Stocks End Lower, All Eyes On Washington

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Stocks End Lower, All Eyes On Washington

	Profit from the Pros By Kevin Matras Executive Vice President
	Stocks End Lower, All Eyes On Washington Image: Bigstock Stocks were lower across the board yesterday as traders await key actions from Congress. The biggest looming threat is the debt ceiling. Short of raising it or suspending it, Congress could pass a continuing resolution to keep the government funded. The resolution would keep the government running through December 3rd. The 'deadline' for this is Friday, September 30th (even though extraordinary funding measures could likely last thru October 18th). Nonetheless, it has the bond market and the stock market on edge with stocks falling and treasury yields spiking. Then we have the House votes on the $1.2 trillion infrastructure bill, the $3.5 trillion reconciliation bill, and all of the taxes that are going to have to be raised to pay for it. At stake is inflation, how those bills could juice the economy, and how those taxes could take away from it. In other news, retail sales via the Redbook report showed same store sales up 16.3% y/y. A solid number, but under last week's pace of 17.1%. The Case-Shiller Home Price Index was up 1.5% m/m on an adjusted basis. Unadjusted, it was up 1.6% m/m. And on a y/y basis it was up 19.7% vs. last month's snapshot of 18.7%. Consumer Confidence dipped to 109.3. A fine reading, but under last month's upwardly revised 115.2 and views for 114.8. And the Richmond Fed Manufacturing Index slipped to -3 vs. last month's print of 9. Today we'll get MBA Mortgage Applications, Pending Home Sales, the Survey of Business Uncertainty, and the State Street Investor Confidence Index. We'll also hear from Fed Chair Jerome Powell as he takes part in a Policy Panel Discussion at the European Central Bank Forum on Central Banking. In the meantime, all eyes will remain on Washington regarding the debt ceiling/government funding, the infrastructure bill, the reconciliation bill, and the tax hikes. What a week it's been already. And it's only Wednesday. See you tomorrow, Kevin Matras Executive Vice President, Zacks Investment Research
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