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Market Update: Wednesday, Mar 13, 2019

Market Update: Wednesday, Mar 13, 2019

| March 13, 2019

Market Update: Wednesday, Mar 13, 2019 | LPL Financial Research


Daily Insights

Durable goods orders up, producer prices dip. Headline durable goods orders rose for a third consecutive month in January, down from December’s upwardly revised 1.3% increase but significantly better than consensus estimates, which called for a 0.7% contraction. The core reading, which excludes nondefense and aircraft, also handily beat expectations and rebounded from a decline in December. The increase in orders comes amid moderating producer prices, which rose 0.1% in February, less than consensus expectations for a 0.2% increase despite rising oil prices.

Brexit deal voted down…again. With less than three weeks until the March 29 deadline, U.K. Prime Minister Theresa May suffered a second rejection of her Brexit deal yesterday, as expected, when the Parliament voted down her revamped proposal 391 to 242. As a result, another vote will be held today to decide whether to separate from its largest trading partner without a formal deal in place, a so-called no-deal or “hard” Brexit. That is also expected not to pass. The more likely outcome is for the deadline to be extended, though the time-frame is undetermined. A wide range of other options are on the table, including a second Brexit referendum. However, prolonging the process is only serving to heighten anxiety for businesses, consumers, and investors alike, and markets don’t like uncertainty.

What will the pullback be? The S&P 500 Index corrected nearly 20% late last year, then bounced more than 19%. We think there will be an eventual pullback, but to what extent? Will stocks retest the December lows, see a 10% correction, or something more modest? Today on the LPL Research blog we will explain why we think the eventual pullback will be more modest in nature.


Click Here for our detailed Weekly Economic Calendar


  • PPI report (MoM Feb)
  • Duable Goods Orders (Preliminary, MoM, Jan)
  • Eurozone Industrial Production (Jan)
  • China Industrial Production (Feb)
  • China Retail Sales (Feb)
  • China Surveyed Jobless Rate (Feb)


  • Import Price Index (MoM Feb)
  • Export Price Index (MoM Feb)
  • Initial Jobless Claims (March 9)
  • New Home Sales (MoM Jan)
  • Germany CPI Report (Feb)
  • Bank of Japan Rate Decision (Mar)


  • Industrial Production (MoM Feb)
  • JOLTS Job Openings Report (Jan)
  • University of Michigan Sentiment Index (Preliminary Mar)
  • Eurozone CPI Report (Feb)


The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual security. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. The economic forecasts set forth in this material may not develop as predicted.

All indexes are unmanaged and cannot be invested into directly. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment.

Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.

International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.

All company names noted herein are for educational purposes only and not an indication of trading intent or a solicitation of their products or services. LPL Financial doesn’t provide research on individual equities.

All performance referenced is historical and is no guarantee of future results.

This research material has been prepared by LPL Financial LLC.

To the extent you are receiving investment advice from a separately registered independent investment advisor, please note that LPL Financial LLC is not an affiliate of and makes no representation with respect to such entity.

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Index data obtained via FactSet


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