Stocks Mixed Ahead Of Today's Infrastructure Announcement

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Stocks Mixed Ahead Of Today's Infrastructure Announcement

	Profit from the Pros By Kevin Matras Executive Vice President
	Stocks Mixed Ahead Of Today's Infrastructure Announcement Image: Bigstock Stocks closed mostly lower yesterday, and have been trading in a relatively narrow range all week. The yield on the 10-year rose to 1.7260. Not that I think that means anything. The Fed has repeatedly said rates aren't going anywhere for the foreseeable future. But since others keep talking about it, I point it out for reference. Traders, however, will be listening to the infrastructure plan the administration is expected to roll out today. Quite frankly, I think the greater interest isn't so much the spending in the bill, but rather what kind of taxes will be imposed to pay for it. We're already poised for big growth this year. And the infrastructure package will just add to that. But the taxes will affect virtually everybody in some way, shape, or form. And that could act as a drag on the economy, thus mitigating some of the stimulus effects. So full attention will be paid to the details on any announcement. In other news, same store retail sales, per the Redbook report, was up 9.8% on a y/y basis vs. last month's snapshot of 9.4%. The Case-Shiller Home Price Index was up an unadjusted 0.9% m/m, and 11.1% y/y, beating expectations on both. And Consumer Confidence soared to 109.7, up 21.3% from last month's 90.4, and easily topping views for 96.0. Today we'll get MBA Mortgage Applications, the Chicago PMI, the Pending Home Sales Index, the State Street Investor Confidence Index, and the ADP Employment Report, which should give us some indication of what to expect on Friday when the official Employment Situation Report is released. FYI – remember, we've got a shortened trading week this week as the markets will be closed on Good Friday. But the employment report will still be released on Friday. So heads up. See you tomorrow, Kevin Matras Executive Vice President, Zacks Investment Research
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