Daily Insight: Income & Spending, Dallas Fed, Profits

U.S. stock futures were higher in pre-market trading yesterday and that upbeat sentiment flowed into the official session. The major indices held onto almost all of the early-session gains, unlike the past two days in which morning rallies were completely rejected in the afternoon.

A better-than-expected Economic Sentiment reading within the Eurozone and a surprise 4.2% rise in Japanese retail sales drove the day’s relative optimism. A good spending number for February in the U.S., even though it was not accompanied by an increase in income, kept that momentum going.

Energy shares led the way as the price of crude rose 3% to close at $82.36/barrel. Other outperformers were utility, health-care, industrial and basic material shares. The indexes that track technology and consumer discretionary stocks were the only losers on the session.
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Brent Vondera, Senior Analyst