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Profit from the Pros By Kevin Matras Executive Vice President
Stocks End Mixed To Start What's Expected To Be A Busy Week
Stocks were mixed yesterday with the large-cap Dow and small-cap Russell 2000 both in the green, while the broader S&P and tech-heavy Nasdaq were in the red.
All eyes are on Washington this week as the House is expected to vote on the $3.5 trillion reconciliation bill, and the $1.2 trillion infrastructure bill, which includes the new tax hikes to pay for it. And the Senate will be voting on a continuing resolution and the debt ceiling bill that the House has already passed, in order to avoid a government shutdown.
Three big things that could have an impact on the economy and the market.
The market is also watching Treasury yields. The 10-year jumped 1.64% yesterday.
All of the proposed new spending could benefit the economy, but also exacerbate inflation. The flip side, of course, is what will the new taxes do, and to what extent might that negate the positives? Not to mention a bit of nervousness over the political brinkmanship over the debt ceiling.
It will be an interesting and suspenseful week to say the least.
In other news, Durable Goods Orders rose more than expected at 1.8% m/m vs. last month's upwardly revised 0.5% and views for 0.6%. Although, ex-transportation, it was only up 0.2% vs. 0.4% expected. Core Capital Goods were up 0.5% vs. the consensus for 0.2%.
And the Dallas Fed Manufacturing Survey came up a bit short with the General Activity Index at 4.6 vs. last month's 9.0 and views for 11.0. The Production Index came in at 24.2 vs. last month's reading of 20.8.
Today we'll get another look at the economy with the International Trade In Goods report, Retail and Wholesale Inventories, the Redbook retail sales report, the Case-Shiller Home Price Index, the Richmond Fed Manufacturing Index, and Consumer Confidence.
Between a jam-packed schedule of economic reports, and a jam-packed schedule of legislative action, it's going to be a busy week.
See you tomorrow,
Executive Vice President, Zacks Investment Research
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