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Weekly Market Update – March 4, 2024

Price Return Last Week

S&P 500 +1.0% S&P Mid Cap +1.8% Russell 2000 +3.0%

MSCI EAFE +0.7% MSCI EM (0.4%)

10 Yr US Treasury Rate – fell from 4.26% to 4.18%

Source: Refinitiv Eikon


Recent News

Core PCE – January: 0.4% (Reuters Poll est. 0.4%) December: 0.2%

The year-over-year change in Core PCE moves to 2.8% from 2.9%.  The December increase was also lowered by 0.1% from the previous estimate. 

Source: Refinitiv Eikon

Durable Goods – January: -6.1% (Reuters Poll est. -4.5%) December: 0.0%

The January decline in durable goods orders was the largest decline in almost four years.  Underlying this data was a decline in civilian aircraft orders of 59% from the previous month.  When excluding transportation, orders fell just 0.3% month-over-month.

Source: Refinitiv Eikon, Thomson Reuters

Consumer Confidence – February: 106.7 (Reuters Poll est. 115.0) January: 114.8

Confidence fell for the first time in four months despite inflation expectations for the next twelve months falling to the lowest level in nearly four years.  The Conference Board stated that consumers “are more concerned about the labor market situation and the U.S. political environment.”

Source: Refinitiv Eikon, Thomson Reuters

On the Payroll – A recent study reports that 59% of parents have helped their young adult (under 35) children financially in the past year.  57% of children between 18 and 24 reported that they were living in a parent’s home.  The majority of these young adults indicated that this had a positive impact on their relationship with their parent while 24% reported that it had a negative impact on their social life.

Source: Pew Research Center


Upcoming Events

3/5 – Super Tuesday, ISM Non-Manufacturing PMI, Notable Earnings Reports: Target, Ross Stores

3/6 – Jerome Powell Testimony, ADP National Employment, JOLTS Job Openings

3/7 – Jerome Powell Testimony, State of the Union Address, Notable Earnings Reports: Kroger, Broadcom

3/8 – Jobs Report

Source: Refinitiv Eikon


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