By Bill Hornbarger, Chief Investment Officer
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Three Things to Watch
- All eyes will be on April 2, a day President Trump dubbed “Liberation Day.” He is expected to impose reciprocal tariffs along with a 25% tariff on auto imports on that date. Expect more volatility around any announcements amid the heightened uncertainty.
- On the data front, the Institute for Supply Management (ISM) Manufacturing Survey will be out Tuesday morning. Although the headline number has been trending up in recent months, the sub-components were weak in February. ISM is expected at 49.5 for March, with prices paid expected to increase to 64.5. Those readings would represent a three-month low for overall activity and a 2.5-year high for prices.
- March payrolls are expected to decline slightly to 138,000 with a steady unemployment rate at 4.1%. So far, the jobs data has held up relatively well amid the tariff concerns.
Three Things to Know
- The youngest American killed in action in the Vietnam War was Dan Bullock. He was only 14 years old when he enlisted in the U.S. Marine Corps in September 1968 after falsifying his birth certificate. Dan lost his life when the bunker he was in took a direct hit from a rocket-propelled grenade in June 1969. He was just 15 years old. (Source: Fascinating)
- On April 1, 1957, the BBC TV show “Panorama” ran a segment about the Swiss spaghetti harvest enjoying a “bumper year” thanks to mild weather and the elimination of the spaghetti weevil. Many credulous Britons were taken in, and why not? The story was on television—then a relatively new invention. The story was ranked the No. 1 April Fools’ hoax of all time by the Museum of Hoaxes website—a fine source for all things foolish. (Source: CNN)
- Meta is the only member of the Magnificent 7 that’s outperforming the S&P 500 this year. The other six are all underperforming year to date with returns ranging from -10% (Microsoft) to
-35% (Tesla). (Source: Charlie Bilello)
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.