Plus 5 New Strong Buys for Today All Eyes On This Morning's Employment Report
[Kevin Matras - EVP - Photo]
Profit from the Pros By Kevin Matras
Executive Vice President All Eyes On This Morning's Employment Report [All Eyes On This Morning's Employment Report]Image: Bigstock Stocks closed mixed yesterday with the Dow and the S&P closing modestly to slightly lower, while the Nasdaq finished slightly higher. That's a fine performance after Wednesday's sharp upside gains that saw the Nasdaq up over 4%, and the S&P up over 3%. It should also be noted that, technically, the Dow exited their bear market on Wednesday, as they closed up by more than 20% from their bear market low close. (Up 20.4% to be exact.) Yesterday's Personal Income and Outlays report showed Personal Income up 0.7% m/m, while Personal Consumption Expenditures (PCE) was up 0.8% m/m. But the item everyone was really focused on was the PCE Index, as that is a favorite inflation gauge used by the Fed. On a m/m basis, it was up 0.3% vs. last month's change of 0.3% and views for 0.4%, while y/y it came in at 6.0% vs. last month's 6.2% and views for 6.0%. The Core PCE Index (ex-food & energy), was up 0.2% m/m vs. last month's 0.5% and estimates for 0.3%. And on a y/y basis, it came in at 5.0% vs. last month's 5.1% and the consensus for 5.0%. All in all, that was a better than expected reading which showed inflation continuing to moderate. Nothing huge, but moderation nonetheless. In other news, the PMI Manufacturing Index came in at 47.7, up a bit from last month's 47.6. The ISM Manufacturing Index, however, slipped a bit to 49.0 from last month's 50.2 and estimates for 49.5. Construction Spending was down -0.3% m/m vs. last month's 0.1% and views for -0.1%. On a y/y basis, it was up 9.2%. Solid number, although down from last month's pace of 10.2%. The Challenger Job-Cut Report jumped to 76,835 vs. last month's 33,843. And Weekly Jobless Claims declined by -16,000 to 225,000 vs. the consensus for 238K. But the jobs report people are really waiting for is this morning's Employment Situation Report by the Bureau of Labor Statistics (or BLS). The consensus is looking for 200,000 new jobs (that's 200K from the private sector and zero additions or deletions from the public). The unemployment rate is expected to stay the same at 3.7%, while the Participation Rate is expected to tick up from 62.2% to 62.3%. Wednesday's ADP Employment Report of 127,000 private payroll jobs, missed the consensus for 200K. While the ADP report has a spotty track record in foreshadowing what the BLS report will say, it did show a miss. The BLS report comes out at 8:30 AM ET. Could be a busy day. Best, [Kevin Matras - Signature] Kevin Matras
Executive Vice President, Zacks Investment Research [Time to Buy Marijuana Stocks!]( The floodgates are about to open. After waves of pot legalization at the state level, we could be on the verge of bipartisan legislation at the Federal level. Many U.S. marijuana companies can then list on exchanges like NYSE and Nasdaq, and the money will flow. U.S marijuana sales are predicted to skyrocket from $27 billion back in 2021 to an expected $53 billion by 2026. Zacks recently closed trades of +39.7% and +147.0%, and a new stock will be released Monday morning that could rival or surpass these performances. Deadline to gain access to our Marijuana Innovators recommendations is midnight Sunday, December 4. [Catch Zacks' live buys now >>]( Most Popular Articles from Zacks.com [Markets Look to Pare Yearly Losses in December: Stocks to Watch]( We take a look at two stocks that are poised to continue their bullish runs amid the renewed market strength. [Read More »]( [Apple up Nearly 5%: Should You Buy the Shares?]( The company's robust services' business will continue to generate significant revenues and their cash hoard will always come in handy. [Read More »]( [Top 5 Momentum Stocks for December After a Solid November]( Each of our picks carries a Zacks Rank #1 (Strong Buy) or 2 (Buy) and has a Momentum Score of A or B. [Read More »]( [How to Invest in Small Cap Value Stocks]( ETFs make it easy to buy small cap value, but which ETF is best? [Read More »]( [Can High Income ETFs Stay Hot in 2023?]( Director of ETF Research Neena Mishra speaks with Christian Magoon, founder & CEO of Amplify ETFs, about income and growth strategies. [Read More »]( [Your Exclusive Access to Today's Top ETFs]( Use Zacks ETF Rank to help you select the very best ETFs for your portfolio. This quantitative ratings system takes into account asset class forecasts as well as several ETF-specific factors. All to give you a comprehensive account of a fund's potential before you invest your money. [See Today's Top-Ranked ETFs >>]( [Bull of the Day: CONSOL Energy, Inc. (CEIX)]( CEIX has been a diamond in the rough, with shares up more than 200% year-to-date. [Read More »]( [New Zacks Strong Buys for December 2nd]( Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. [Read More »]( More Zacks Resources Mobile App
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