Supply chain issues and rising commodity prices continue to plague manufacturers and retailers around the world. While the Federal Reserve holds on to its “transitory inflation” stance, we have seen higher inflation. And it is likely to continue — at least in the short term. I have three stocks on my radar that will benefit from inflation moving higher — and more in today’s stock market recap.
In the stock market recap, global stocks are mixed and U.S. stocks are quiet as we head into the Fourth of July weekend.
The United States added 850,000 jobs in June, lessening job market worries. This figure is more aligned with recent jobless claims than in previous months.
Shortages in basic materials, transportation troubles and higher commodity prices have led to the highest manufacturing price index jump since July 1979. The index grew 92.1% in May, according to the Institute for Supply Management. This gives us a good indication that inflationary pressures will continue.
Technology stocks look a bit overbought. Tech stocks are sensitive to interest rates because traders factor in lower margins with rising rates. Financials, Industrials and Energy stocks could see higher prices as we approach the end of the summer.
Kroger Company (NYSE: KR) is the second largest supermarket chain in the United States by revenue. The relative strength index is below neutral, meaning it has some room for growth. KR is approaching its 50-day moving average and could test a recent four-year high it made last week.
I’ve also discovered a REIT that owns and operates industrial properties. America is getting back to work — and this REIT could benefit. The third stock I have for today is a pharmaceutical company. Health care stocks are typically immune from inflationary pressures, and this stock could be a great hedge.
In today’s video, you’ll discover whether stocks are heading higher or lower… why bonds are range bound until the end of summer… whether momentum levels are declining or rising… how manufacturing is going to impact stocks… and three cheap stocks ripe for a breakout.
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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.