There’s been a shift in stocks leading the market recently and we could see the landscape change further if COVID-19 cases continue to rise. Small and mid caps report earnings this week and could also see some strong moves. So I’ve picked two stocks and one ETF that would benefit from these situations — and more in today’s stock market recap.
Stock Market Recap
In today’s stock market recap, global stocks are mixed as investors await more economic data and earnings this week.
The biggest economic reports are scheduled for Wednesday and Thursday. The Consumer Price Index and Producer Price Index reports will shed light on how much inflation is impacting consumer and producer demand and prices.
The U.S. economy has bounced back strong and continues to expand. The Federal Reserve had acknowledged that inflation is running hotter than expected, forecasting a taper in its bond purchasing program sooner than expected. This was before COVID-19 cases exploded mid-summer, meaning a return to COVID-19 restrictions could complicate the timeline.
Industrials, Materials and Health Care stocks are leading the market right now. Financials moved higher on Friday after a strong July jobs report showed improving job creation in an expanding economy.
Roger’s Radar: Top 3 Plays for This Week
Global X Cloud Computing ETF (NASDAQ: CLOU) has traded sideways for most of 2021. The last peak in the ETF was in February and it has been congesting since then. CLOUD is trading at $29 and could test new highs and move up to the $32-$33 range.
The stocks on my radar include a multinational consulting and professional services company, and a REIT that are on strong upside moves.
In today’s video, you’ll discover the biggest threats and opportunities of the week… the major resistance levels for both mid and small caps… a complete S&P 500 sector review and analysis… the top 5 strongest stocks in the S&P 500 right now… whether the market is bullish, bearish or choppy… the top two stocks that offer strong upside potential… and one ETF that’s back on my radar due to COVID-19 fears.
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Check back each morning for Roger’s Radar and the most important news and numbers in the WealthPress stock market recap.