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

03/08/21Wholesale Inventories MoM1.30%1.30%1.30%
03/08/21Wholesale Trade Sales MoM0.90%4.90%1.20%1.90%
03/09/21NFIB Small Business Optimism9795.895
03/10/21MBA Mortgage Applications-1.30%0.50%
03/10/21CPI MoM0.40%0.40%0.30%
03/10/21CPI Ex Food and Energy MoM0.20%0.10%0.00%
03/10/21CPI YoY1.70%1.70%1.40%
03/10/21CPI Ex Food and Energy YoY1.40%1.30%1.40%
03/10/21CPI Index NSA263.121263.014261.582
03/10/21CPI Core Index SA270.394270.299270.025
03/10/21Real Avg Weekly Earnings YoY4.10%6.10%5.70%
03/10/21Real Avg Hourly Earning YoY3.40%4.00%3.90%
03/10/21Monthly Budget Statement-$305.0b-$310.9b-$235.3b
03/11/21Initial Jobless Claims725k712k745k754k
03/11/21Continuing Claims4200k4144k4295k4337k
03/11/21Langer Consumer Comfort49.448.9
03/11/21JOLTS Job Openings6700691766466752
03/11/21Household Change in Net Worth$6925b$3817b$3640b
03/12/21PPI Final Demand MoM0.50%0.50%1.30%
03/12/21PPI Ex Food and Energy MoM0.20%0.20%1.20%
03/12/21PPI Ex Food, Energy, Trade MoM0.30%0.20%1.20%
03/12/21PPI Final Demand YoY2.70%2.80%1.70%
03/12/21PPI Ex Food and Energy YoY2.60%2.50%2.00%
03/12/21PPI Ex Food, Energy, Trade YoY2.50%2.20%2.00%
03/12/21U. of Mich. Sentiment78.576.8
03/12/21U. of Mich. Current Conditions88.386.2
03/12/21U. of Mich. Expectations7270.7
03/12/21U. of Mich. 1 Yr Inflation3.30%3.30%
03/12/21U. of Mich. 5-10 Yr Inflation2.70%

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