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2021-04-12
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‘Don’t fight the Fed,’ Goldman says. These stocks can benefit from higher inflation<blockquote>戈德曼说:“不要与美联储对抗。”这些股票可以受益于更高的通胀</blockquote>
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These stocks can benefit from higher inflation<blockquote>戈德曼说:“不要与美联储对抗。”这些股票可以受益于更高的通胀</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143734305","media":"MarketWatch","summary":"Critical information for the trading day.\n\nU.S. stocks look set to start Monday on the back foot ahe","content":"<p> <b>Critical information for the trading day.</b> U.S. stocks look set to start Monday on the back foot ahead of key inflation data and earnings reports later in the week.</p><p><blockquote><b>交易日的关键信息。</b>在本周晚些时候公布关键通胀数据和收益报告之前,美国股市周一开盘将处于劣势。</blockquote></p><p> Fears over rising COVID-19 cases and vaccination problems, after a Chinese government official said theeffectiveness of its vaccines was low, has put equity markets under pressure.</p><p><blockquote>在一名中国政府官员表示其疫苗有效性低下后,对新冠肺炎病例增加和疫苗接种问题的担忧给股市带来了压力。</blockquote></p><p> However, the partial reopening of the U.K. and upbeat comments from Federal Reserve Chair Jerome Powell provided some positivity. Investors will also be awaiting consumer price data on Tuesday and earnings from major banks JPMorgan Chase, Goldman Sachs and Wells Fargo later this week.</p><p><blockquote>然而,英国部分重新开放和美联储主席杰罗姆·鲍威尔的乐观言论提供了一些积极因素。投资者还将等待周二的消费者价格数据以及摩根大通、高盛和富国银行本周晚些时候的财报。</blockquote></p><p> After a delay on Friday, the U.S. Labor Department said the producer-price index, a key measure of inflation, rose 1% in March — the biggest annual increase since 2011.</p><p><blockquote>在周五推迟后,美国劳工部表示,衡量通胀的关键指标——生产者价格指数在3月份上涨了1%,这是自2011年以来的最大年度涨幅。</blockquote></p><p> In our<b>call of the day</b>, Goldman Sachs strategists said higher inflation was on the cards in the coming months, which could boost companies with high pricing power.</p><p><blockquote>在我们<b>今日看涨期权</b>高盛策略师表示,未来几个月通胀可能会上升,这可能会提振具有高定价能力的公司。</blockquote></p><p> “‘Don’t fight the Fed’ is a quip investors have learned to ignore at their peril. What the central bank wants is usually what it gets, sooner or later,” the strategists said, noting that the Fed’s intervention a year ago sparked the 80% rally that has lifted the S&P 500SPXto an all-time high. The index has rallied 10% year-to-date and now trades at Goldman’s midyear target of 4,100 — the bank’s end-year target implies a gain of 5%.</p><p><blockquote>“'不要与美联储对抗'是一句投资者已经学会忽视的俏皮话,否则后果自负。策略师们说:”央行想要的通常是迟早得到的。他们指出,美联储一年前的干预引发了 80% 的反弹,将标准普尔 500SPXX 推至历史新高。今年迄今为止,该指数已上涨 10%,目前交易价格为高盛设定的 4100 点的年中目标--该银行的年终目标意味着涨幅为 5%。</blockquote></p><p> The Fed now wants higher inflation, they said. The investment bank’s economics team expected inflation readings to climb in the coming months, peaking at 2.3% in April, before sitting below 2% until 2023.</p><p><blockquote>他们说,美联储现在希望提高通胀率。该投资银行的经济团队预计,未来几个月通胀率将攀升,4 月份将达到 2.3% 的峰值,2023 年之前将保持在 2% 以下。</blockquote></p><p> When it comes to the impact on stocks, Goldman said it was all about margins, adding that some companies were protecting margins by passing higher costs along to their consumers.</p><p><blockquote>当谈到对股票的影响时,高盛表示,这完全与利润率有关,并补充说,一些公司通过将更高的成本转嫁给消费者来保护利润率。