Brief
This report covers the 11th week of the year spanning Friday, March 10th, through Friday, March 17, 2023.
- The European Central Bank increased interest rates 50 basis points to 3.50%
- Bitcoin (BTC) becomes the top performing asset YTD being up 65.7%
- The total crypto market cap gained nearly 25% last week
- S&P500 Industrials and Materials sectors flip negative YTD
- USDC stablecoin returns to parity with the US Dollar
Economic Reports
Monday Mar 13th
- No notable economic reports
Tuesday Mar 14th
- NFIB Small Business Optimism for February was 90.9 a slight increase from January’s 90.3
- CPI for February increased 0.4% month-over-month which was inline with expectations and was 6.0% year-over-year
- Core CPI for February was up 0.5% month-over-month slightly higher than the expected 0.4% and is up 5.5% year-over-year
Wednesday Mar 15th
- Empire State Manufacturing for March was -24.6 much lower than the expected -8.0 and February’s -5.8
- Retail Sales for February decreased 0.4% much lower than the expected increase of 0.2% and much lower than January’s 3.0%
- Retail Sales ex-auto for February decreased 0.1% which was inline with expectations
- PPI for February was -0.1% which was much lower than the expected 0.3%
- Core PPI for February was 0.0% which was much lower than the expected 0.4%
- Business Inventories for January decreased 0.1% which was lower than December’s increase of 0.3%
Thursday Mar 16th
- Initial Jobless Claims for last week decreased by 20,000 to 192,000 new claims, reasonably less than the expected 215,000
- Continuing Jobless Claims decreased by 29,000 to 1.684 million
- Housing Starts for February were 1,450K reasonably higher than expected 1,313K, and higher than January’s 1,321K
- Building Permits for February were 1,524K reasonably more than the expected 1,345K
Friday Mar 17th
- Industrial Production for February was flat month-over-month lower than the expected increase of 0.5%
- Capacity Utilization for February was 78.0%, lower than the expected 78.5%
- Preliminary University of Michigan Consumer Sentiment for March is 63.4 reasonably lower than the expected 67.2 and less than February’s 67.0
Next Week’s Major Reports
- FOMC Rate Decision – Wednesday 22nd
- New Home Sales – Thursday 23rd
See more Economic News at Briefing.com or learn about each economic report on our education page
US Stocks
US stocks were mixed this past week as stocks were up an average of only 1.0%. Communication Services surged 6.94% followed closely by Information Technology up 5.66%. Meanwhile Energy and Financials got hammered, down 7.02% and 6.09% respectively and both flipped to become negative YTD.
| Index | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| DJIA | 31,861.98 | -47.66 | -0.15% | 31,429.82 | 32,306.59 | -3.88% | ||
| Nasdaq | 11,630.51 | 491.62 | 4.41% | 10,982.80 | 11,773.11 | 11.12% | ||
| S&P 500 | 3,916.64 | 55.05 | 1.43% | 3,808.86 | 3,964.46 | 2.01% | ||
| Wilshire 5000 | 38,762.85 | 383.67 | 1.00% | 38,264.73 | 39,252.12 | 1.81% |
| Index | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| Communication Services | 182.56 | 11.85 | 6.94% | 171.13 | 183.43 | 14.55% | ||
| Consumer Discretionary | 1,097.66 | 25.23 | 2.35% | 1,074.90 | 1,111.48 | 9.17% | ||
| Consumer Staples | 750.63 | 9.46 | 1.28% | 744.68 | 755.75 | -3.66% | ||
| Energy | 584.64 | -44.14 | -7.02% | 584.64 | 621.92 | -13.04% | ||
| Financials | 513.02 | -33.26 | -6.09% | 513.02 | 535.56 | -9.96% | ||
| Health Care | 1,462.81 | 18.90 | 1.31% | 1,457.14 | 1,481.54 | -7.74% | ||
| Industrials | 815.00 | -20.48 | -2.45% | 815.00 | 839.14 | -1.97% | ||
| Information Technology | 2,500.96 | 133.97 | 5.66% | 2,380.00 | 2,503.80 | 15.14% | ||
| Materials | 474.00 | -17.26 | -3.51% | 474.00 | 491.94 | -3.18% | ||
| Real Estate | 226.38 | 0.18 | 0.08% | 226.38 | 231.77 | -2.58% | ||
| Utilities | 337.87 | 12.67 | 3.90% | 330.22 | 341.20 | -5.75% |
Global Stocks
European stocks were down reasonably as the European Central Bank increased interest rates 50 basis points to 3.50%.
