
As the new week begins, eyes are on the stock market to see what happens next following a tumble last week, largely due to a weaker-than-expected jobs report.
Ancora Managing Director David Sowerby says more than 100 companies reporting corporate profits this week could help stocks rebound. He also says that report could have an effect on the Federal Reserve.
“More likelihood now that interest rates will go down in September, and we saw last week the 10-year U.S. Treasury yield fell at the end of the week,” Sowerby said. “That could in turn spell some relief for those homebuyers and mortgage rates as well.”
President Donald Trump fired the Bureau of Labor Statistics chief after last week’s job report was released, a move Sowerby says he has never seen in his career.