John Hancock: Weekly Market Recap Week Ended March 7

Jobs moderation

February’s gain of 151,000 jobs came in slightly below most analysts’ expectations but marked a modest increase from the previous month’s adjusted figure of 125,000. Nevertheless, growth has recently been moderating overall, as monthly jobs gains averaged 168,000 over the past 12 months.

Dollar depreciation

A measure of the U.S. dollar’s value relative to a basket of other major currencies was down 2.4% for the week as of Friday afternoon—the dollar’s biggest weekly decline since November 2022. In contrast, the euro was posting its biggest weekly gain versus the dollar since 2009 after European governments announced plans for increased stimulus spending.

Equity style rotation

An index of U.S. large-cap growth stocks lagged its value counterpart by a wide margin, extending the value equity style’s year-to-date comeback following growth’s market leadership in 2024. The growth index closed down 3.9% for the week on a total return basis while a value index fell 2.4%.

CPI ahead

A Consumer Price Index report scheduled for release on Wednesday will show whether a recent trend of slightly hotter-than-expected inflation extended into February. The most recent CPI report showed an annual core inflation rate of 3.3% in January, excluding volatile energy and food prices. That result was above economists’ consensus forecast and slightly above the previous month’s annual figure.

SOURCE: https://www.jhinvestments.com/weekly-market-recap#market-moving-news