Barron's - USA (2021-03-01)

M32 BARRON’S March1,2021

Market Laboratory

DOWJONESU.S.TOTALMARKETINDUSTRYGROUPS

NetChange %ChangeandRanking 52Week

Top20WeeklyRanked IG-Sym Close Wkly YTD Week Rank YrAgo Rank YTD Rank 3Yr High Low

Recreational Svcs DJUSRQ 111.07 + 9.73 18.64 +9.61 [1] +6.36 [97] +20.17 [10] –11.32 113.99 34.40

Airlines DJUSAR 227.59 + 17.02 43.59 +8.08 [2] +1.51 [104] +23.69 [5] –7.14 234.98 91.71

Oil Equipment & Svcs DJUSOI 178.36 + 11.95 30.46 +7.18 [3] –.54 [111] +20.59 [8] –24.52 184.65 69.91

Aluminum DJUSAL 83.87 + 4.85 5.12 +6.14 [4] +85.92 [5] +6.51 [40] –17.46 92.92 17.51

Hotels DJUSLG 2466.97+ 139.65 263.90 +6.00 [5] +27.40 [51] +11.98 [22] +5.62 2,572.55 1,026.45

Exploration & Production DJUSOS 526.34 + 25.77 122.21 +5.15 [6] +9.41 [87] +30.24 [2] –8.83 552.02 214.60

Oil & Gas Producers DJUSOG 445.76 + 19.46 97.96 +4.56 [7] +4.12 [101] +28.16 [3] –9.72 465.17 219.53

Gambling DJUSCA 964.81 + 38.45 151.11 +4.15 [8] +22.24 [64] +18.57 [11] –1.08 979.89 338.56

Integrated Oil & Gas DJUSOL 405.58 + 16.00 85.12 +4.11 [9] +.35 [106] +26.56 [4] –10.08 421.57 224.23

Consumer Finance DJUSSF 457.80 + 16.50 5.84 +3.74 [10] +17.19 [77] +1.29 [74] +17.15 474.17 256.58

Heavy Construction DJUSHV 630.31 + 22.61 79.02 +3.72 [11] +42.33 [25] +14.33 [18] +11.11 640.70 267.34

Commercial Vehicles DJUSHR 3231.60 + 83.38 504.53 +2.65 [12] +67.06 [6] +18.50 [12] +13.85 3,294.06 1,301.27

Full Line Insurance DJUSIF 42.39 + 1.07 4.42 +2.60 [13] –3.87 [114] +11.63 [23] –6.92 44.03 19.61

Marine Transportation DJUSMT 205.36 + 5.19 35.22 +2.59 [14] –7.85 [119] +20.70 [7] –6.63 214.91 112.26

Steel DJUSST 251.63 + 6.25 28.55 +2.55 [15] +26.58 [53] +12.80 [20] –6.54 264.98 121.97

Oil Equip, Svcs & Distri DJUSOQ 251.91 + 6.12 32.17 +2.49 [16] –12.20 [124] +14.64 [17] –18.43 279.05 116.06

Retail REITs DJUSRL 82.92 + 1.56 11.72 +1.92 [17] –17.02 [133] +16.46 [14] –5.93 96.77 45.00

Industrial Engineering DJUSIQ 2782.95 + 45.54 226.80 +1.66 [18] +41.10 [26] +8.87 [30] +11.43 2,837.76 1,256.14

Travel & Leisure DJUSCG 1425.00 + 22.20 99.89 +1.58 [19] +20.15 [70] +7.54 [36] +6.47 1,457.85 675.86

Life Insurance DJUSIL 803.78 + 11.91 82.28 +1.50 [20] +8.97 [90] +11.40 [24] –1.41 837.62 373.14

NetChange %ChangeandRanking 52Week

Top20YrAgoRanked IG-Sym Close Wkly YTD Week Rank YrAgo Rank YTD Rank 3Yr High Low

Automobiles DJUSAU 862.03– 111.68 .74 –11.47 [138] +224.69 [1] +.09 [85] +57.76 1,077.96 134.39

Nonferrous Metals DJUSNF 453.61 – 47.89 105.54 –9.55 [136] +224.19 [2] +30.32 [1] +20.19 509.39 71.03

Automobiles & Parts DJUSAP 1021.72– 116.55 12.30 –10.24 [137] +178.33 [3] +1.22 [75] +40.27 1,239.34 195.90

Industrial Metals & Mining DJUSIM 294.34 – 12.84 51.49 –4.18 [112] +90.92 [4] +21.20 [6] +3.60 320.94 88.40

Aluminum DJUSAL 83.87 + 4.85 5.12 +6.14 [4] +85.92 [5] +6.51 [40] –17.46 92.92 17.51

