The Week's U.S. Economic Calendar

Select Positive Data Reports

  • Personal Income
    • (0.4% versus survey of 0.3% and prior of 0.3%)
  • ISM Manufacturing
    • (57.7 versus survey of 56.2 and prior of 56.0)

Select Negative Data Reports

  • GDP Price Index
    • (2.0% versus survey of 2.1% and prior of 2.1%)
  • Wholesale Inventories MoM
    • (-0.1% versus survey of +0.4% and prior of +1.0%)


Market Comments

  • Large cap U.S. stocks (S&P 500) advanced +0.7% led by gains in financial and energy stocks. Small cap equities (Russell 2000) remained flat for the week.
  • Seven of eleven sectors were higher, led by Financials (+2.1%), Energy (+1.5%), and Healthcare (+1.4%). Telecom (-1.1%) and Real Estate (-0.7%) were the largest detractors for the week.
  • Developed international equities (MSCI EAFE) advanced +0.5% for the week, led by gains in Spain, France and Switzerland. Emerging market equities (MSCI EM) fell -0.7%, their first weekly decline in five, as negative performance in Russia, Brazil and China dragged on overall performance.
  • Yield oriented equities posted negative returns as REITs declined -0.7% and utilities fell modestly –0.2%. MLPs finished the week up +1.1%. The 10-Year Treasury declined sharply on the week, down -1.5% as rates rose 16 basis points to 2.49%. High yield bonds advanced modestly, posting a +0.3% gain.

In The News

  • President Donald Trump addressed a joint session of Congress on Tuesday night with a speech that focused on national security, tax and regulatory reform, and health care. The President gave few specifics during the hour-long speech, but offered guidelines for Congress to repeal and replace the Affordable Care Act, rebuild the nation’s roads and bridges, and find an elusive compromise for an overhaul of the nation’s immigration laws.
  • Harvard University’s $36 billion endowment is preparing to close its hallmark internal hedge funds and invest nearly all its capital with outside money managers, representing the largest overhaul of the world’s largest endowment in decades.
  • Snap Inc., the parent company of the popular disappearing-message app Snapchat, priced its initial public offering above expectations Wednesday, valuing the six year old company at $24 billion. Investors clamored for a piece of the fast growing messaging company, making it the biggest U.S. technology IPO since Alibaba made its debut in 2014.

Performance Data as of March 3, 2017

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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.