The Import Price Index increased 1.7% in January, topping expectations of a 0.5% rise, but December was revised lower from a flat reading to a decline of 0.2%. Year-over-year, prices soared 13.7%, the biggest rise ever.
The Empire Manufacturing Index, which is a measure of manufacturing in New York, fell from 9.0 in January to -11.7 in February, below the estimate of 6.5. A reading below zero indicates contraction.
Industrial production rose 0.1% in January, just above the estimate since December was revised up by 0.1%. Capacity utilization was unchanged at 81.5%, better than a forecast dip to 81.3%. Utilities surged 2.2%, offsetting a 0.2% drop in basic manufacturing, excluding energy and high tech.
Preliminary University of Michigan consumer sentiment for February fell to 69.6 from 78.4 in January, more than the estimate of a drop to 76.0. The reading comes amid heightened concerns about the health of the economy and is the lowest reading since 1992.
The Dow Jones Industrial Average dropped 29 points (0.2%) to close at 12,348, the S&P 500 Index increased 1 point (0.1%) to 1,350, and the Nasdaq Composite fell 11 points (0.5%) to 2,322. Crude oil rose $0.04 to $95.50 per barrel, and gold ended down $4.50 at $906.00 per ounce. For the week, the DJIA closed 1.4% higher, the S&P 500 Index was also up 1.4%, and the Nasdaq Composite gained 0.7%.
Magnificent Seven Update
Weekly Analysis Of Magnificent Seven ETFs