| Index | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| UK FTSE 100 | 7,335.40 | -412.95 | -5.33% | 7,309.30 | 7,752.43 | -1.56% | ||
| France CAC 40 | 6,925.40 | -295.27 | -4.09% | 6,861.63 | 7,211.44 | 6.98% | ||
| Spain IBEX 35 | 8,719.30 | -565.70 | -6.09% | 8,655.30 | 9,273.60 | 5.96% | ||
| Germany DAX 40 | 14,768.20 | -659.77 | -4.28% | 14,664.17 | 15,435.81 | 6.07% | ||
| India BSE Sensex | 57,989.90 | -1,145.23 | -1.94% | 57,158.69 | 59,510.92 | -4.69% | ||
| China Shanghai Comp | 3,250.55 | 20.47 | 0.63% | 3,216.99 | 3,279.92 | 5.22% | ||
| HK Hang Seng 50 | 19,518.59 | 198.67 | 1.03% | 19,109.07 | 19,791.64 | -1.33% | ||
| Japan Nikkei 225 | 27,333.79 | -810.18 | -2.88% | 26,632.92 | 27,906.97 | 4.75% | ||
| Australia ASX 200 | 6,994.80 | -149.90 | -2.10% | 6,911.10 | 7,151.40 | -0.62% |
Currencies
The US Dollar (USD) was mixed around the world this week. USD lost a little value in Canada, was up in the rest of the Americas, mixed throughout Europe and the Middle East then mostly down across Asia.
| Currency | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| CAD Canadian Dollar | 1.3728 | -0.0102 | -0.74% | 1.3653 | 1.3860 | 1.28% | ||
| MXN Mexican Peso | 18.9110 | 0.4144 | 2.24% | 18.2398 | 19.1790 | -2.96% | ||
| COP Colombian Peso | 4,850.50 | 131.87 | 2.79% | 4,713.69 | 4,887.72 | 0.04% | ||
| BRL Brazilian Real | 5.2794 | 0.0624 | 1.20% | 5.2137 | 5.3270 | -0.10% | ||
| GBP British Pound Sterling | 0.8211 | -0.0101 | -1.22% | 0.8176 | 0.8327 | -0.67% | ||
| EUR Euro | 0.9374 | -0.0023 | -0.24% | 0.9292 | 0.9507 | 0.32% | ||
| CHF Swiss Franc | 0.9260 | 0.0045 | 0.49% | 0.9071 | 0.9345 | 0.10% | ||
| CZK Czech Koruna | 22.5104 | 0.2834 | 1.28% | 21.9810 | 22.8527 | -0.26% | ||
| NOK Norwegian Krone | 10.7059 | 0.0713 | 0.67% | 10.4986 | 10.8781 | 9.14% | ||
| SEK Swedish Krona | 10.4998 | -0.2180 | -2.03% | 10.3938 | 10.7584 | 0.60% | ||
| RUB Russian Ruble | 76.96 | 0.76 | 1.00% | 40.25 | 77.81 | 4.35% | ||
| SAR Saudi Riyal | 3.7564 | 0.0022 | 0.06% | 3.7532 | 3.7592 | -0.05% | ||
| AED UAE Dirham | 3.6729 | 0.0002 | 0.01% | 3.6725 | 3.6732 | 0.01% | ||
| INR Indian Rupee | 82.53 | 0.51 | 0.62% | 81.66 | 82.94 | -0.27% | ||
| THB Thai Baht | 34.12 | -0.69 | -1.98% | 34.01 | 34.81 | -1.44% | ||
| SGD Singapore Dollar | 1.3417 | -0.0084 | -0.62% | 1.3397 | 1.3540 | 0.06% | ||
| MYR Malaysian Ringgit | 4.4855 | -0.0340 | -0.75% | 4.4675 | 4.5200 | 1.83% | ||
| CNH Chinese Yuan | 6.8907 | -0.0519 | -0.75% | 6.8318 | 6.9505 | -0.44% | ||
