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First Call March 5, 2021
- S&P futures up 0.3%, off some earlier weakness. Follows US equities coming under pressure on Thursday with S&P down for a third straight session and suffering back-to-back declines of ~1.3%. Stocks on track to finish mostly lower this week with growth and momentum meaningfully underperforming value.
- Big day for US economic data
- Potential for upside trade looking at shorter-term 60-minute charts - hard stop at recent low
- Asian equities mostly lower overnight though China turned around early morning losses and closed only down slightly.
- European markets are weaker.
- Treasuries little changed overall.
- Dollar extending its strength on the major crosses, up over 1% this week.
- Gold down 0.3%.
- WTI crude up 2.5% after rallying over 4% yesterday on the unexpected OPEC+ decision to leave output unchanged.