Profit from the Pros By Kevin Matras Executive Vice President
Stocks Up Again, All Eyes On Today's Jobs Report
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Stocks closed higher again yesterday, making it now five up days out of six since the correction lows were put in last week.
Stimulus hopes continue to underpin the market. Although, as of yet, there is still no official deal.
Strong economic data however keeps rolling in. That was on full display all week. And again yesterday with Weekly Jobless Claims falling -36,000 at 837K vs. views for 850K.
Construction Spending jumped 1.4% vs. last month's upwardly revised 0.7% and views for the same.
The PMI Manufacturing report came in at 53.1, the same as last month. And the ISM Manufacturing Index came in at 55.4, just under last month's 56.0. While that was also under the consensus for 56.3, analysts noted that the index has beaten the consensus for the last 6 reports in a row. (A print above 50.0 shows expansion.)
But the report everybody is waiting for is this morning's Employment Situation report. The consensus is calling for 894K new jobs (900K in the private sector and -6K in the public), while the unemployment rate is expected to dip from 8.4% to 8.2%.
In addition, we'll also get the Motor Vehicle Sales report, Factory Orders, and Consumer Sentiment.
Should be a busy day.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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