Succinct Summations for the week ending March 5th, 2021
Positives:
1. US has now administered more than 2 million Covid vaccinations per day; Over 83 million doses have been given.
2. Non-farm payrolls rose 379k m/o/m, above the expectations.
4. Unemployment rate came in at 6.2% for February, below previous 6.3%.
5. Home mortgage apps rose 2.0% w/o/w (last months fell 12.0%).
6. Construction spending rose 1.7% m/o/m, above expectations.
7. Factory orders rose 2.6% m/o/m, above expectations.
Negatives:
1. Nasdaq Gives up al of its gains YTD in broad based sell off.
2. Jobless claims rose 9k w/o/w from 736k to 745k.
3. ADP private payrolls rose 117k m/o/m, below expectations.
4. PMI Manufacturing came in at 58.6 for February, below previous levels.
5. ISM Services Index came in at 55.3, below expectations.
6. International trade in goods and services deficit widened from $-67.0B to $-68.2B in January.
Thanks, Matt.
The WFH stocks are in decent drawdowns at the moment
Source: @awealthofcs
