Price Return Last Week
S&P 500 (0.2%) S&P Mid Cap (1.0%) Russell 2000 (0.4%)
MSCI EAFE +0.2% MSCI EM +1.4%
10 Yr US Treasury Rate – fell from 4.57% to 4.49%
Source: Refinitiv Eikon
Recent News
China Tariffs – In response to the increase in U.S. tariffs on Chinese goods, China announced additional tariffs on American goods, an antitrust investigation into Google, and restrictions on exporting key minerals. Of the items being hit with additional tariffs are coal, liquefied natural gas, crude oil, agricultural machinery, and pickup trucks.
Source: The Wall Street Journal
Jobs Report – Jan: 170k (Reuters Poll est. 143k) Dec: 307k
While the jobs added in January came in slightly below expectations, the number of jobs added in December was revised up by 51,000 jobs. All in all, the total jobs added over the last two months was slightly above expectations. One of the more notable data points in the report were average hourly earnings, which posted an annual growth rate of 4.1%, a half-percentage point higher than the recent low of 3.6% in July 2024 and above expectations of 3.8%.
Source: Refinitiv Eikon
ISM Manufacturing Index – Jan: 50.9 (Reuters Poll est. 49.8) Dec: 49.3
For the first time in over two years, the Purchasing Managers Index reported expansion in the manufacturing sector. The manufacturing sector represents approximately 10% of the U.S. economy. Readings above 50 indicate expansion.
Source: Refinitiv Eikon, Thomson Reuters
Bank of England Cuts Rates – In contrast to the U.S. Federal Reserve, England’s central bank chose to lower interest rates by a quarter-point in it most recent meeting. The new interest rate range is now 4.5% to 4.75%. Along with the cut, the BoE lowered its growth forecast for 2025 by half, from 1.5% to 0.75% and noted that they don’t expect inflation to fall back to 2% target until the end of 2027.
Source: Thomson Reuters
Windy City – Major League Baseball installed weather tracking technology in all ballparks starting in 2022 and is now able to show just how much of an impact weather events can have on a baseball game. After reviewing two years of data, it was shown that Wrigley Field accounted for over 40% of batted balls in all of MLB moving over 25 feet due to wind. It was estimated that winds at Wrigley prevented 56 fly balls from becoming home runs, while only creating 13. Just 5 mph of wind can add almost 20 feet of distance to a fly ball.
Source: MLB.com
Upcoming Events
2/10 – Notable Earnings Reports: Vertex Pharmaceutical
2/11 – Notable Earnings Reports: DuPont, Masco, Marriott, Ecolab, Coca-Cola, AIG, Gilead Sciences
2/12 – CPI, Notable Earnings Reports: Biogen, Exelon, Waters, Kraft Heinz, Cisco, MGM Resorts
2/13 – PPI, Notable Earnings Reports: CBRE, Deere & Co, Zoetis, GE Healthcare, Applied Materials, Palo Alto, Airbnb
2/14 – Retail Sales
Source: Refinitiv Eikon
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