expectations with same store sales up 17.1% y/y vs. last month's snapshot of 15.3%.
Today we'll get another look at the economy with MBA Mortgage Applications, and Existing Home Sales.
We'll also hear from the Fed as their 2-day FOMC Meeting ends today. They'll release their FOMC Announcement at 2:00 PM ET. Rates are expected to remain unchanged. But everybody will be listening for any hint at when the Fed's bond-tapering will begin.
As is customary, Fed Chair, Jerome Powell, will give his Fed Chair Press Conference at 2:30 PM ET.
Should be another busy day.
See you tomorrow,
Executive Vice President, Zacks Investment Research
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