Increasing volatility and more down sessions are discouraging, but the day to day action in the stock market is often just noise. For a greater sense of where the economy and stock market are heading, look under the hood where current trends clearly point to momentum. Three items to consider today.
The ISM manufacturing report is a blockbuster coming at its highest level since November 2014.
Segments are growing at a faster pace:
Perhaps the most telling and encouraging were responses on commodities. All commodity prices from aluminum to copper, nickel, steel (carbon, cold and hot rolled), titanium and corrugated boxes were higher, and none were lower or in short supply. Demand is driving commodity price increases.
Avery Dennison shares are surging today after the company posted impressive results. The packaging and labeling company is a proxy for forward growth.
ADP Jobs Report
As I pointed out this morning, the ADP report was a blockbuster, and while the BLS report on Friday could be completely different, I think there will be similarities. The working man part of the report is also heartening with massive reversal of fortunes in key areas.
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