Registered Investment Adviser Caleb Lawrence
Despite generally positive data the major averages quickly gave up their opening gains to enter the final hour with small losses.
The Institute for Supply Management Manufacturing Index slipped .5 in March to 57.2, brought down by declines in production and new orders, employment gained.
Construction spending advanced .8% in February to reach a decade high on strength in residential and public construction. A slight miss to consensus that figured a 1% gain was in order, like the Durable Goods Orders Index construction spending shows little change over time up just .3% per month on average in the last 12-months despite near record low interest rates.
Despite average incentives exceeding 10% for the first time since 2009 in the depths of the previous crisis. Automobile inventory levels continue to grow and themselves and are near record levels, hence the rising incentives that have so far failed to stem the growing inventory trends with auto dealership lots expected to break 70-days supply in March.