|
These industry leaders are brimming with potential, and the stocks are too cheap to ignore.
|
|
Revolve Group stands out in a field of beaten-down growth stocks.
|
|
Whatever cheer investors took from yesterday's Federal Reserve policy announcement and Chair Jerome Powell's presser evaporated Thursday, as the major indexes sank and the Dow Jones Industrial Average dropped to within close reach of its own bear market.
Several pieces of data out today hinted at a slowing economy:
SEE MORE The 10 Best Stocks for a Bear Market
The Philadelphia Fed Manufacturing Index dropped to -3.3, versus 5.5 expected, indicating that the region's manufacturing activity was contracting for the first time since May 2020.Housing starts plunged 14.4% in May to 1.549 million annualized units, the lowest in 13 months.
And while initial unemployment filings for the week ended June 11 were unchanged at 229,000, the prior week's number was revised upward by 3,000 filings, and the four-week moving average of 218,500 was the highest in five months.
"The labor and housing markets are normalizing after running red-hot in 2021," says Bill Adams, Chief Economist for Comerica Bank. "Higher interest rates have broken the fever in housing, with the benchmark survey of homebuilders showing reduced foot traffic at showings. Layoffs are still historically low in the U.S., but rising. A couple of states noted layoffs in the broad industry groups that include retail, e-commerce, and temp services in the latest week's data."
Meanwhile, investors continue to mull the ramifications of the Federal Reserve's 75-basis-point interest-rate cut - and how effective it might be against a major market headwind.
Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice.
|
|