- Apple and Microsoft currently account for 13.3% of the S&P 500. Not since AT&T and IBM in the late 1970s have two stocks accounted for as large a portion of the index.
- The median price of a home in the U.S. was down 0.2% in February from a year earlier. This is the first decline in home prices since 2012, although prices remain 32% higher than they were in February 2020 when COVID hit.
- Brazil and China have struck a deal to carry out trade and financial transactions in yuan and reais– rather than converting their currencies to the U.S. dollar. Yet, the dollar is still 88% of currency trades, only dropping 2% in trade amounts in 34 years.
- A new government report shows that the Social Security trust fund is now expected to run dry in 2033. If Congress does not make changes prior to that date social security recipients’ income benefit would drop by around 23%
The Irrelevant Investor - "Animal Spirits the Worst Chart in Finance"
MFS - "Beyond the News"
Fox Business- "Brazil, China Strike Trade Deal Agreement to Ditch U.S. Dollar"
Barrons- "The Dollar Rules the Financial Universe. China Can't Change That."
Barrons- "Social Security Trust Now Projected to Run Dry in 2033. That’s a Year Earlier Than Expected."
Economic Calendar
Monday:
St. Louis Fed President Bullard speaks, S&P final U.S. manufacturing PMI (Mar), ISM manufacturing (Mar), Construction spending (Feb), Fed Gov. Cook speaks
Tuesday:
Factory orders (Feb), Job openings (Feb), Cleveland Fed President Mester speaks
Wednesday:
ADP employment (Mar), U.S. trade balance (Feb), S&P final U.S. services PMI (Mar), ISM services (Mar)
Thursday:
Initial jobless claims (Apr), Continuing jobless claims (Mar), St. Louis Fed President Bullard speaks
Friday:
U.S. employment report (Mar), U.S. unemployment rate (Mar), Average hourly wages (Mar), Average hourly wages (year over year) (Mar), Consumer credit (Feb)
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