By Bill Hornbarger, Chief Investment Officer
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Three Things to Watch
- It’s a data-heavy week with the March Flash Purchasing Manager Indices, consumer confidence and sentiment, and inflation data. Manufacturing has been improving in recent months, and the March data will provide an opportunity to gauge if that was front-loading in front of tariffs. If so, look for manufacturing to begin to pull back, potentially starting with the data this week. March Empire State and Philadelphia Fed manufacturing surveys (released last week) both softened, and while the data this week is expected to be softer, it is expected to remain in positive territory.
- Consumer sentiment and confidence have been trending lower, and the markets will receive readings on both this week. With household expectations having deteriorated in recent months, a clear concern is that this would translate into a slowdown in consumer spending. Retail sales (reported last week) were better than expected, allaying some of those fears. U.S. Federal Reserve (Fed) Chairman Powell downplayed the increased inflation expectations from the sentiment data, saying tariff-induced inflation will be transitory.
- Personal consumption expenditures (PCE) will be released on Friday. The Fed’s closely watched inflation measure (core PCE) is expected to tick up slightly to 2.7% from 2.6%.
Three Things to Know
- All 30 Major League Baseball (MLB) teams will play on Thursday, March 28, the earliest Opening Day in MLB history. (Source: Jugs Sports)
- The first ceremonial first pitch to be thrown by a U.S. president took place in Washington, D.C., on April 14, 1910. William Howard Taft, the 27th president of the United States, was an avid baseball fan and the first U.S. president to throw out a pitch, which he did from a special box seat (as opposed to the mound). The last president to continue this tradition was Barack Obama, who donned a Washington Nationals jacket along with a White Sox hat, supporting his favorite Chicago team. Harry Truman was the only president to throw out left-handed and right-handed first pitches on Opening Day. He showcased his ambidextrous talents on April 18, 1950. (Sources: History.com, Jug Sports)
- One player of note is Ted Williams, who not only batted .449 in Opening Day games, but also made his Major League debut among some historic talent on the field with him. On April 20, 1939, Williams started in right field for the Boston Red Sox in a game against their rivals, the New York Yankees. The pitching matchup was Lefty Grove and Red Ruffing, two eventual Hall of Famers. The managers were Joe Cronin and Joe McCarthy. And in the ballpark that day were Joe DiMaggio, Bill Dickey, Joe Gordon, Jimmie Foxx and Bobby Doerr—who were all on the Opening Day rosters—and Babe Ruth, who was watching from the stands. On that Opening Day on April 20, 1939, Lou Gehrig was on the field for the Yankees, playing in his 2,123rd consecutive game. It was the only game in which Williams and Gehrig would ever share the field. The next day, April 21, Boston played Philadelphia as part of a three-game series. Gehrig would play in only seven more games, ending his streak and career at 2,130 games. (Source: Baseball Almanac)
The above information reflects the current opinion of the author. It is based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security mentioned.