Market Perspective for March 4, 2019

The stock market rallied this afternoon to moderate early losses for the day. The S&P 500 Index declined 0.39 percent, though communication services, energy, materials, utilities and real estate all advanced today. SPDR Materials (XLB) led with a gain of 0.45 percent.

Another biotech merger was announced with Biogen (BIIB) announcing it will buy Nightstar Therapeutics (NITE) in an $800 million cash deal. SPDR S&P Biotech (XBI) slipped 1.01 percent on the day but is still up more than 6 percent since last Monday.

The February employment report will be announced this week. Economists forecast 174,000 new jobs and an unemployment rate of 3.9 percent, down 0.1 percentage point from January.

New homes sales for December will be released on Tuesday, with an expected annualized sales pace of 600,000. New housing starts and building permits for January are due out on Friday. Starts dipped to annualized pace of 1.078 million in December, though economists anticipate a rebound to 1.212 million.

Interest rates declined on Monday as bonds rallied on a down day for stocks. The 10-year Treasury yield settled at 2.72 percent.

Retail earnings for Target (TGT), Kohl’s (KSS), Ross Stores (ROSS), Urban Outfitters (URBN), Dollar Tree (DLTR), American Eagle Outfitters (AEO), Big Lots (BIG), Abercrombie & Fitch (ANF) and Costco (COST) will be announced over the coming days. One of the few remaining listed supermarket chains, Kroger (KR) also reports this week. (CRM), Vail Resorts (MTN), Marvell Technology (MRVL) and H&R Block (HRB) are a few of the larger non-retailer delivering earnings.


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