There isn’t a lot of strength or weakness today as we end a busy week of tariff news, inflation updates, and retail sales which fell short of consensus.

The Magnificent Seven are divided today, with four in the red and three in the green.

This afternoon, Energy (XLE) is the clear leader. The lagging sectors are Consumer Staples (XLP) and Health Cave (XLV), which are trading lower after Robert F. Kennedy Jr. (RFK) got confirmed as Health and Human Services Secretary and officially established the Make America Healthy Again (MAHA) Commission.

Economic Data

Industrial production expanded by 0.5% m/m in January, below the upwardly revised 1% increase of December and above expectations of a 0.3% increase.

Notable points:

• Utilities output rose by 7.2% m/m
• Motor Vehicles and parts fell by 5.2% m/m
• Mining output declined by 1.2% m/m

Manufacturing output, which accounts for 78% of total industrial production, came at -0.1% m/m in January, below consensus of +0.1% and December' results of +0.5%. While durable goods remained unchanged, non-durables declined 0.3% m/m.

Markets will be closed on Monday in observance of Presidents’ Day. Have a great weekend!