</blockquote></p><p> The strategists, led by David Kostin, said companies with low pricing power have historically outperformed when S&P 500 profit margins are expanding. In contrast, companies with high pricing power have “sharply lagged” during the past year. However, rising inflation could mean that is about to change, and companies with high pricing power are set to benefit, the strategists said.</p><p><blockquote>以大卫·科斯汀 (David Kostin) 为首的策略师表示,当标普500利润率扩大时,定价能力较低的公司历来表现优异。相比之下,具有高定价权的公司在过去一年中 “严重滞后”。然而,策略师表示,通胀上升可能意味着这种情况即将改变,具有高定价权的公司将受益。</blockquote></p><p> Goldman screened for stocks with high pricing power — high and stable gross margins relative to sector peers. The screen produced 55 stocks, including videogames company Activision BlizzardATVI,tobacco giant Philip MorrisPM,consumer-goods companies Colgate-PalmoliveCLand Procter & GamblePG,and drug manufacturer ZoetisZTS.Technology companies, such as Aspen TechnologyAZPN,AdobeADBEand OracleORCL,and retailers EtsyETSYand Dollar GeneralDGalso featured.</p><p><blockquote>高盛筛选了具有高定价权的股票——相对于行业同行而言,毛利率高且稳定。该屏幕产生了 55 只股票,包括视频游戏公司动视暴雪 (Activision BlizzardATVI)、烟草巨头菲利普莫里斯 (Philip MorrisPM)、消费品公司高露洁棕榄 (Colgate-PalmoliveCLand Procter & GamblePG) 和药品制造商 ZoetisZTS。Aspen TechnologyAZPN、AdobeADBE 和 OracleORCL 等科技公司,以及零售商 ETSYETSY 和 Dollar GeneralDGAL 也参与其中。</blockquote></p><p> Separately, with first-quarter earnings seasons getting under way next week, Goldman expected aggregated sales growth of 5% and earnings per share (EPS) growth of 19%. But that won’t matter much, its strategists added. “The trajectory of the economic recovery will continue to make backward-looking metrics less relevant for the forward-looking market,” they said.</p><p><blockquote>另外,随着下周第一季度财报季开始,高盛预计总销售额增长 5%,每股收益 (EPS) 增长 19%。但其战略家补充说,这并不重要。“他们说:”经济复苏的轨迹将继续使回顾性指标与前瞻性市场的相关性降低。</blockquote></p><p> The next issue dominating investor discussions is President Joe Biden’s plan to boost corporate tax to 28%, Goldman said. The full adoption of Biden’s proposals would see 2022 annual S&P 500 EPS growth of 12% fall to just 5%, they added.</p><p><blockquote>高盛表示,下一个主导投资者讨论的问题是乔-拜登总统将公司税提高到 28% 的计划。他们补充说,如果拜登的提议得到全面采纳,2022 年标普500每股收益年增长率将从 12% 降至 5%。</blockquote></p><p> <b>The tweet</b></p><p><blockquote><b>推文</b></blockquote></p><p> Higher producer prices are positively linked to S&P 500 earnings, according to this chart from Jeroen Blokland, senior portfolio manager at Robeco Asset Management.</p><p><blockquote>根据 Robeco Asset Management 高级投资组合经理 Jeroen Blokland 绘制的这张图表,生产者价格上涨与标普500收益呈正相关。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ff49fe03ef2d0536dd91ba494eba5e5c\" tg-width=\"413\" tg-height=\"445\"><b>The markets</b></p><p><blockquote><b>市场</b></blockquote></p><p> U.S. stock futuresES00NQ00pointed lower early on Monday, with Dow futuresYM00implying a 40-point loss for the Dow Jones Industrial AverageDJIAat the open. European stocks alsonudged lowerin early trading, while Asian markets slipped overnight as investors monitoredrising coronavirus casesand slow vaccination rollouts.</p><p><blockquote>美国股指期货SES00NQ00周一早盘走低,道琼斯期货SYM00暗示道琼斯工业平均指数开盘下跌40点。欧洲股市早盘也小幅走低,而亚洲股市隔夜下跌,原因是投资者关注冠状病毒病例的增加和疫苗接种的缓慢推出。</blockquote></p><p> <b>The buzz</b></p><p><blockquote><b>嗡嗡声</b></blockquote></p><p> Powell said“it will be a while”before the central bank taps the brakes on the economy, in an interview on “60 Minutes” on Sunday.</p><p><blockquote>鲍威尔周日在接受《60分钟》节目采访时说,央行对经济踩刹车 “还需要一段时间 ”。</blockquote></p><p> Tech giant MicrosoftMSFTis in advanced talks to buy speech-recognition company Nuance CommunicationsNUANin a deal valued at about $16 billion, according to multiple reports on Sunday.