Get Ready For A Slew of Data As Weekend Nears
March 17, 2017 - 10:29am
The week may be almost over, but there’s still some data to comb through before people go home.
Friday brings another string of economic numbers, including February industrial production, February leading indicators, and the first read on March consumer sentiment from the University of Michigan. Arguably the biggest of these to watch is industrial production, which analysts expect to rise 0.2\% in February following a 0.3\% contraction in January.
The market seemed primed for a slightly higher open after a mixed performance from overseas markets. Today’s data-fest could help determine some of the direction once the numbers come in. Otherwise, things appear pretty quiet as an eventful week rolls toward its close.
That thud you heard Thursday was the health care sector, which dropped nearly 1\% and appeared to drag on the S&P 500 Index (SPX). A lot of commentary focused on Biogen Inc (NASDAQ: BIIB), a high-profile biotech stock that slumped 4\% after a downgrade. And biotechs seemed to pull down the health care sector as a whole, with the S&P Biotechnology Index falling more than 1\%.
Still, even with Thursday factored in, biotechs have performed pretty well over the last three months, and certainly the extended slide that hit the sector in the second half of 2015 appears to be long over. Additionally, health care as a whole is up nearly 10\% over the last three months, making it one of the leading sectors over that stretch. Perhaps some of the selling Thursday reflected profit taking.
Speaking of sectors, financials recovered ...Full story available on Benzinga.com
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