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Plus 5 New Strong Buys for Today
Kevin Matras   
Profit from the Pros
By Kevin Matras
Executive Vice President 		Zacks Investment Research
  

Stocks End Mixed, But Dow Makes New All-Time High

Stocks closed mixed yesterday with the S&P and Nasdaq in the red, but the Dow was up and made a new all-time high in the process.

It was an active session to say the least with the S&P back and forth between positive and negative territory numerous times throughout the day. The Nasdaq turned south shortly after the opening bell and stayed there for the rest of the day. The Dow, on the other hand, was up from the opening bell and they stayed in the green all day.

The news in the market yesterday was virtually the same as the news in the market the day before; Omicron worries continue, same for inflation, and supply chain disruptions. But a strong labor force, record corporate profits, and a robust growth outlook has investors optimistic. On any day, the positive or negative sentiment can win out. But one look at the overall market and it's clear which side has been winning.

In other news, the Redbook report showed same store retail sales up 18.8% y/y. That's a dip from last week's 21.4% pace. But with holiday sales having just hit a 17-year high, retail sales look fantastic.

The ISM Manufacturing Index came in at 58.7 vs. last month's 61.1 and views for 60.5. A bit under expectations, but a solid reading that shows strong optimism and growth from purchasing managers at manufacturing firms nationwide.

The Job Openings and Labor Turnover Survey report (or JOLTS for short), showed 10.562 million job openings. That's down from last month's 11.091M and views for 11.060M. But that still shows we have far more job openings than unemployed people to fill them, which means we should see a strong and growing labor force for the foreseeable future.

Today we'll get Motor Vehicle Sales, MBA Mortgage Applications, the ADP Employment Report, the PMI Composite Index, and we'll get the FOMC Minutes, which will provide greater insight into the Fed's decision making process at last December's FOMC meeting.

Could be a busy day.

See you tomorrow,

Kevin Matras

Executive Vice President, Zacks Investment Research

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