Stocks On Pace For Another Up Week, All Eyes On Jobs Today  Stocks closed modestly lower yesterday, but still up for the week, ahead of this morning's jobs report.
The markets pulled back yesterday after the Chicago Purchasing Managers Index came in lower than expected at 43.2 vs. views for 48.3. The headline composite number, new orders, and backlogs, all hit multi-year lows. But the pullback was likely muted as many attributed the weaker showing to the recent GM strike (which has since ended), and not some warning about the broader economy.
There was also some concern in the morning after reports suggested that China cast doubts over a long-term trade deal with the U.S. But this too seemed to be discounted as nothing more than rhetoric ahead of future trade talks where more difficult issues will be discussed such as theft of intellectual property. In the meantime, both sides continue to work smoothly towards a phase one agreement that's still expected to be signed in mid-November.
The steady stream of impressive earnings over the last few weeks, coupled with the better than expected GDP numbers, and the Fed's 3rd interest rate cut on Wednesday, are all supportive for the market.
And this morning we'll get a look at the Employment Situation report. The unemployment rate is currently sitting at a 50-year low. And today we'll get another look at this historic jobs market. The consensus is looking for 90,000 new jobs, with the unemployment rate ticking up a bit from 3.5% to 3.6%.
Stocks continue to trade near their all-time highs.
And I'm expecting more new highs to come.
What happens on any given day, nobody knows.
But the upward trend of this record bull market looks like it has a lot more upside to go.
So make sure you're taking full advantage it.
Best, 
Kevin Matras Executive Vice President, Zacks Investment Research |
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