</p><p><blockquote>据周日的多份报道,科技巨头微软 (Microsoft) 正在就收购语音识别公司 Nuance CommunicationsNuan 进行深入谈判,交易价值约 160 亿美元。</blockquote></p><p> Pub gardens, hair salons, gyms and nonessential shopswill open in Englandon Monday for the first time since early January, as the U.K. takes the next step on its path to reopening.</p><p><blockquote>随着英国在重新开放的道路上迈出下一步,英格兰的酒吧花园、美发沙龙、健身房和非必需品商店将于周一开业,这是自一月初以来的首次。</blockquote></p><p> AlibabaHK:9988shares surged 7% in Hong Kong trading after the e-commerce giant wasfined a record $2.8 billion by China’s antitrust watchdog. The company’s American depositary receiptsBABAwere more than 6% higher in premarket trading.</p><p><blockquote>阿里巴巴HK:9988 在这家电子商务巨头被中国反垄断监管机构处以创纪录的 28 亿美元罚款后,该公司股价在香港交易中飙升 7%。该公司的美国存托凭证在盘前交易中上涨了 6% 以上。</blockquote></p><p> Italian diagnostic specialist DiaSorinIT:DIAannounced adeal to buy COVID-19 testing kit makerLuminex Corp.LMNXfor around $1.8 billion.</p><p><blockquote>意大利诊断专家 DiaSorinIT:DIA 宣布以约 18 亿美元收购 COVID-19 检测试剂盒制造商 Luminex Corp.LMNX。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>‘Don’t fight the Fed,’ Goldman says. These stocks can benefit from higher inflation<blockquote>戈德曼说:“不要与美联储对抗。”这些股票可以受益于更高的通胀</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n‘Don’t fight the Fed,’ Goldman says. These stocks can benefit from higher inflation<blockquote>戈德曼说:“不要与美联储对抗。”这些股票可以受益于更高的通胀</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-04-12 21:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p> <b>Critical information for the trading day.</b> U.S. stocks look set to start Monday on the back foot ahead of key inflation data and earnings reports later in the week.</p><p><blockquote><b>交易日的关键信息。</b>在本周晚些时候公布关键通胀数据和收益报告之前,美国股市周一开盘将处于劣势。</blockquote></p><p> Fears over rising COVID-19 cases and vaccination problems, after a Chinese government official said theeffectiveness of its vaccines was low, has put equity markets under pressure.</p><p><blockquote>在一名中国政府官员表示其疫苗有效性低下后,对新冠肺炎病例增加和疫苗接种问题的担忧给股市带来了压力。</blockquote></p><p> However, the partial reopening of the U.K. and upbeat comments from Federal Reserve Chair Jerome Powell provided some positivity. Investors will also be awaiting consumer price data on Tuesday and earnings from major banks JPMorgan Chase, Goldman Sachs and Wells Fargo later this week.</p><p><blockquote>然而,英国部分重新开放和美联储主席杰罗姆·鲍威尔的乐观言论提供了一些积极因素。投资者还将等待周二的消费者价格数据以及摩根大通、高盛和富国银行本周晚些时候的财报。</blockquote></p><p> After a delay on Friday, the U.S. Labor Department said the producer-price index, a key measure of inflation, rose 1% in March — the biggest annual increase since 2011.</p><p><blockquote>在周五推迟后,美国劳工部表示,衡量通胀的关键指标——生产者价格指数在3月份上涨了1%,这是自2011年以来的最大年度涨幅。</blockquote></p><p> In our<b>call of the day</b>, Goldman Sachs strategists said higher inflation was on the cards in the coming months, which could boost companies with high pricing power.</p><p><blockquote>在我们<b>今日看涨期权</b>高盛策略师表示,未来几个月通胀可能会上升,这可能会提振具有高定价能力的公司。</blockquote></p><p> “‘Don’t fight the Fed’ is a quip investors have learned to ignore at their peril. What the central bank wants is usually what it gets, sooner or later,” the strategists said, noting that the Fed’s intervention a year ago sparked the 80% rally that has lifted the S&P 500SPXto an all-time high. The index has rallied 10% year-to-date and now trades at Goldman’s midyear target of 4,100 — the bank’s end-year target implies a gain of 5%.</p><p><blockquote>“'不要与美联储对抗'是一句投资者已经学会忽视的俏皮话,否则后果自负。策略师们说:”央行想要的通常是迟早得到的。他们指出,美联储一年前的干预引发了 80% 的反弹,将标准普尔 500SPXX 推至历史新高。