The Week's U.S. Economic Calendar

Select Positive Data Reports

  • Change in Nonfarm Payrolls
    • (235k versus survey of 200k and prior of 227k)
  • Durable Goods Orders
    • (+2.0% versus survey of +1.0% and prior of +1.8%)

Select Negative Data Reports

  • Initial Jobless Claims
    • (243k versus survey of 238k and prior of 223k)
  • Wholesale Trade Sales MoM
    • (-0.1% versus survey of +0.5% and prior of +2.6%)


Market Comments

  • Large cap U.S. stocks (S&P 500) declined -0.4% as markets paused in anticipation of the Federal Reserve meeting next week. Small cap equities (Russell 2000) were down -2.0%.
  • Nine of eleven sectors were down for the week, led by Real Estate (-3.6%), Energy (-2.6%), and Materials (-1.2%). Healthcare (+0.2%) and Information Technology (+0.6%) we the only advancing sectors for the week.
  • Developed international equities (MSCI EAFE) advanced +0.4% for the week, led by gains in France and Japan Emerging market equities (MSCI EM) fell -0.5%, their second consecutive weekly decline, as negative performance in Brazil and Taiwan dragged on overall performance.
  • Yield oriented equities posted negative returns as REITs declined -3.6% and Utilities fell -1.1%. MLPs finished the week down -3.0%. The 10-Year Treasury declined on the week, down -0.7% as rates rose 9 basis points to 2.58%. High yield bonds fell sharply, posting a -1.2% weekly loss. Investment grade bonds were down -0.9%.

In The News

  • The European Central Bank (ECB) left interest rates unchanged while continuing its €60 billion monthly bond buying program. The ECB’s continued easing underscores the divergence in monetary policies between Europe and the U.S. where imminent tightening is expected.
  • The pace of job creation remained robust in February as nonfarm payrolls exceeded expectations by gaining 235k. In addition, the unemployment rate ticked down to 4.7% as both pave the way for the Federal Reserve to move rates higher.
  • U.S. household net worth climbed to a record $92.8 trillion in the fourth quarter of 2016 as stocks surged late in the year and a steady climb in home prices added more than $2 trillion of wealth to household balance sheets.
  • Park Geun-hye, South Korea’s first female President, became the first leader to be removed from office by impeachment over accusations that she helped a friend win bribes from Samsung and other South Korean conglomerates. Riots in Seoul turned to violence as two protesters were killed.

Performance Data as of March 10, 2017

For important definitions included in this document, please click here

General Performance Information
The performance results in this presentation have been complied by Tolleson Wealth Management (“TWM”). Past performance is no guarantee of future results. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. All investments involve risk, including the loss of principal. This information discusses general market activity, industry or sector trends, or other broad-based economic market or political conditions and should not be construed as research or investment advice. Certain information contained herein concerning economic trends and performance is based on or derived from information provided by independent third-party sources. Opinions expressed are current opinions as of the original publication date appearing in this material only. Any opinions expressed are subject to change without notice and TWM is under no obligation to update the information contained herein. TWM disclaims responsibility for the accuracy or completeness of this report although reasonable care has been taken to assure the accuracy of the data contained herein. This material has been prepared and is distributed solely for informational purposes only and is not a solicitation or an offer to buy a security or instrument or to participate in any trading strategy. This report may not be reproduced, distributed or transmitted, in whole or part, by any means, without written permission from TWM. If you have any questions regarding this presentation, please contact your TWM representative.

Index Disclosure
The returns and volatility of the indices displayed may be materially different than the client’s account, and a client’s holdings may differ significantly from the securities that comprise the indices. The indices are disclosed to allow for comparisons to well-known and widely recognized indices, and may or may not be appropriate for performance comparisons. An investor cannot invest directly in the index.