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Sleepy Monday Brings Mixed Markets

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Monday, June 7, 2021

Markets are starting a new week of trading on the sleepy side, at least in Monday’s pre-market activity. A lack of headline-grabbing catalysts are keeping indexes somewhat buoyant but adrift. The Dow looks to open up 77 points, the S&P 500 up 3 and the Nasdaq -12. The tech-heavy Nasdaq is currently riding a three-week winning streak while the Dow and S&P have been up the past two weeks.

The Great Reopening continues as TV hosts return to their studio desks, from Jim Cramer on “Squawk on the Street” to Stephen Colbert on tonight’s “The Late Show.” For sure, a return to the workplace is something retailers in business districts all across the country have been looking forward to. As mandatory mask wearing rules have begun to ease as Covid vaccinations continue to (slowly) increase, our “return to normal” is indeed underway.

Compared to last week’s important jobs numbers, this week is quieter on the economic reports front. Thursday brings us key Consumer Price Index (CPI) data, which will help flesh out the substance of recent inflation reads — whether they are transitory, as the Fed suspects, or something longer-lasting. After last month’s reported +0.8% on headline CPI, analysts currently expect this to be cut in half to +0.4%.

Cryptos are all up ahead of the opening bell, from 0.7% on Dogecoin to 5.5% on Ether. These modern and hotly debated storages of wealth have been cooling of late, especially after aggressive run-ups in valuations previously and recent ransomware attacks demanding Bitcoin payment have caused investors to take stock a moment. Should the U.S. government take action against ransomware instigators, might this have a counter-effect on crypto?

After today’s close, we look forward to Q1 earnings from hard-disk drives maker Marvell Technologies (MRVL - Free Report) , where earnings growth of 50% year over year to 27 cents per share is expected in the Zacks consensus. We expect the Zacks Rank #3 (Hold)-rated company to have brought in $803 in revenues. Marvell, which has topped bottom-line estimates in each of the last four quarters, has only posted three earnings misses over the past five years.

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