E US Stock Market Weekly Review Feb. 22 – 26, 2021

The S&P/Case-Shiller Home Price Indices, which examines changes in the value of the residential real estate market in 20 regions across the US and serves as an indicator for the health of the US housing market came in at 10.1%, better than the consensus of 9.9%. New Home Sales reported were strong, with a figure of 0.923 M, higher than the forecast of 0.855 M.

Durable Goods Orders were a beat, with a figure of 3.4%, much larger than the consensus of 1.1%. The Gross Domestic Product Annualized( Q4) PREL figure of 4.1% reported was the same as per the consensus.

Positive news this week for the labor market. Continuing Jobless Claims came in at 4.419 M, lower than the consensus of 4.467 M, and Initial Jobless Claims came in at 730 K lower than the consensus of 838 K.

Personal Income came in at 10%, higher than the consensus of 9.5%. Personal Spending was a slight miss with a figure of 2.4%, less than the consensus of 2.5%. The Chicago Purchasing Managers' figure of 59.6 was a miss, as the consensus was a figure of 61.1, but still, it is shows optimism and strength for the overall economic condition in the US.

Overall, the economic data was very positive and supportive the previous week.

U.S. Stock Market Weekly Performance 

The major US stock market indexes closed as follows on Friday February 26, 2021:

• Dow Jones Industrial Average: Close 30932.37 , -1.78% for the week, +1.06% Year-to-date

• S&P 500 Index: Close 3811.15, -2.45% for the week, +1.47% Year-to-date

•  Nasdaq Composite Close 13192.35, -4.92% for the week, +2.36%, Year-to-date

• Russell 2000: Close 2201.05 , -2.90% for the week, +11.45% Year-to-date

Economic events for the week March- March 5, 2021:

Important economic data for the next week will be the weekly Initial and Continuing Jobless Claims, the ISM Manufacturing PMI, the ADP Employment Change, the ISM Services PMI, the Fed's Beige Book, the Nonfarm Payrolls, and the Unemployment rate.

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Disclosure: I have no position in any stock mentioned

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