Commercial Vehicles DJUSHR 3231.60 + 83.38 504.53 +2.65 [12] +67.06 [6] +18.50 [12] +13.85 3,294.06 1,301.27

Delivery Svcs DJUSAF 1346.77 – 15.91 –66.31 –1.17 [49] +66.18 [7] –4.69 [120] +8.06 1,498.78 666.48

Semiconductor DJUSSC 6756.07– 355.44 507.23 –5.00 [124] +62.24 [8] +8.12 [33] +24.16 7,151.80 3,082.27

Computer Hardware DJUSCR 6132.45– 401.34–470.16 –6.14 [131] +61.66 [9] –7.12 [128] +34.86 7,093.05 2,859.07

Technology Hardware& Equip DJUSTQ 3238.91– 184.58 –4.80 –5.39 [128] +56.69 [10] –.15 [88] +26.53 3,492.62 1,580.41

Media Agencies DJUSAV 824.82 – 32.64 105.68 –3.81 [102] +52.21 [11] +14.70 [16] +12.58 869.80 347.17

Toys DJUSTY 1400.51 – 99.04 –65.06 –6.60 [133] +50.81 [12] –4.44 [119] +7.94 1,548.20 765.22

Internet DJUSNS 2932.78– 107.62 217.00 –3.54 [101] +50.25 [13] +7.99 [34] +19.51 3,099.31 1,473.18

Leisure Goods DJUSLE 938.97 – 57.66 –28.66 –5.79 [130] +50.21 [14] –2.96 [109] +9.40 1,027.60 491.25

Broadline Retailers DJUSRB 3137.88– 161.90–168.06 –4.91 [123] +49.84 [15] –5.08 [122] +24.18 3,520.79 1,791.13

Basic Resources DJUSBS 238.43 – 10.25 19.18 –4.12 [111] +49.37 [16] +8.75 [31] +4.52 256.39 109.84

Auto Parts DJUSAT 599.38 – 4.67 53.20 –.77 [41] +48.59 [17] +9.74 [27] +1.72 614.08 244.95

Recreational Products DJUSRP 548.66 – 3.82 33.75 –.69 [40] +48.18 [18] +6.55 [39] +11.72 583.42 216.09

Electronic Equipment DJUSAI 944.20 – 11.04 66.20 –1.16 [47] +47.52 [19] +7.54 [35] +14.61 978.29 433.98

Footwear DJUSFT 2440.06– 122.88 –95.88 –4.79 [119] +44.28 [20] –3.78 [116] +23.18 2,647.04 1,139.98

Groupsareweightedbycapitalization.52-weekhighsandlowsarebasedondailycloses.Dec.31,1991=100.IntheU.S.listings,%volchg
columnshowsthechangefromprevious65-daymovingaverage.Volumefiguresdonotreflectextendedtradinghours.

ComingEarnings

Day Consensus Year

Estimate Ago

Continuedfrompage11ofthemainsection.

T Target.....................................

AutoZone(Q2) 12.60 12.40

Box(Q4) 0.17 0.07

Kohl’s(Q4) 0.93 1.99

Nordstrom(Q4) 0.14 1.42

Target(Q4) 2.52 1.69

W

DollarTree(Q4) 2.11 1.79

Okta(Q4) 0.01 ...

Snowflake(Q4) -0.16 ...

Yext(Q4) -0.03 -0.08

TH

Broadcom(Q1) 6.56 5.25

Ciena(Q1) 0.45 0.52

Costco(Q2) 2.44 2.10

Gap(Q4) 0.19 0.58

F

BigLots(Q4) 2.50 2.39

(Earningsaredilutedandreportdatesaretentative. Allfore-

castsandhistoricalnumbersexcludeextraordinaryitemsby

accountingdefinitions.)

