March 12, 2021 Headlines

Treasury yields are higher to start the day on supply pressures, which is weighing on tech stocks again ahead of the open (NASDAQ futures -1.25%). On the Covid front, President Biden announced yesterday that all U.S. adults will be eligible for a vaccine by May 1, and another vaccine maker released strong results yesterday. Novavax Inc’s Covid vaccine was 96% effective against the original strain in late-stage testing, and it was 86% effective against the newer British variant of the virus. Next week’s economic calendar is headlined by the February retail sales report (Tuesday) and the March FOMC report (Wednesday). Regarding the latter, the market will likely be very focused on the updated “dot plot” for any signs of emerging hawkishness within the participants.

Jason Haley
Chief Investment Officer

Date Event Surv(M) Actual Prior Revised
03/08/21 Wholesale Inventories MoM 1.30% 1.30% 1.30% —
03/08/21 Wholesale Trade Sales MoM 0.90% 4.90% 1.20% 1.90%
03/09/21 NFIB Small Business Optimism 97 95.8 95 —
03/10/21 MBA Mortgage Applications — -1.30% 0.50% —
03/10/21 CPI MoM 0.40% 0.40% 0.30% —
03/10/21 CPI Ex Food and Energy MoM 0.20% 0.10% 0.00% —
03/10/21 CPI YoY 1.70% 1.70% 1.40% —
03/10/21 CPI Ex Food and Energy YoY 1.40% 1.30% 1.40% —
03/10/21 CPI Index NSA 263.121 263.014 261.582 —
03/10/21 CPI Core Index SA 270.394 270.299 270.025 —
03/10/21 Real Avg Weekly Earnings YoY — 4.10% 6.10% 5.70%
03/10/21 Real Avg Hourly Earning YoY — 3.40% 4.00% 3.90%
03/10/21 Monthly Budget Statement -$305.0b -$310.9b -$235.3b —
03/11/21 Initial Jobless Claims 725k 712k 745k 754k
03/11/21 Continuing Claims 4200k 4144k 4295k 4337k
03/11/21 Langer Consumer Comfort — 49.4 48.9 —
03/11/21 JOLTS Job Openings 6700 6917 6646 6752
03/11/21 Household Change in Net Worth — $6925b $3817b $3640b
03/12/21 PPI Final Demand MoM 0.50% 0.50% 1.30% —
03/12/21 PPI Ex Food and Energy MoM 0.20% 0.20% 1.20% —
03/12/21 PPI Ex Food, Energy, Trade MoM 0.30% 0.20% 1.20% —
03/12/21 PPI Final Demand YoY 2.70% 2.80% 1.70% —
03/12/21 PPI Ex Food and Energy YoY 2.60% 2.50% 2.00% —
03/12/21 PPI Ex Food, Energy, Trade YoY 2.50% 2.20% 2.00% —
03/12/21 U. of Mich. Sentiment 78.5 — 76.8 —
03/12/21 U. of Mich. Current Conditions 88.3 — 86.2 —
03/12/21 U. of Mich. Expectations 72 — 70.7 —
03/12/21 U. of Mich. 1 Yr Inflation 3.30% — 3.30% —
03/12/21 U. of Mich. 5-10 Yr Inflation — — 2.70% —

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