March 3, 2020 Headlines

Yesterday, during the New York trading session, news broke that the Group of Seven Finance Chiefs would hold a teleconference to discuss their response to the coronavirus. In anticipation, risk assets rallied with the S&P500 up 4.6% on the day. However, this morning, the S&P500 has reversed course and down 1% currently as the finance ministers concluded the meeting with no immediate stimulus planned to combat the economic impact from the virus. In the rates market, US Treasury yields are slightly lower with the curve slope essentially unchanged.

Chris Eckhoff
Associate, Investment Management Group

3/2/2020Markit US Manufacturing PMI50.850.750.8
3/2/2020Construction Spending MoM0.60%1.80%-0.20%0.20%
3/2/2020ISM Manufacturing50.550.150.9
3/2/2020ISM New Orders51.849.852
3/2/2020ISM Prices Paid50.845.953.3
3/2/2020ISM Employment47.546.946.6
3/3/2020FOMC Rate Decision (Upper Bound)1.25%1.75%
3/3/2020FOMC Rate Decision (Lower Bound)1.00%1.50%
3/3/2020Interest Rate on Excess Reserves1.10%1.60%
3/3/2020Wards Total Vehicle Sales16.80m16.84m
3/4/2020MBA Mortgage Applications1.50%
3/4/2020ADP Employment Change170k291k
3/4/2020Markit US Services PMI49.449.4
3/4/2020Markit US Composite PMI49.6
3/4/2020ISM Non-Manufacturing Index54.955.5
3/4/2020U.S. Federal Reserve Releases Beige Book
3/5/2020Challenger Job Cuts YoY27.80%
3/5/2020Nonfarm Productivity1.30%1.40%
3/5/2020Unit Labor Costs1.40%1.40%
3/5/2020Initial Jobless Claims215k219k
3/5/2020Continuing Claims1738k1724k
3/5/2020Bloomberg Consumer Comfort63.5
3/5/2020Factory Orders-0.10%1.80%
3/5/2020Factory Orders Ex Trans0.60%
3/5/2020Durable Goods Orders-0.20%-0.20%
3/5/2020Durables Ex Transportation0.90%
3/5/2020Cap Goods Orders Nondef Ex Air1.10%
3/5/2020Cap Goods Ship Nondef Ex Air1.10%
3/6/2020Trade Balance-$46.1b-$48.9b
3/6/2020Change in Nonfarm Payrolls175k225k
3/6/2020Two-Month Payroll Net Revision7k
3/6/2020Change in Private Payrolls160k206k
3/6/2020Change in Manufact. Payrolls-3k-12k
3/6/2020Unemployment Rate3.60%3.60%
3/6/2020Average Hourly Earnings MoM0.30%0.20%
3/6/2020Average Hourly Earnings YoY3.00%3.10%
3/6/2020Average Weekly Hours All Employees34.334.3
3/6/2020Labor Force Participation Rate63.40%63.40%
3/6/2020Underemployment Rate6.90%
3/6/2020Wholesale Inventories MoM-0.20%-0.20%
3/6/2020Wholesale Trade Sales MoM-0.70%
3/6/2020Consumer Credit$16.750b$22.055b


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