Stocks Put In Another Record Day Yesterday Ahead Of This Morning's Jobs Report

Plus 5 New Strong Buys for Today [Kevin Matras] Profit from the Pros By Kevin Matras Executive Vice President [Zacks Investment Research] Stocks Put In Another Record Day Yesterday Ahead Of This Morning's Jobs Report Image: Bigstock Stocks finished higher again yesterday with the S&P making another new recovery high, and the Nasdaq making another new all-time high. (This is the fourth time I've said that this week. And I love it!) This now makes it 5 up days in a row for the Dow, 5 up days in a row for the S&P, and 7 up days in a row for the Nasdaq. Same story. Earnings season continues to lift stocks. Same for the better than expected economic reports. We've gotten a parade of better than expected reports this week, not to mention over the last few months. That was on display again yesterday with a better than expected Weekly Jobless Claims report which showed 1.186 million new claims vs. last month's 1.435 mil. and views for 1.442 mil. But the jobs report everybody will be focused on today is this morning's Employment Situation Report. You'll remember, the last two reports have been blockbusters with last month's Employment Report showing we gained 4.8 million jobs vs. expectations for 'just' 3.0 million jobs; and that came on the heels of the previous month's Employment Report which showed 2.7 million jobs were gained vs. expectations for -7.7 million jobs lost. The consensus for this morning is 2.0 million jobs gained, with the unemployment rate ticking down from 11.1% to 10.5%. There's some concern that the jobs numbers could be soft given Wednesday's lighter than expected ADP Employment Report which estimated just 167,000 new jobs were created last month vs. expectations for 1.888 million. But those familiar with the ADP report also know that their numbers can be markedly different than the official jobs numbers, and they often are. Nonetheless, with the economic reopening hitting some snags in some places, it's not out of the question. But with the ADP report prepping people for a potential miss, would it really be a shock if we came in a bit lighter? Plus, we all know any weakness is likely just temporary. Because as the economy expands its reopening, job gains will continue to grow. And so will the economic demand. That's why analysts are calling for unprecedented growth for the remainder of the year. Either way, we'll see what the jobs numbers look like at 8:30 AM ET. Traders will also be watching the news on the fate of the fourth coronavirus relief/stimulus package. There's still optimism that a deal is coming. But, absent a deal, the President has said he's prepared to offer aid through an executive order. In the meantime, stocks continue on their record-setting pace. And if all goes well today, that winning streak will be extended even further. Best, Kevin Matras Executive Vice President, Zacks Investment Research Sponsor [Biggest Tech Breakthrough in a Generation: Here's How You Profit]( Be among the early investors in 5G technology that experts say could impact society as much as the discovery of electricity. Current networks will soon be outdated and replaced by new 5G devices. The process is expected to create 22 million jobs and generate $12.3 trillion in activity. A select few stocks could skyrocket the most as rollout accelerates for this emerging tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks' just-updated special report reveals 3 stocks to watch. The report is only available until midnight Sunday, August 9. [See 3 breakthrough stocks now>>]( Most Popular Articles from Zacks.com Image: Bigstock [Service Side of US Economy is Up and Running: 5 Top Picks]( Activity in the services sector, where most Americans work, hit a 17-month high in July. [Read More »]( Image: Bigstock [3 Semiconductor Stocks to Buy Now as Tech Drives Nasdaq Above 11,000]( The coronavirus pandemic has crystalized why investors need to be exposed to the tech sector more than ever before. [Read More »]( Image: Bigstock [Gold Sees Fresh Highs, En Route to $3,000: 3 Winners]( As the bullion metal continues to shine, mining stocks are looking good for gains. [Read More »]( Image: Bigstock [Stocks To Watch As Investors Rotate Towards Cyclical Names]( We need cyclical sectors like utilities, REITs, industrials, financials, and energy stocks to start participating in this market rally if we are going to continue higher. [Read More »]( Image: Bigstock [Crude Hits 5-Month High: Is Oil Market Out of the Woods?]( Despite another rise in refinery runs, utilization in the U.S. remains far below the usual capacity usage this time of the year. [Read More »]( Sponsor [Increase Investment Returns with Free Zacks' Portfolio Tracker]( Catch breaking news on your stocks and funds at a glance, including timely recommendation changes ... Zacks Ranks ... Industry Ranks ... earnings announcements ... earnings estimate revisions ... and more. And now you can screen for new stocks to improve portfolio performance. [Click for Free Tracker & Screener >>]( Image: Bigstock [Bull of the Day: D.R. Horton (DHI)]( Mortgage rates, folks fleeing to the suburbs and the heading to warm climates are helping home builders. [Read More »]( [New Zacks Strong Buys for August 7th]( Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. [Read More »]( Download our app for convenient on-the-go access to even more—daily and weekly newsletters published by Zacks experts, proprietary research and tools, and Portfolio Tracker on Zacks.com. [Download our Zacks App for Apple iOS]( [Download our Zacks App for Android]( Visit [Success Stories]( to hear how Zacks research, tools and portfolios help our members outperform the market. Get all of our market insights and much more when you connect with us. [Visit Zacks on Facebook]( [Follow Zacks on Twitter]( [See Zacks videos on YouTube]( [Join Zacks on LinkedIn]( [Read Zacks Commentary on StockTwits]( This free resource is being sent by [Zacks.com](. We look for investment resources and inform you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. [www.zacks.com/disclaimer](. Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research is not a licensed securities dealer, broker or US investment adviser or investment bank. The Zacks #1 Rank Performance covers the period beginning on January 1, 1988 through July 6, 2020. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank #1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit [( for information about the performance numbers displayed above. Zacks Emails If you would prefer to not receive future profit-producing emails from [Zacks.com]( the primary purpose of which is the commercial advertisement or promotion of a commercial product or service, then please [click here]( and confirm your request. If you have trouble with the unsubscribe link, please email support@zacks.com. Zacks Investment Research 10 S. Riverside Plaza, Suite 1600 Chicago, IL 60606