Back to top

View the PFP Archive

Plus 5 Just-Added Strong Buys
Kevin Matras   
Profit from the Pros
By Kevin Matras
Executive Vice President
Zacks Investment Research

Stocks Closed Mixed, Debt Ceiling Vote And Friday?s Employment Report In Focus

Stocks closed mixed yesterday with the Dow finishing modestly lower, the S&P ending flat, while the Nasdaq ended modestly higher.

Interestingly, all of the major indexes opened higher on reports that a debt ceiling deal had been reached over the weekend. But uncertainty over its passage tempered/erased those gains by day's end. In D.C., a deal is not done until it passes both chambers. And that's what everyone awaits.

In other news, the Case-Shiller Home Price Index (unadjusted) rose 1.5% m/m vs. last month's upwardly revised 0.3%. On a y/y basis it was down -1.1% vs. last month's 0.4% and views for -1.6%.

The FHFA House Price Index was up 0.6% m/m vs. the consensus for 0.3%. On a y/y basis it was up 3.6% vs. last month's upwardly revised pace of 4.3%.

And the Consumer Confidence Index came in better than expected at 102.3 vs. the consensus for 100.0, even though it did slip a bit from last month's upwardly revised 103.7 (which was previously listed as 101.3).

Today we'll get MBA Mortgage Applications, the Chicago PMI, the Job Openings and Labor Turnover Survey report (or JOLTS for short), the Beige Book report, and the State Street Investor Confidence Index.

Aside from the debt ceiling vote by Congress (remember, the deadline to pass is now Monday, June 5), the other thing investors will be paying close attention to is Friday's always important Employment Situation report.

After last Friday's uptick in inflation via the PCE index (which is the Fed's preferred inflation gauge), the employment report will be watched closely as well. Are jobs still hot or cooling? Is the participation rate rising or falling? Is wage inflation continuing to moderate or did it tick up like the PCE just did?

This will be the last jobs report before the Fed meets on June 13-14. The consensus is still for a pause 2 weeks from now. But again, after last Friday's uptick in the PCE, suddenly more people have begun talking about another 25 basis point hike. But again, for now, the expectation is for a pause.

With only 3 more days left in this shortened week, it will likely be a busy one.

See you tomorrow,

Kevin Matras

Executive Vice President, Zacks Investment Research


Low-Priced Stocks with Sky-High Potential

Zacks is now revealing its top stock recommendations priced under $10 per share. Each is a high-quality company with prospects for gains of 2X and more. Recently, our recommendations have closed returns of +76.0%, +100.6% and even +221.2%.

Strong earnings growth, plus other Zacks indicators, mark our rare Under $10 stocks for sustained growth. Look into them today, and then ride the potential profits high and long.

See Top Stocks Under $10 Now »

Most Popular Articles from

Image: Bigstock

These 5 Small-Cap Stocks Could Be Worth Picking Up

If you are willing to take on the risk, small-cap stocks can be a good investment for your portfolio. Read More »

Image: Bigstock

Time to Buy into the Growth of These Tech Stocks as Earnings Approach?

These two software and internet security-focused leaders have been standing out with their stocks topping +46% and +29% YTD. Read More »

Image: Bigstock

4 Business-Software Services Stocks to Watch in a Thriving Industry

Business software stocks are benefiting from the heightened demand for digital transformation, automation of business processes and the ongoing shift to the cloud. Read More »

Image: Bigstock

3 Industrial Stocks that Consistently Beat the Market

Each of these stocks have outperformed the market over the last one-year, five-year, and 20-year period. Read More »

Nvidia, AI boom & Chip ETFs

Zacks Director of ETF Research Neena Mishra covers the chip ETFs that could cash in on the AI gold rush. Read More »


Increase Investment Returns with Free Zacks' Portfolio Tracker

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.

Click for Free Tracker & Screener »

Image: Bigstock

Bull of the Day: Li Auto (LI)

Strong fundamentals, relative performance, and price action suggest that Li Auto may be in the running to become the EV leader in China. Read More »

New Zacks Strong Buys for May 31st

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

Download our Zacks App for Apple iOS
Download our Zacks App for Android

Visit Success Stories to hear how Zacks research, tools and portfolios help our members outperform the market.