今年迄今为止,该指数已上涨 10%,目前交易价格为高盛设定的 4100 点的年中目标--该银行的年终目标意味着涨幅为 5%。</blockquote></p><p> The Fed now wants higher inflation, they said. The investment bank’s economics team expected inflation readings to climb in the coming months, peaking at 2.3% in April, before sitting below 2% until 2023.</p><p><blockquote>他们说,美联储现在希望提高通胀率。该投资银行的经济团队预计,未来几个月通胀率将攀升,4 月份将达到 2.3% 的峰值,2023 年之前将保持在 2% 以下。</blockquote></p><p> When it comes to the impact on stocks, Goldman said it was all about margins, adding that some companies were protecting margins by passing higher costs along to their consumers.</p><p><blockquote>当谈到对股票的影响时,高盛表示,这完全与利润率有关,并补充说,一些公司通过将更高的成本转嫁给消费者来保护利润率。</blockquote></p><p> The strategists, led by David Kostin, said companies with low pricing power have historically outperformed when S&P 500 profit margins are expanding. In contrast, companies with high pricing power have “sharply lagged” during the past year. However, rising inflation could mean that is about to change, and companies with high pricing power are set to benefit, the strategists said.</p><p><blockquote>以大卫·科斯汀 (David Kostin) 为首的策略师表示,当标普500利润率扩大时,定价能力较低的公司历来表现优异。相比之下,具有高定价权的公司在过去一年中 “严重滞后”。然而,策略师表示,通胀上升可能意味着这种情况即将改变,具有高定价权的公司将受益。</blockquote></p><p> Goldman screened for stocks with high pricing power — high and stable gross margins relative to sector peers. The screen produced 55 stocks, including videogames company Activision BlizzardATVI,tobacco giant Philip MorrisPM,consumer-goods companies Colgate-PalmoliveCLand Procter & GamblePG,and drug manufacturer ZoetisZTS.Technology companies, such as Aspen TechnologyAZPN,AdobeADBEand OracleORCL,and retailers EtsyETSYand Dollar GeneralDGalso featured.</p><p><blockquote>高盛筛选了具有高定价权的股票——相对于行业同行而言,毛利率高且稳定。该屏幕产生了 55 只股票,包括视频游戏公司动视暴雪 (Activision BlizzardATVI)、烟草巨头菲利普莫里斯 (Philip MorrisPM)、消费品公司高露洁棕榄 (Colgate-PalmoliveCLand Procter & GamblePG) 和药品制造商 ZoetisZTS。Aspen TechnologyAZPN、AdobeADBE 和 OracleORCL 等科技公司,以及零售商 ETSYETSY 和 Dollar GeneralDGAL 也参与其中。</blockquote></p><p> Separately, with first-quarter earnings seasons getting under way next week, Goldman expected aggregated sales growth of 5% and earnings per share (EPS) growth of 19%. But that won’t matter much, its strategists added. “The trajectory of the economic recovery will continue to make backward-looking metrics less relevant for the forward-looking market,” they said.</p><p><blockquote>另外,随着下周第一季度财报季开始,高盛预计总销售额增长 5%,每股收益 (EPS) 增长 19%。但其战略家补充说,这并不重要。“他们说:”经济复苏的轨迹将继续使回顾性指标与前瞻性市场的相关性降低。</blockquote></p><p> The next issue dominating investor discussions is President Joe Biden’s plan to boost corporate tax to 28%, Goldman said. The full adoption of Biden’s proposals would see 2022 annual S&P 500 EPS growth of 12% fall to just 5%, they added.</p><p><blockquote>高盛表示,下一个主导投资者讨论的问题是乔-拜登总统将公司税提高到 28% 的计划。他们补充说,如果拜登的提议得到全面采纳,2022 年标普500每股收益年增长率将从 12% 降至 5%。</blockquote></p><p> <b>The tweet</b></p><p><blockquote><b>推文</b></blockquote></p><p> Higher producer prices are positively linked to S&P 500 earnings, according to this chart from Jeroen Blokland, senior portfolio manager at Robeco Asset Management.</p><p><blockquote>根据 Robeco Asset Management 高级投资组合经理 Jeroen Blokland 绘制的这张图表,生产者价格上涨与标普500收益呈正相关。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ff49fe03ef2d0536dd91ba494eba5e5c\" tg-width=\"413\" tg-height=\"445\"><b>The markets</b></p><p><blockquote><b>市场</b></blockquote></p><p> U.S. stock futuresES00NQ00pointed lower early on Monday, with Dow futuresYM00implying a 40-point loss for the Dow Jones Industrial AverageDJIAat the open. European stocks alsonudged lowerin early trading, while Asian markets slipped overnight as investors monitoredrising coronavirus casesand slow vaccination rollouts.