Market Wrap-Up for Aug.6 (FCX, ABX, STRA, PNC, DIS, more)


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There was chatter that we might see a positive surprise in this morning's jobs data, but the results were not what Wall Street and investors had been hoping for.

We still haven't heard much about a pick-up in hiring from looking at the numerous earnings reports out this quarter, but yet there were experts willing to believe the private sector was going to show some impressive jobs gains. Economic data is so much of a coin-flip that manic one-day reactions are almost always tied to traders getting caught leaning too hard to one side of the trade. There are lots of cross-currents about the economy being not as weak as some describe, but then we also have the side which believes we are going to follow the course of Japan (deflation) over the next decade. Predictions that far out are never easy to nail, so what we like to do is focus on the best time-frame we feel we can correctly get a handle on, and that is usually the next year tops. Too much can happen in a rather short period of time to put out decade-long scenarios. Most of those pundits are doing it simply to get face-time on the business channels that are suckers for the ratings-grabbing dramatic headlines.

Despite the decent-sized drop this morning and snapback this afternoon, commodity-related stocks traded mixed. Freeport McMoran ( FCX ) continues its recent run, finishing in the green. I cringe when I see market-watchers loving the rally in the commodity names. Granted, they are loved by traders who are in the game to make money, but a rise in commodity stocks will likely be a hit to consumers' wallets (as well as many businesses), and not something I view as bullish for the overall picture. Elsewhere, gold-related stocks bounced up after the recent consolidation. Barrick Gold ( ABX ) and Agnico-Eagle Mines ( AEM ) led the gains. As for some of the names that pushed lower, PNC Financial ( PNC ) , EOG Resources ( EOG ) and Strayer Education ( STRA ) experienced some of the biggest drops by the close. Good comeback for the markets by the close and we'll see if the momentum can sustain into next week.

Looking ahead to next week, earnings season begins to see a bit of a seasonal slowdown. We will be getting reports from the likes of Walt Disney ( DIS ) , Macy's ( M ) , Nordstrom Inc. ( JWN ) , and more.

Be sure to check out our Dividend Watchlist updates this weekend on Premium! And don't forget, our list of currently-recommended dividend plays can be found on our Best Dividend Stocks List .

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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