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Kingsbarn Capital & Development
Managed-Direct Ownership
As rising Treasury yields spook stock investors, March looms like a lion
After a frenetic February, investors are probably hoping that March holds true to its proverb: In like a lion out like a lamb. Indeed, February turned out to be a doozy, with benchmark bond yields, represented by the 10-year Treasury note TMUBMUSD10Y, 1.430% and the 30-year long bond TMUBMUSD10Y, 1.430%, ringing up their biggest monthly surges since 2016, according to Dow Jones Market Data. The move was a stark reminder to investors that bonds, considered mundane and straight-laced by some investors, can wreak havoc on the market all the same.

DATA DECK FOR Mar 1 - Mar 5
Mar 1 Final Manufacturing PMI Medium 58.5 58.5
Mar 1 Construction Spending m/m Low 0.7% 1.0%
Mar 1 ISM Manufacturing PMI High 58.7 58.7
Mar 1 ISM Manufacturing Prices Low 80.0 82.1
Mar 2 IBD/TIPP Economic Optimism Low 52.1 51.9
Mar 2 Wards Total Vehicle Sales Low 16.4M 16.6M
Mar 3 ADP Non-Farm Employment Change Medium 203K 174K
Mar 3 Final Services PMI Low 58.9 58.9
Mar 3 ISM Services PMI Medium 58.7 58.7
Mar 3 Crude Oil Inventories Medium 1.3M
Mar 4 Challenger Job Cuts y/y Low 17.4%
Mar 4 Unemployment Claims Low 747K 730K
Mar 4 Revised Nonfarm Productivity q/q Low -4.7% -4.8%
Mar 4 Revised Unit Labor Costs q/q Low 6.7% 6.8%
Mar 4 Factory Orders m/m Low 2.2% 1.1%
Mar 4 Natural Gas Storage Low -338B
Mar 5 Non-Farm Employment Change High 133K 49K
Mar 5 Unemployment Rate High 6.4% 6.3%
Mar 5 Average Hourly Earnings m/m High 0.2% 0.2%
Mar 5 Trade Balance Low -67.5B -66.6B
Mar 5 Consumer Credit m/m Low 13.5B 9.7B