Relative to 50d moving average, Mag 7 (as a group) has weakened sharply ... ratio now at lowest since last September

Florida's housing market has become huge focal point for insurance costs given intensifying natural disasters ... while median condo prices have been struggling on coasts, inland Florida has seen relative strength per ⁦Redfin⁩

Average workweek collapsed in February per Dallas Fed Manufacturing Index … a new cycle low for subcomponent

MA breadth charts updated thru yesterday’s close

Performance: index tables and Mag7 chart/table updated thru yesterday’s close

February Consumer Confidence Index from The Conference Board falls to 98.3 vs 102.5 est. & 105.3 prior (revised up from 104.1) ; present situation 136.5 vs 139.9 prior; expectations 72.9 vs. 82.2 prior

February Richmond Fed Manufacturing Index (blue) rose to 6 vs. -3 est. & -4 in prior month…new orders and shipments increased…employment (orange) jumped to +9

Average inflation expectations from ⁦The Conference Board⁩ over coming year jumped to 6% in February, up from 5.2% in the prior month and the highest since May 2023

February Dallas Fed Services Index fell to 4.6 vs. 7.4 prior

Folks not feeling good about the market ... consumers' expectations for stock prices to move higher in the next year fell in February by the most since March 2020 per the Conference Board's Consumer Confidence Index

December S&P CoreLogic CS 20-City Home Price Index (blue) +4.48% y/y vs. +4.35% prior … National Home Price Index (orange) +3.92% vs. +3.68% prior

Defensive trades gaining steam with Cons Staples leading today and Health Care maintaining lead YTD ... NASDAQ down most today and down by 3.1% MTD; Russell 2000 Growth down most MTD

Sharp increase in % of consumers expecting worse business conditions in next 6 months (orange) per ⁦The Conference Board⁩ … conversely, deterioration in % expecting better conditions (blue)

Labor differential component (difference between jobs plentiful and jobs hard to get) in Consumer Confidence Index eased to 17.1 in February vs. 19.4 in January ⁦The Conference Board⁩

Year/year growth in home prices has remained remarkably steady over past couple years per ⁦U.S. Federal Housing (FHFA)⁩ U.S. House Price Index

Difference between ‘expectations’ and ‘present situation’ components in Consumer Confidence Index fell again in February … prior uptrend had been consistent with a recession, but climb up has been cut short ⁦The Conference Board⁩

Current (blue) and future (orange) capex components in ⁦Richmond Fed⁩ Manufacturing Index rolled over in February … former went back into contraction

Adjusted for ISM methodology, ⁦Richmond Fed⁩ Manufacturing Index went against its peers in February and moved higher (up to 52.8)

Service and manufacturing sectors turned lower relative to prior month’s trend in both ⁦Philadelphia Fed⁩ (top panel) and ⁦Dallas Fed⁩ (bottom panel) surveys in February

Using beginning of 2017 as a starting point, minerals exports have grown significantly, followed by chemicals ... chemicals imports have grown most (bottom panel), followed by machinery per ⁦Arbor Data Science⁩ ⁦Bloomberg⁩