You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Profit from the Pros By Kevin Matras Executive Vice President
All Eyes On This Morning's Employment Report
Stocks closed mixed yesterday with the Dow and the S&P closing modestly to slightly lower, while the Nasdaq finished slightly higher.
That's a fine performance after Wednesday's sharp upside gains that saw the Nasdaq up over 4%, and the S&P up over 3%.
It should also be noted that, technically, the Dow exited their bear market on Wednesday, as they closed up by more than 20% from their bear market low close. (Up 20.4% to be exact.)
Yesterday's Personal Income and Outlays report showed Personal Income up 0.7% m/m, while Personal Consumption Expenditures (PCE) was up 0.8% m/m. But the item everyone was really focused on was the PCE Index, as that is a favorite inflation gauge used by the Fed. On a m/m basis, it was up 0.3% vs. last month's change of 0.3% and views for 0.4%, while y/y it came in at 6.0% vs. last month's 6.2% and views for 6.0%. The Core PCE Index (ex-food & energy), was up 0.2% m/m vs. last month's 0.5% and estimates for 0.3%. And on a y/y basis, it came in at 5.0% vs. last month's 5.1% and the consensus for 5.0%.
All in all, that was a better than expected reading which showed inflation continuing to moderate. Nothing huge, but moderation nonetheless.
In other news, the PMI Manufacturing Index came in at 47.7, up a bit from last month's 47.6.
The ISM Manufacturing Index, however, slipped a bit to 49.0 from last month's 50.2 and estimates for 49.5.
Construction Spending was down -0.3% m/m vs. last month's 0.1% and views for -0.1%. On a y/y basis, it was up 9.2%. Solid number, although down from last month's pace of 10.2%.
The Challenger Job-Cut Report jumped to 76,835 vs. last month's 33,843.
And Weekly Jobless Claims declined by -16,000 to 225,000 vs. the consensus for 238K.
But the jobs report people are really waiting for is this morning's Employment Situation Report by the Bureau of Labor Statistics (or BLS). The consensus is looking for 200,000 new jobs (that's 200K from the private sector and zero additions or deletions from the public). The unemployment rate is expected to stay the same at 3.7%, while the Participation Rate is expected to tick up from 62.2% to 62.3%.
Wednesday's ADP Employment Report of 127,000 private payroll jobs, missed the consensus for 200K. While the ADP report has a spotty track record in foreshadowing what the BLS report will say, it did show a miss.
The BLS report comes out at 8:30 AM ET.
Could be a busy day.
Executive Vice President, Zacks Investment Research
The floodgates are about to open. After waves of pot legalization at the state level, we could be on the verge of bipartisan legislation at the Federal level. Many U.S. marijuana companies can then list on exchanges like NYSE and Nasdaq, and the money will flow. U.S marijuana sales are predicted to skyrocket from $27 billion back in 2021 to an expected $53 billion by 2026.
Zacks recently closed trades of +39.7% and +147.0%, and a new stock will be released Monday morning that could rival or surpass these performances.
Deadline to gain access to our Marijuana Innovators recommendations is midnight Sunday, December 4.
Use Zacks ETF Rank to help you select the very best ETFs for your portfolio. This quantitative ratings system takes into account asset class forecasts as well as several ETF-specific factors. All to give you a comprehensive account of a fund's potential before you invest your money.
Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. Read More »
Download our app for convenient on-the-go access to even more—daily and weekly newsletters published by Zacks experts, proprietary research and tools, and Portfolio Tracker on Zacks.com.
Visit Success Stories to hear how Zacks research, tools and portfolios help our members outperform the market.
Get all of our market insights and much more when you connect with us.
This free resource is being sent by Zacks.com. We look for investment resources and inform you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research is not a licensed securities dealer, broker or US investment adviser or investment bank. The Zacks #1 Rank Performance covers the period beginning on January 1, 1988 through September 12, 2022. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank #1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit http://www.zacks.com/performance for information about the performance numbers displayed above.
Zacks Emails If you would prefer to not receive future profit-producing emails from Zacks.com the primary purpose of which is the commercial advertisement or promotion of a commercial product or service, then please click here and confirm your request. If you have trouble with the unsubscribe link, please email email@example.com.
Zacks Investment Research 10 S. Riverside Plaza, Suite 1600 Chicago, IL 60606
Due to inactivity, you will be signed out in approximately: