A look back
- Most major U.S. stock indexes ended last week lower as the S&P 500 fell 0.4%, ending the month of February lower. International developed markets gained 1.2% on the week while emerging markets advanced 2.8%, extending its year-to-date lead.
- The U.S. Treasury yield curve flattened as rates fell across the curve and prices rose, capping off a strong month for bond performance. The 2-year yield fell 0.09% to 3.38%, while the 10-year fell by 0.12% to 3.96%; its lowest level since October.
- The January Producer Price Index (PPI) came in hotter than expected, rising 2.9% from a year ago despite cooler food and energy prices. February consumer sentiment jumped to a six-month high.
A look ahead
- The Q4 earning season has largely come to an end with the year-over-year earnings growth for the S&P 500 at 14.2%, according for FactSet. That’s the fifth consecutive quarter of double-digit earnings growth.
- The February jobs report due out on Friday will show whether January’s stronger-than-expected jobs growth extended into February. Consensus expectations are for the unemployment rate to hold steady at 4.3% while payrolls increase at a more modest pace relative to January’s initially reported 130,000 jobs gain.
- Economic releases: ISM Manufacturing & Services PMIs, Q4 Productivity, February Employment.
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