</p><p><blockquote>美国股指期货SES00NQ00周一早盘走低,道琼斯期货SYM00暗示道琼斯工业平均指数开盘下跌40点。欧洲股市早盘也小幅走低,而亚洲股市隔夜下跌,原因是投资者关注冠状病毒病例的增加和疫苗接种的缓慢推出。</blockquote></p><p> <b>The buzz</b></p><p><blockquote><b>嗡嗡声</b></blockquote></p><p> Powell said“it will be a while”before the central bank taps the brakes on the economy, in an interview on “60 Minutes” on Sunday.</p><p><blockquote>鲍威尔周日在接受《60分钟》节目采访时说,央行对经济踩刹车 “还需要一段时间 ”。</blockquote></p><p> Tech giant MicrosoftMSFTis in advanced talks to buy speech-recognition company Nuance CommunicationsNUANin a deal valued at about $16 billion, according to multiple reports on Sunday.</p><p><blockquote>据周日的多份报道,科技巨头微软 (Microsoft) 正在就收购语音识别公司 Nuance CommunicationsNuan 进行深入谈判,交易价值约 160 亿美元。</blockquote></p><p> Pub gardens, hair salons, gyms and nonessential shopswill open in Englandon Monday for the first time since early January, as the U.K. takes the next step on its path to reopening.</p><p><blockquote>随着英国在重新开放的道路上迈出下一步,英格兰的酒吧花园、美发沙龙、健身房和非必需品商店将于周一开业,这是自一月初以来的首次。</blockquote></p><p> AlibabaHK:9988shares surged 7% in Hong Kong trading after the e-commerce giant wasfined a record $2.8 billion by China’s antitrust watchdog. The company’s American depositary receiptsBABAwere more than 6% higher in premarket trading.</p><p><blockquote>阿里巴巴HK:9988 在这家电子商务巨头被中国反垄断监管机构处以创纪录的 28 亿美元罚款后,该公司股价在香港交易中飙升 7%。该公司的美国存托凭证在盘前交易中上涨了 6% 以上。</blockquote></p><p> Italian diagnostic specialist DiaSorinIT:DIAannounced adeal to buy COVID-19 testing kit makerLuminex Corp.LMNXfor around $1.8 billion.</p><p><blockquote>意大利诊断专家 DiaSorinIT:DIA 宣布以约 18 亿美元收购 COVID-19 检测试剂盒制造商 Luminex Corp.LMNX。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.marketwatch.com/story/dont-fight-the-fed-goldman-says-these-stocks-can-benefit-from-higher-inflation-11618226926?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/dont-fight-the-fed-goldman-says-these-stocks-can-benefit-from-higher-inflation-11618226926?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143734305","content_text":"Critical information for the trading day.\n\nU.S. stocks look set to start Monday on the back foot ahead of key inflation data and earnings reports later in the week.\nFears over rising COVID-19 cases and vaccination problems, after a Chinese government official said theeffectiveness of its vaccines was low, has put equity markets under pressure.\nHowever, the partial reopening of the U.K. and upbeat comments from Federal Reserve Chair Jerome Powell provided some positivity. Investors will also be awaiting consumer price data on Tuesday and earnings from major banks JPMorgan Chase, Goldman Sachs and Wells Fargo later this week.\nAfter a delay on Friday, the U.S. Labor Department said the producer-price index, a key measure of inflation, rose 1% in March — the biggest annual increase since 2011.\nIn ourcall of the day, Goldman Sachs strategists said higher inflation was on the cards in the coming months, which could boost companies with high pricing power.\n“‘Don’t fight the Fed’ is a quip investors have learned to ignore at their peril. What the central bank wants is usually what it gets, sooner or later,” the strategists said, noting that the Fed’s intervention a year ago sparked the 80% rally that has lifted the S&P 500SPXto an all-time high. The index has rallied 10% year-to-date and now trades at Goldman’s midyear target of 4,100 — the bank’s end-year target implies a gain of 5%.