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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