Rover's Weekly Market Brief - 03/17/2023

Indices

DJIA: 31,858.90 (-0.16%)

NASDAQ: 11,630.50 (+4.41%)

S&P 500: 3,916.62 (+1.43%)

Commodities

Gold: 1,981.50 (+6.42%)

Copper: 389.90 (-3.65%)

Crude Oil: 66.47 (-13.32%)

Managing Manual Portfolios

Learn how to create and manage Manual Portfolios in our latest blog post. Manual Portfolios offer a convenient way for you to track stocks that you actually or hypothetically own. Manual Portfolios also integrate with Stock Rover’s Portfolio Analytics tool, making it easy for you to receive detailed analytics for any time period you choose.

Economy

The U.S. Bureau of Labor Statistics reported the consumer price index increased (+0.4%) in February, a slight deceleration from the (+0.5%) in January, but well above the (+0.1%) in December and (+0.2%) in November. Over the last 12 months, the all-items index is up (+6.0%) before seasonal adjustment as compared to (+6.4%) in January. This marks the eighth straight month of a cooling in the annual inflation rate since it peaked at 9.1% in June. The index for shelter was the largest contributor to the monthly all items increase, accounting for nearly 70% of the monthly reading. The shelter index increased (+0.8%) in February. The indexes for food (+0.4%), recreation (+0.9%), household furnishings (+0.8%), airfares (+6.4%), motor vehicle insurance (+0.9%), apparel (+0.8%) and new vehicles (+0.2%) all saw increases. The energy index decreased (-0.6%) as both the natural gas (-8.0%) and fuel oil indexes (-7.9%) saw significant declines. The indexes for used cars and trucks (-2.8%) and medical care (-0.5%) also declined. Core CPI inflation rose (+0.5%) in February, up slightly from (+0.4%) for the previous month. The annual rate of core CPI inflation is now at 5.5%, down slightly from 5.6% in January. The shelter index is up (+8.1%) year over year and accounts for over 60% of the total increase in Core CPI.

The Commerce Department reported advance U.S. retail and food services sales fell 0.4% to $697.9B in February. January’s reading was revised higher to (+3.2%) from a previously reported (+3.0%). Retail sales which are adjusted for seasonal shifts but not inflation were up (+5.4%) year over year. Total sales for the December 2022 through February 2023 period were up (+6.4%) year over year. Sales decreased across multiple categories – led by department stores (-4.0%), home furnishings (-2.5%), restaurants (-2.2%), auto dealers (-1.8%), and miscellaneous retailers (-1.8%). Gasoline station sales dropped (-0.6%) reflecting lower oil prices. Internet retailers (+1.6%), health and personal care (+0.9%), and grocery stores (+0.6%) all saw increases. Excluding autos and gasoline, sales were up (+1.0%) for the month. Excluding autos, sales increased (+0.9%). Core retail sales, a measurement that excludes spending on autos, gasoline, building materials, and food services increased (+0.5%) in February, this follows January’s upwardly revised (+2.3%).

The U.S. Census Bureau reported housing starts increased 9.8% to a seasonally adjusted annual rate of 1.450M units in February, down (-18.4%) from a year ago. Single-family housing starts which account for the largest share of homebuilding increased (+1.1%) to a rate of 830K units, down (-31.6%) from a year ago. Starts of five units or more increased (+24.1%) to a rate of 608K units, up (+14.3%) from a year ago. New residential building permits, a proxy for future construction, rose (+13.8%) to a seasonally adjusted rate of 1.524M units. New residential building permits are running (-17.9%) below their February 2022 level. Single-family permits were up (+7.6%) from January’s revised 722K, down (-35.5%) from a year ago. Multifamily permits increased (+24.3%) to 700K. Leading the increase in building permits was the West (+30%), followed by the South (+10.9%) and Midwest (+9.6%). Only the Northeast saw a decline (-2.8%). Single-family housing completions at 1.37M, were (+1.0%) above January’s revised reading, while multifamily completions were up (+44.6%) to 509K. The number of houses approved for construction but not yet started was unchanged at 294K units, with the backlog for single-family housing dropping (-3.0%) to 130K. The inventory of single-family housing under construction fell (-1.7%) to a rate of 734K units.

Upcoming Economic Reports:

Wednesday March 22 – Fed Interest Rate Decision

Friday March 24 – Core Durable Goods Orders (MoM) (February)

Earnings Calendar:

 

Monday Tuesday Wednesday Thursday Friday
Foot
Locker
(FL)
HealthEquity
(HQY)
KB Home
(KBH)
General
Mills
(GIS)
DXP
Enterprises
(DXPE)
Rakuten
Group
(RKUNY)
Nike
(NKE)
Worthington
Industries
(WOR)
Darden
Restaurants
(DRI)
Income
Opportunity Realty
(IOR)



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