Leaders & Laggards 3.3.25
(-) Same story: Economic data missed (slowing growth fears) and tariff headlines continued
(-) February ISM Manufacturing missed, 50.3 vs ests 50.7, New Orders & Employment fell back below expansionary 50 level, Price Paid biggest jump since 2022, so weaker demand/higher prices, not a great combo
(+/-) Fear has woken up, but still just a ripple so far?
Nvidia, and other AI-related stocks led Semis & Tech lower…
OPEC says going ahead with April Oil production output increase…brought Oil back near the lows of the 2+ year trading range…
Rotation to Defensives picked up steam…
Very different look…
S&P 500 flips red year-to-date…via Bloomberg…
Worst start to March since 2009…via Koyfin…
S&P 500 into first real support, potential first touch of the 200-day moving average since 2023…5.5% off the highs so far, run of the mill…
Small Caps already broke it, but did in 2023 as well, and are now sitting on the low end of the channel oversold, would be a good spot to hold…that’s 15% off the November high…
February is usually pretty crummy (check), and?March is typically pretty decent (TBD, but not a great start)…via Bespoke?
Leaders & Laggards:
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