Last week was a roller-coaster for stocks with huge swings each day. As new information became available and digested by investors, huge movements were experienced - namely news of the Federal Reserve's pivot to tighter monetary policies. The tug-of-war for stocks ended the week with the Dow Jones being up 1.3% and the S&P 500 a positive 0.80%. As February approaches, the lows, for stocks, may not be in just yet.
Economic reports from last week came back mostly positive: •National Activity - worse than expectation •Single-Family Home Values - better than expectation •New Home Sales - better than expectation •Pending Home Sales - better than expectation •Consumer Confidence - better than expectation •Consumer Sentiment - worse than expectation •Manufacturing (Richmond) - worse than expectation •Jobless Claims- better than expectation This week, investors will look for guidance from economic reports like Manufacturing, Job Openings, Construction Spending, Vehicle Sales, Employment and Jobless Claims.