Source:FactSet

SELECTEDINITIALPUBLICOFFERINGS

Initial Most

Ticker Offer IPO Recent %

Code Price Date Price Chg

AfricanGoldAcqui AGACU 10.00 2/26 10.00 0.0%

IberePharmaceuticalsIBERU 10.00 2/26 10.05 0.5%

MCAPAcquisition MACQU 10.00 2/26 10.00 0.0%

WarriorTechnologiesWARRU 10.00 2/26 10.01 0.1%

EJFAcquisition EJFAU 10.00 2/25 10.07 0.7%

FlameAcquisition FLMEU 10.00 2/25 10.05 0.5%

IsleworthHealthcare ISLEU 10.00 2/25 10.05 0.5%

ScoreMedia&GamingSCR 27.00 2/25 26.99 0.0%

USHGAcquisition HUGSU 10.00 2/25 10.27 2.7%

BOAAcquisition BOASU 10.00 2/24 10.06 0.6%

CartesianGrowth GLBLU 10.00 2/24 10.06 0.6%

Colicity COLIU 10.00 2/24 10.34 3.4%

SoaringEagleAcqui SRNGU 10.00 2/24 10.85 8.5%

ArctosNorthStar ANACU 10.00 2/23 10.24 2.4%

FTACAthena FTAAU 10.00 2/23 10.45 4.5%

Slam SLAMU 10.00 2/23 10.40 4.0%

VelocityAcquisition VELOU 10.00 2/23 10.20 2.0%

Onlyincludesnewreports. Latest Latest Preceding Year YroYr

EconomicGrowthandInvestment Date Data Period Ago %Chg

Gross domestic product ................................................................ 4th Qtr 4.1 33.4 2.4 –2.40

Personal income, (bil. $)................................................................ Jan 21,453.9 r19,499.2 18,973.3 13.07

Personal Savings Rate, St.Louis Fed.............................................. Jan 20.5 r13.4 7.6 169.74

All fixed investment, (bil. $)............................................................ 4th Qtr 3,462.9 3,314.7 3,387.2 2.23

Non–residential investment, (bil. $) ............................................... 4th Qtr 2,747.6 2,659.0 2,781.5 –1.22

Residential investment, (bil. $) ...................................................... 4th Qtr 696.8 645.5 610.5 14.14

Production

Electric power, (mil. kw hrs) (EEI) .................................................. Feb 20 85,601 83,686 76,354 12.11

Petroleum, related capacity, % ...................................................... Feb 19 68.6 83.1 87.9 –21.96

Rotary rigs running, U.S. & Can., (Hughes).................................... Feb 26 565 569 1,030 –45.15

Steel, (thous. tons)........................................................................ Feb 20 1,745 1,743 1,901 –8.21

Steel, rated capacity, % (AISI)........................................................ Feb 20 77.0 76.9 81.5 –5.52

ConsumptionandDistribution

Consumer spending, (bil. $) .......................................................... Jan 14,816.8 r14,475.9 14,880.5 –0.43

Durable goods (bil. $).................................................................... Jan 260.6 r255.6 250.2 4.16

Instinet Research Redbook Avg. (monthly %)................................ Feb 20 –0.76 –1.58 0.51 ....

Baltic Dry Index ............................................................................. Feb 26 1,675 1,698 535 213.08

New home sales, (thous. units)...................................................... Jan 923 r885 774 19.25

Personal consumption, (bil. $)....................................................... 4th Qtr 13,000.3 12,924.7 13,353.7 –2.65

Inventories

Domestic crude oil, (thous. bbls) Comm. (Excl. Lease Stck) ........... Feb 19 463,042 461,757 443,335 4.45

Gasoline, (thous. bbls) .................................................................. Feb 19 257,096 257,084 256,387 0.28

Latest Latest Preceding Year YroYr

Date Data Period Ago %Chg

PULSEOFTHEECONOMY

Orders

Durable goods, (bil. $)................................................................... Jan 256.6 r248.1 246.5 4.10

Trade

Exports, (bil. $).............................................................................. 4th Qtr 2,276.1 2,166.5 2,557.8 –11.01

Imports, (bil. $) ............................................................................. 4th Qtr 3,399.1 3,185.5 3,419.3 –0.59

Inflation

JOC–ECRI Industrial Price Index f.................................................. Feb 26 128.74 129.93 87.04 47.91

Gross domestic product deflator.................................................... 4th Qtr 2.1 3.5 1.4 ....

Employment

Initial jobless claims (thous.) ........................................................ Feb 20 730 r841 220 231.82

Continuing claims (mil.) ................................................................ Feb 13 4.419 r4.520 1.693 161.02

Construction

Home Price Index S&P Case–Shiller – Comp. 10 (SA) .................... Dec 254.18 r252.03 231.46 9.82

OtherIndicators

Consumer confidence (Conference Board) .................................... Feb 91.3 r88.9 132.6 –31.15

Citi Research Panic–Euphoria Reading .......................................... Feb 26 1.67 r1.63 0.25 ....

Index of coincident indicators h ..................................................... Jan 103.3 r103.1 107.3 –3.73

Index of lagging indicators h.......................................................... Jan 106.2 r106.8 108.7 –2.30

Index of leading indicators h .......................................................... Jan 110.3 r109.7 112.0 –1.52

Coincident to lagging ratio h .......................................................... Jan 0.97 r0.97 0.99 –2.02

a-1997equals100.b-1982-84equals100.c-1982equals100.f-1996equals100.h-benchmarkrevision,2016equals100.r-Revised.

US TREASURY BILLS

Wkly Ask

Maturity Bid Asked Chg. Yld.

