Major indicies are trading lower today, with the major indices trading at or near their lowest levels of the day.

Only three sectors are in the green, with Energy (XLE) once again leading the way. Financials (XLF) is the laggard, followed by Consumer Discretionary (XLY).

Cruise liners are leading the Consumer Discretionary sector lower, after new taxes are being considered.

Economic Data

The Philadelphia Manufacturing Index weakened, falling to 18.1 in February, missing estimates of 20 and down from 44.3 in January. Notably prices paid rose to 40.5 from 31.9, and prices received rose to 32.9 from 29.7.

Notable points:

• New Orders declined to 21.9 from 42.9
• Shipments fell to 26.3 from 41
• Employment eased to 5.3 from 11.9
• Prices paid rose to the highest level since October 2022 to 40.50

Initial Jobless Claims rose 5,000 to 219,000 last week, surpassing consensus of 215,000.

Furthermore, continuing claims increased to 1.869M from 1.845M the prior week and below estimates of 1.87M.

The Conference Board Leading Index fell 0.3% m/m in January, compared to December's upwardly revised reading of +0.1% m/m (from -0.1%), and missing consensus of -0.1% m/m.

The contributing factors of the decline were the S&P 500 Index, Consumer Expectations, ISM New Orders, and most notably Average Weekly Hours. Interest Rate Spreads, the Leading Credit Index, and Initial Unemployment Claims remain as positive contributors.

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