\nThe Fed now wants higher inflation, they said. The investment bank’s economics team expected inflation readings to climb in the coming months, peaking at 2.3% in April, before sitting below 2% until 2023.\nWhen it comes to the impact on stocks, Goldman said it was all about margins, adding that some companies were protecting margins by passing higher costs along to their consumers.\nThe strategists, led by David Kostin, said companies with low pricing power have historically outperformed when S&P 500 profit margins are expanding. In contrast, companies with high pricing power have “sharply lagged” during the past year. However, rising inflation could mean that is about to change, and companies with high pricing power are set to benefit, the strategists said.\nGoldman screened for stocks with high pricing power — high and stable gross margins relative to sector peers. The screen produced 55 stocks, including videogames company Activision BlizzardATVI,tobacco giant Philip MorrisPM,consumer-goods companies Colgate-PalmoliveCLand Procter & GamblePG,and drug manufacturer ZoetisZTS.Technology companies, such as Aspen TechnologyAZPN,AdobeADBEand OracleORCL,and retailers EtsyETSYand Dollar GeneralDGalso featured.\nSeparately, with first-quarter earnings seasons getting under way next week, Goldman expected aggregated sales growth of 5% and earnings per share (EPS) growth of 19%. But that won’t matter much, its strategists added. “The trajectory of the economic recovery will continue to make backward-looking metrics less relevant for the forward-looking market,” they said.\nThe next issue dominating investor discussions is President Joe Biden’s plan to boost corporate tax to 28%, Goldman said. The full adoption of Biden’s proposals would see 2022 annual S&P 500 EPS growth of 12% fall to just 5%, they added.\nThe tweet\nHigher producer prices are positively linked to S&P 500 earnings, according to this chart from Jeroen Blokland, senior portfolio manager at Robeco Asset Management.\nThe markets\nU.S. stock futuresES00NQ00pointed lower early on Monday, with Dow futuresYM00implying a 40-point loss for the Dow Jones Industrial AverageDJIAat the open. European stocks alsonudged lowerin early trading, while Asian markets slipped overnight as investors monitoredrising coronavirus casesand slow vaccination rollouts.\nThe buzz\nPowell said“it will be a while”before the central bank taps the brakes on the economy, in an interview on “60 Minutes” on Sunday.\nTech giant MicrosoftMSFTis in advanced talks to buy speech-recognition company Nuance CommunicationsNUANin a deal valued at about $16 billion, according to multiple reports on Sunday.\nPub gardens, hair salons, gyms and nonessential shopswill open in Englandon Monday for the first time since early January, as the U.K. takes the next step on its path to reopening.\nAlibabaHK:9988shares surged 7% in Hong Kong trading after the e-commerce giant wasfined a record $2.8 billion by China’s antitrust watchdog. The company’s American depositary receiptsBABAwere more than 6% higher in premarket trading.\nItalian diagnostic specialist DiaSorinIT:DIAannounced adeal to buy COVID-19 testing kit makerLuminex Corp.LMNXfor around $1.8 billion.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":534,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/342522191"}
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