Mar 02 '21 0.03 0.02 -0.01 0.02

Mar 04 '21 0.03 0.02 .... 0.02

Mar 09 '21 0.02 0.01 -0.01 0.01

Mar 11 '21 0.04 0.03 0.01 0.03

Mar 16 '21 0.03 0.02 .... 0.02

Mar 18 '21 0.03 0.02 .... 0.02

Mar 23 '21 0.03 0.02 .... 0.02

Mar 25 '21 0.04 0.03 .... 0.03

Mar 30 '21 0.04 0.03 .... 0.03

Apr 01 '21 0.04 0.03 0.01 0.03

Apr 06 '21 0.04 0.03 0.01 0.03

Apr 08 '21 0.04 0.03 0.01 0.03

Apr 13 '21 0.04 0.03 0.01 0.03

Apr 15 '21 0.04 0.03 0.01 0.03

Apr 20 '21 0.05 0.04 0.01 0.04

Apr 22 '21 0.03 0.02 .... 0.02

Apr 27 '21 0.04 0.03 .... 0.03

Apr 29 '21 0.04 0.03 .... 0.03

May 06 '21 0.04 0.03 0.01 0.03

May 13 '21 0.05 0.04 0.01 0.04

May 20 '21 0.05 0.04 0.01 0.04

May 27 '21 0.04 0.03 .... 0.03

Jun 03 '21 0.05 0.04 0.01 0.04

Jun 10 '21 0.05 0.04 .... 0.04

Jun 17 '21 0.05 0.04 0.01 0.04

Jun 24 '21 0.05 0.04 0.01 0.04

Jul 01 '21 0.05 0.04 0.02 0.04

Jul 08 '21 0.05 0.04 0.01 0.04

Jul 15 '21 0.05 0.04 0.01 0.04

Jul 22 '21 0.05 0.04 0.01 0.04

Jul 29 '21 0.06 0.05 0.01 0.05

Aug 05 '21 0.06 0.05 0.01 0.05

Aug 12 '21 0.06 0.05 0.01 0.05

Aug 19 '21 0.06 0.05 0.01 0.05

Aug 26 '21 0.06 0.05 .... 0.05

Sep 09 '21 0.06 0.05 0.02 0.05

Oct 07 '21 0.05 0.04 .... 0.04

Nov 04 '21 0.06 0.05 .... 0.05

Dec 02 '21 0.07 0.06 0.02 0.06

Dec 30 '21 0.08 0.07 0.02 0.07

Jan 27 '22 0.08 0.07 0.01 0.07

Feb 24 '22 0.08 0.07 .... 0.07

NYSEHALF-HOURLYVOLUME

Daily 2/22 2/23 2/24 2/25 2/26

9:30-10:00 187,945 262,825 165,469 178,419 165,123

10:00-10:30 75,913 107,902 79,398 80,829 107,135

10:30-11:00 68,587 78,894 67,677 77,010 77,437

11:00-11:30 57,263 61,953 63,440 53,082 59,134

11:30-12:00 47,142 49,123 51,878 56,325 48,203

12:00-12:30 44,326 44,566 43,859 52,284 48,240

12:30-1:00 39,962 41,832 42,746 66,334 43,480

1:00-1:30 36,045 39,277 40,680 63,199 39,624

1:30-2:00 33,034 37,627 42,600 44,397 41,875

2:00-2:30 31,503 39,706 41,170 42,363 46,471

2:30-3:00 39,816 47,623 42,020 47,389 44,340

3:00-3:30 52,382 59,373 52,389 61,810 55,110

3:30-4:00 439,908 392,250 453,116 413,925 840,931

AMERICANDEBTANDDEFICITS

Latest Preceding YearAgoYearoverYear

Report Report Report %Chg

FederalBudgetDeficit(bil.$)-a......................................... 920FY'22 966FY'21 1,083FY'20 ....

BudgetSurplus/Deficit(bil.$)-b,January........................ –162.83 –143.56 –32.60 399.48

TradeDeficit(bil.$,sa)-c,December................................. –66.61 r-69.01 –45.68 45.82

TreasuryGrossPublicDebt.(bil.$)-d............................... 27,919.0 27,920.2 23,426.6 19.18

TreasuryStatutoryDebtLimit(bil.$)-d............................. * 21,987.7 .... ....

ConsumerInstallmentDebt(bil.$)-e,December........... 4,184.2 r4,174.5 4,190.7 -0.16

Sources:a-OfficeofManagementandBudget,b-MonthlyTreasuryStatement,c-MonthlyCommerceDept.Report,d-DailyTreasury
Statement,e-MonthlyFederalReserveRelease.*StatutorydebtlimittemporarilysuspendedthroughJuly31,2021.