The usual weekly summation is included below, the main positive being that 83 million doses of the vaccine have now been given, the main negative being this week's broad-based sell off on the Nasdaq losing all YTD gains. The bonus this Sunday night is a graphic that is either disturbing or delightful depending on one's point of view. It is a map of all 50 states showing to what degree state legislatures putting forth bills to restrict voting rights are currently taking place and, as you can see, the majority of states are trying to pass such bills since the November election. As I said, it's either good news or bad news depending on your politics or how you feel about the 2020 election. Hope everyone had a great weekend.
Succinct Summation of Week’s Events 3.05.21
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.
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