Stocks Closed Modestly Lower Yesterday, But Still Up For The Week

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Stocks Closed Modestly Lower Yesterday, But Still Up For The Week

	Profit from the Pros By Kevin Matras Executive Vice President
	Stocks Closed Modestly Lower Yesterday, But Still Up For The Week Stocks closed mostly lower yesterday, albeit only modestly. They spent the better part of the day in the green, but slowly gave it back. And by mid-afternoon, they were all in the red and stayed that way until the close. But stocks are still up for the week with two days left to go in this shortened trading week (markets are closed on Friday, 4/18, for Good Friday). Tariff uncertainty continues to rule the market. But last week's 90-day pause on reciprocal tariffs has lifted stocks well off their lows (as the market attempted to price in the worst-case tariff scenario). And the weekend announcement of exemptions on smartphones, semiconductors, and other electronic components and devices further lifted stocks. Although, the fact remains that the 10% baseline tariffs are still in effect. And, of course, the 145% tariffs on China, and China's 125% tariffs on the U.S. continue. It's hard to call what's happening between the two countries anything other than a trade war. (China has also recently canceled contracts with Boeing, and has effectively cut rare earth exports to the U.S.) In other news, yesterday's Empire State Manufacturing Index improved to -8.1 vs. last month's -20.0 and the consensus for -10.0. Import and Export prices showed import prices down -0.1% m/m vs. last month's 0.2% and views for 0.0%, while the y/y rate increased 0.9% vs. last month's 1.6%. Export prices were flat (0.0% m/m) vs. last month's 0.5% and estimates for 0.1%, while the y/y rate came in at 2.4% vs. last month's 2.6%. Today, there's a full docket of reports: MBA Mortgage Applications, Retail Sales, Industrial Production, Business Inventories, and the Housing Market Index. We'll also hear from Fed Chair Jerome Powell as he speaks about the economy at the Economic Club of Chicago, in Chicago, IL. Only one more trading day left after today. If all goes well, the major indexes could notch their second up week in a row in front of a 3-day long weekend. In the meantime the market will be listening for any new news on tariffs. See you tomorrow, Kevin Matras Executive Vice President, Zacks Investment Research
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