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What can move the market this week
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Loading...Monday's session was quiet, both in stocks and bonds. "If anything's going to stir the markets up. It's going to be something that drops in out of the blue," said Ward McCarthy, chief financial economist at Jefferies.
Stocks closed mixed, with the S&P 500 (INDEX: .SPX) off 4 points to 2,373 and the Dow (Dow Jones Global Indexes: .DJI) down 8 at 20,905, but the Nasdaq rose a half a point to 5,901.
Tuesday's speakers include New York Fed President William Dudley, who speaks at 6:35 a.m. in London, while Boston Fed President Eric Rosengren speaks in Bali, Indonesia. Kansas City Fed President Esther George speaks on the economy at noon and Cleveland Fed President Loretta Mester speaks at 6 p.m. ET on the outlook and communications.
"This market's just waiting to get through all this drivel, all that has to happen before they start negotiating tax cuts, and frankly health care is obviously the first item on the list., but the only reason health care matters from the market's standpoint is it's an obstacle to tax cuts,"
House Republicans are expected to vote Thursday on the Affordable Care Act's repeal and replacement. That would be a small step toward the repeal, which has to pass the Senate as well. The health care replacement is seen as a necessary step before Congress begins to focus on tax reform, which has supported the stock market rally.
So far the markets have been patiently waiting for fiscal stimulus, though some strategists say the lack of action is weighing slightly on the dollar. K.C. Mathews, chief investment strategist at UMB Bank, said the markets should give Congress until summer break to come up with something.
"If you don't have something concrete by then, that may be the catalyst for a correction,"
Earnings are expected Tuesday from General Mills, Lennar, Canadian Solar, Lands' End and Cheetah Mobile. FedEx reports after the close, as does Petrobras, Silver Wheaton and Steelcase.
Yahoo Finance
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