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Stocks closed mixed yesterday with the S&P and Nasdaq eking out modest gains, while the other indexes finished in the red.
Kevin Matras   
Profit from the Pros
By Kevin Matras
Executive Vice President 		Zacks Investment Research
  

Stocks Closed Mixed Yesterday, All Eyes On This Morning's PPI Inflation Report

Stocks closed mixed yesterday with the S&P and Nasdaq eking out modest gains, while the other indexes finished in the red.

Doesn't look like anyone wanted to overextend themselves ahead of this morning's Producer Price Index (PPI) wholesale inflation report.

Last month's PPI came in a bit hotter than expected. But stocks soared nonetheless.

There will likely be greater scrutiny of this month's PPI report given how close traders believe we are to getting a rate cut, but also how adamant the Fed is in saying they will be data dependent.

This morning's PPI will be another data point for the Fed to look at. The headline number is expected to be up 0.2% m/m vs. last month's 0.2% pace. The y/y rate is expected to come in at 2.6%, in line with last month. The core rate (ex-food and energy), is expected to be up 0.2% m/m vs. last month's 0.4%. The y/y rate is expected to match last month's 3.0%. That comes out at 8:30 AM ET.

After the PPI today, the market will pivot to Wednesday's Consumer Price Index (CPI) retail inflation report.

Last month's CPI report showed better progress than the PPI. Ideally, seeing both notch down is what the market is hoping for, as that gives the Fed a couple 'more good' pieces of data on inflation.

In addition to today's PPI, we'll also get the NFIB Small Business Optimism Index. And we'll hear from Atlanta Federal Reserve President, Raphael Bostic.

We'll also get more earnings with another 189 companies on deck to report, including Home Depot, Sea Limited and Tencent.

And we'll see if the market can build upon last week's stunning recovery following last Monday's plunge.

In the meantime, the main event today will be this morning's inflation report.

See you tomorrow,

Kevin Matras

Executive Vice President, Zacks Investment Research

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