Stock Market Nerd Macro – March 30, 2024

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Stock Market Nerd Macro – March 30, 2024

Inflation Data:

  • The GDP Price Index for Q4 came in at 1.7%. This compares to 1.6% expected and 3.3% last quarter.
  • Michigan 1-year and 5-year inflation expectations for March were both a tick cooler than expected and each ticked down 10 bps M/M.
  • Core Personal Consumption Expenditures (PCE) M/M for February rose 0.3% as expected. This compares to 0.5% last month.
  • Core PCE Y/Y for February rose 2.8% as expected. This compares to 2.9% last month.
  • PCE M/M for February was 0.3% vs. 0.4% expected. This compares to 0.4% last month.

On Friday, Powell said the PCE inflation data was “more along the lines of what he’s looking for” vs. January inflation data and February’s CPI and PPI.

Consumption/Employment Data:

  • Conference Board Consumer Confidence for March came in at 104.7. This compares to 106.9 expected and 104.8 last month.
  • Continuing Jobless Claims came in at 1,819,000. This is roughly in line and compares to 1,795,000 last month.
  • Initial Jobless Claims were 210,000. This compares to 212,000 expected and 212,000 last report.
  • Michigan Consumer Confidence and Sentiment for March were both better than expected and each improved M/M.

Output Data:

  • Durable Goods Orders M/M for February rose 1.4%. This compares to 1.2% expected and -6.9% growth last month.
  • The latest GDP reading for Q4 came in at 3.4%. This compares to 3.2% expected and 4.9% last quarter.
  • The Chicago Purchasing Managers Index (PMI) came in at 41.4 for March. This compares to 45.9 expected and 44.0 last month.

Disclaimer: Third party content is provided for informational purposes only and should not be construed as an offer to sell or a solicitation of an offer to buy or sell any security. Third party content is not intended to serve as a recommendation to buy or sell any security and is not intended to serve as investment advice. Third party content creators are not affiliated with BBAE Holdings LLC, (“BBAE”) Redbridge Securities LLC (“Redbridge Securities”) or BBAE Advisors LLC (“BBAE Advisors”). All investments involve risk, including the possibility of total loss of principal. For additional important information, please click here.

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