Stocks Up On Friday, But Down For The Week  Image: Bigstock The markets finished higher on Friday, but lower for the week. Stocks have been on a tear recently, helped by a stellar Q2 earnings season, and a better than expected employment report. But as earnings season winds down, and the latest jobs report becomes more distant in the rearview mirror, stocks took a pause. There is no doubt the economy is strong. Even with renewed concerns over increasing virus cases threatening to slow the reopening. One look at the jobs picture shows that. And with more jobs available than there are unemployed people to fill them, it looks like the robust pace of hiring will continue for quite some time. But while economic growth is all around, some numbers have slipped a bit. Still growing, but maybe not quite as fast as had been expected. Some of this was brought on by supply chain disruptions and worker shortages. But with the enhanced unemployment benefits, which incentivized some workers to stay at home, expiring in September, we should soon see millions of new workers joining the workforce in the months ahead, and that should begin to bring relief to both of the aforementioned concerns, along with some inflation relief as well. We should also soon get some insight on the fate of the $1.2 trillion infrastructure bill, and the $3.5 trillion budget framework, with the House returning to session this week. That could inject another massive dose of spending into the economy. But, of course, that will also likely come with tax proposals as well. So traders will be watching these developments carefully. In the meantime, we have a full slate of economic reports on deck this week starting with today's Chicago Fed National Activity Index, the PMI Composite Flash report, and Existing Home Sales. Tomorrow we'll get the Redbook retail sales report, New Home Sales, and the Richmond Fed Manufacturing Index. On Wednesday its MBA Mortgage Applications, Durable Goods Orders, and the State Street Investors Confidence Index. Thursday we'll get another look at Q2 GDP, Weekly Jobless Claims, Corporate Profits, and the Kansas City Fed Manufacturing Index. And then of Friday, we'll finish up with Personal Income and Outlays, Retail and Wholesale Inventories, and Consumer Sentiment. We'll also hear from Fed Chair Jerome Powell on Friday morning, as he speaks at the Jackson Hole, WY Economic Symposium, which has been moved online. His speech on 'The Economic Outlook' will be closely watched. Should be a busy week. And with stocks trading near their all-time highs, it won't take much to see them break out even higher. See you tomorrow,  Kevin Matras
Executive Vice President, Zacks Investment Research | 
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