US Macro data has collapsed to 12-month lows with 38 data 'misses' and only 6 'beats. Earnings expectations have plunged most since Lehman (over 5% in the last 3 months) hovering at 10-month lows. So it makes perfect sense that, unless we see a late-day collapse today, the S&P 500 will post the best monthly performance since October 2011.
Macro...
[4]
Earnings...
[5]
February...
MISS
- Personal Spending
- Construction Spending
- ISM New York
- Factory Orders
- Ward's Domestic Vehicle Sales
- ADP Employment
- Challenger Job Cuts
- Initial Jobless Claims
- Nonfarm Productivity
- Trade Balance
- Unemployment Rate
- Labor Market Conditions Index
- NFIB Small Business Optimism
- Wholesale Inventories
- Wholesale Sales
- IBD Economic Optimism
- Mortgage Apps
- Retail Sales
- Bloomberg Consumer Comfort
- Business Inventories
- UMich Consumer Sentiment
- Empire Manufacturing
- NAHB Homebuilder Confidence
- Housing Starts
- Building Permits
- PPI
- Industrial Production
- Capacity Utilization
- Manufacturing Production
- Dallas Fed
- Chicago Fed NAI
- Existing Home Sales
- Consumer Confidence
- Richmond Fed
- Personal Consumption
- ISM Milwaukee
- Chicago PMI
- Pending Home Sales
BEAT
- Personal Income
- Markit Services PMI
- Nonfarm Payrolls
- JOLTS
- Case-Shiller Home Price
- Q4 GDP Revision (but notably lower)
* * *
But apart from that... everything is awesome.
