The major indices have come off their highs and now the Nasdaq and S&P500 have slipped into negative territory.  They were trying to buck a 3 day losing streaks.  Let’s see if that can happen. 

Industrials are the best performing sector today on the heels of Deere’s (DE) earnings.  US Manufacturing PMI slowed in February to 58.5 from 59.2 in January, but it is still solid growth.  Production and new orders weakened, but client demand remained strong. Inflationary pressures also increased.  Newly created job rose at the fastest pace since December 2017.  Meanwhile, the services PMI rose to 58.9 from 58.3, the highest since March 2015.

Advancers are in control today with the up volume blowing away the down.  New highs are also impressive.

Housing

January Existing home sales were stronger than expected +0.6% vs estimates for -2.4% to 6.69 million units, as the move to buy homes continues.  December was also revised higher to +0.9% from+ 0.7%. Year over year, sales increased 23.7%, and median home prices are up 14.1% to $303,900. Inventory is continuing to decline, down 25.7% from the prior year to 1.04 million and is now at 1.9-month supply, a record decline.

Highlights Versus Prior Year:

• All - Cash accounted for 19% vs 21%
• First time buyers 33% vs 31%
• Second time buyer 15% vs 17%

 Sales based on price:

• Under $100,000 6%%
• Under $250,000 +32%
• Under $500,000 +40%
• Under $750,000 +13%
• Under $1,000,000 +4%
• Over $1,000,000 +5%

Have a great weekend. Stay safe and warm.