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We’re starting off a new trading week fairly buoyant following a previous five days under challenging circumstances. The Dow is +160 points a half-hour before the opening bell, the S&P 500 is +15 and the Nasdaq is +40. Only the tech-heavy Nasdaq eked out gains through last week, while the Dow and S&P left their all-time closing highs the week before. The small-cap Russell 2000 was down more than 1% last week, the worst of all major indexes.
Ahead of the open, we do not see any major economic reads, although following the bell we will get a look at Markit PMI numbers for both Manufacturing and Services in the month of August. PMI Manufacturing will be following a record high 63.4, which surged on higher new orders for the month. PMI Services will follow the 59.9 posted in July, down for the second-straight month from the record 70.4 reported in May.
We also get a fresh look at Existing Homes Sales for July, which last reported seasonally adjusted, annualized units of 5.89 million — +1.4% month over month, following four months in a row down. This was back down to the year—ago range; last fall and early this year we were seeing big numbers in existing home sales, at a range of about 800K than we’ve seen this summer. Supply constraints, higher prices, etc. have kept many out of the homebuying market.
Both Pfizer/BioNTech (PFE - Free Report) (BNTX - Free Report) and Moderna (MRNA - Free Report) look forward to official approval by the Food & Drug Administration (FDA) for its Covid-19 vaccines. Since the Emergency Use Authorization (EUA) put the vaccines on the market, many who have resisted taking the vaccine did so with the expressed concern that they had not yet been FDA approved. Will enough people soon be vaccinated to put us at the goal of 70%+?
Durable Goods, Personal Consumption Expenditures (PCE), a revision to Q2 Gross Domestic Product (GDP) and Initial & Continuing Jobless Claims all await us this week, as Q2 earnings season trickles to a close. Fewer than 90 companies are scheduled to release earnings this week, and at first glance none look to represent the S&P 500, at least for today. So we now fade into late-summer, low-volume trading activity.
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Wall Street Waits For The Fed's Big Event
We’re starting off a new trading week fairly buoyant following a previous five days under challenging circumstances. The Dow is +160 points a half-hour before the opening bell, the S&P 500 is +15 and the Nasdaq is +40. Only the tech-heavy Nasdaq eked out gains through last week, while the Dow and S&P left their all-time closing highs the week before. The small-cap Russell 2000 was down more than 1% last week, the worst of all major indexes.
Ahead of the open, we do not see any major economic reads, although following the bell we will get a look at Markit PMI numbers for both Manufacturing and Services in the month of August. PMI Manufacturing will be following a record high 63.4, which surged on higher new orders for the month. PMI Services will follow the 59.9 posted in July, down for the second-straight month from the record 70.4 reported in May.
We also get a fresh look at Existing Homes Sales for July, which last reported seasonally adjusted, annualized units of 5.89 million — +1.4% month over month, following four months in a row down. This was back down to the year—ago range; last fall and early this year we were seeing big numbers in existing home sales, at a range of about 800K than we’ve seen this summer. Supply constraints, higher prices, etc. have kept many out of the homebuying market.
Both Pfizer/BioNTech (PFE - Free Report) (BNTX - Free Report) and Moderna (MRNA - Free Report) look forward to official approval by the Food & Drug Administration (FDA) for its Covid-19 vaccines. Since the Emergency Use Authorization (EUA) put the vaccines on the market, many who have resisted taking the vaccine did so with the expressed concern that they had not yet been FDA approved. Will enough people soon be vaccinated to put us at the goal of 70%+?
Durable Goods, Personal Consumption Expenditures (PCE), a revision to Q2 Gross Domestic Product (GDP) and Initial & Continuing Jobless Claims all await us this week, as Q2 earnings season trickles to a close. Fewer than 90 companies are scheduled to release earnings this week, and at first glance none look to represent the S&P 500, at least for today. So we now fade into late-summer, low-volume trading activity.