| HKD Hong Kong Dollar | 7.8497 | 0.0025 | 0.03% | 7.8374 | 7.8500 | 0.56% | ||
| KRW South Korean Won | 1,308.78 | -11.85 | -0.90% | 1,295.24 | 1,323.00 | 3.71% | ||
| JPY Japanese Yen | 131.83 | -3.17 | -2.35% | 131.55 | 135.12 | 0.54% | ||
| AUD Australian Dollar | 1.4926 | -0.0272 | -1.79% | 1.4870 | 1.5205 | 1.87% | ||
| NZD New Zealand Dollar | 1.5952 | -0.0356 | -2.18% | 1.5929 | 1.6313 | 1.30% |
* Rates are quoted as the amount of local currency to buy 1 US Dollar.
Commodities
- Average US Regular Gas Price – increased 7 cents or 1.98% this week to $3.456 a gallon. See more about US Regular Gas Prices.
- EIA Crude Oil Inventories – increased by 1.55M barrels last week compared to prior week decrease of 1.69M
- EIA Natural Gas Inventories – decreased 58 bcf last week compared to prior week decrease of 84 bcf (billion cubic feet)
Precious Metals were up this week with Silver leading the rise gaining 9.54%.
Fuels were down this week with Crude Oil loosing 12.96%, a barrel of oil is now 66.74.
In Construction Materials Steel took a break from rising sharply over the past few weeks and closed the week flat, however Lumber prices jumped 8.98%.
| Commodity | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| Gold | 1,973.50 | 106.30 | 5.69% | 1,875.70 | 1,993.70 | 8.07% | ||
| Silver | 22.46 | 1.96 | 9.54% | 20.65 | 22.77 | -6.56% | ||
| Platinum | 978.60 | 16.40 | 1.70% | 953.00 | 1,012.00 | -9.63% | ||
| Palladium | 1,386.10 | 23.80 | 1.75% | 1,363.00 | 1,532.00 | -22.91% | ||
| Crude Oil | 66.74 | -9.94 | -12.96% | 65.17 | 77.47 | -16.85% | ||
| Natural Gas | 2.4460 | -0.1130 | -4.42% | 2.4360 | 2.7890 | -40.40% | ||
| Lumber | 451.50 | 37.20 | 8.98% | 404.80 | 456.60 | 20.82% | ||
| Steel (HRC) | 1,056.00 | 0.00 | 0.00% | 1,055.00 | 1,072.00 | 41.94% | ||
| Copper | 3.8925 | -0.1380 | -3.42% | 3.8220 | 4.0775 | 2.15% | ||
| Corn | 6.3425 | 0.1700 | 2.75% | 6.0850 | 6.3875 | -6.52% | ||
| Wheat | 7.1050 | 0.3125 | 4.60% | 6.6725 | 7.1250 | -10.29% | ||
| Soybeans | 14.7650 | -0.3050 | -2.02% | 14.7000 | 15.1650 | -3.12% | ||
| Coffee | 1.7660 | -0.0120 | -0.67% | 1.7105 | 1.8220 | 5.56% | ||
| Cattle | 1.6233 | -0.0195 | -1.19% | 1.6110 | 1.6400 | 2.80% | ||
| Lean Hogs | 0.7988 | -0.0758 | -8.66% | 0.7830 | 0.8743 | -8.92% |
Interest Rates
- Federal Funds Effective Rate – bumped up a basis point this week to 4.58% with the target rate between 4.50–4.75% since the February 1st, 2023 increase of 25 basis points. See more about the Federal Funds Rate.
