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As we close the books in February and enter the final month of the current quarter, the Nasdaq Composite ended the month by hitting a closing record, its first since November 2021. That market barometer closed February with a gain of 6.1%, outpacing the S&P 500 and its 5.2% increase during the month.

Impressive gains for sure, but as you can see below so too were the ones for several of our targeted exposure models, which handily beat both benchmarks. Matching the volume of signals and musings for those models we’ve shared so far this year, and those returns speaks to the power that comes with our thematic and targeted exposure framework. 

Manufacturing PMI Data and More Fed Heads

Equity futures point to a mixed start for March, but our thinking is that this morning’s February Manufacturing PMI reports from ISM and S&P Global will reveal new insights about the strength of the manufacturing economy, inflation, and job creation and will influence how the market begins this new trading month.

Because the market will be interested in whether yesterday’s January core PCE Price Index and inflation as well as the manufacturing data in today’s manufacturing reports sway the Fed’s message that rate cuts could happen “later this year”, comments from six Fed speakers today will be another influence on how the market closes out the week. 

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