- 30 Year Average US Mortgage Rates – decreased this week to 6.60% from 6.73% last week. Learn more about 30 year mortgage rates.
- MBA Mortgage Applications Index – increased by 6.5% this week compared to the prior week increase of 7.4%
| Maturity | Week Close | Week Change | Low | Week Range | High | |
|---|---|---|---|---|---|---|
| US 1 Month | 4.140% | -0.488% | 3.665% | 4.681% | ||
| US 3 Month | 4.400% | -0.513% | 4.400% | 4.955% | ||
| US 1 Year | 4.250% | -0.657% | 4.077% | 4.913% | ||
| US 5 Year | 3.511% | -0.456% | 3.426% | 3.989% | ||
| US 10 Year | 3.430% | -0.275% | 3.368% | 3.750% | ||
| US 30 Year | 3.628% | -0.082% | 3.513% | 3.830% |
Cryptocurrencies
- Total Crypto Market Cap – increased 24.8% or 234.7B this week to 1.18T
- Bitcoin Supply – 6,622 more Bitcoin have been mined this week, the total supply is now 19,320,337 out of the max supply of 21M. The max supply is 92.00% mined.
Cryptos surged this week and Bitcoin becomes the top performing asset YTD, rising 35.85% this week.
| Rank* | Crypto | Week Close | Week Change | Change % | % of Market** | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | BTC | 27,423.93 | 7,236.69 | 35.85% | 44.86% | 20,068.66 | 27,787.81 | 65.73% | ||
| 2 | ETH | 1,792.49 | 363.33 | 25.42% | 18.57% | 1,428.72 | 1,799.34 | 49.78% | ||
| 3 | BNB | 339.08 | 61.66 | 22.23% | 4.53% | 272.28 | 340.27 | 37.64% | ||
| 4 | XRP | 0.3804 | 0.0098 | 2.64% | 1.64% | 0.3525 | 0.3875 | 11.92% | ||
| 5 | ADA | 0.3505 | 0.0352 | 11.16% | 1.03% | 0.3044 | 0.3685 | 42.19% | ||
| 6 | MATIC | 1.2200 | 0.1600 | 15.09% | 0.91% | 1.0000 | 1.2500 | 60.84% | ||
| 7 | DOGE | 0.0765 | 0.0107 | 16.22% | 0.86% | 0.0645 | 0.0776 | 8.85% | ||
| 8 | SOL | 21.63 | 3.39 | 18.59% | 0.70% | 17.17 | 22.11 | 117.17% | ||
| 9 | DOT | 6.6400 | 1.0900 | 19.64% | 0.67% | 5.2900 | 6.6400 | 54.06% | ||
| 10 | SHIB | 0.00001117 | 0.00000088 | 8.55% | 0.56% | 0.00001001 | 0.00001177 | 38.12% |
* Rank is based on market cap of non-stablecoins.
** Represents the % of the total crypto market cap
Other Fascinating Stats
The US National Debt decreased 0.21 billion (Wednesday Mar 8th to Wednesday Mar 15th), to a total debt of $31,458,799,258,235.48 according to the Treasury Department. The National Debt has surpassed congresses approved debt limit of 31.381 trillion for over 8 weeks now. See the Debt to the Penny.
The number of solar Sunspots (magnetic storms on the surface of the sun) decreased this week to 84 from 155 last week, the sun has had 0 spotless days in 2023. See more about Sunspots and space weather.
NASA has cataloged 0 new exoplanets this week keeping the total at 5,300 confirmed and catalogued Exoplanets across 3,969 confirmed Planetary Systems. 59 Exoplanets have been confirmed this year so far and there are 9,245 Exoplanet Candidates being evaluated for confirmation. Learn about all of the Exoplanets from NASA’s Exoplanet Catalog.