2026-W10 Weekly Summary¶
Week: 2026-03-02 to 2026-03-08 Source: futu-pw-20260309
Key Events¶
- Feb NFP: -92K (first negative since 2020 Oct), 6 sigma miss vs consensus +55K
- Unemployment 4.4% (up from 4.3%), but wages +3.8% YoY → stagflation fear
- Trump announces 10% universal tariff, plans to raise to 15%
- Kuwait cutting oil production due to full storage
- Saudi rerouting crude to Red Sea ports to avoid Hormuz
- China manufacturing PMI falls to 49.0% (Spring Festival effect)
- "15th Five Year Plan": 109 major projects, tech innovation 25.7% (up from 18.6%)
Market Data¶
- SPX PE: 21.6
- VIX: 29
- SPX historical median drop in major oil shocks: -12%, current only -6%
Strategy¶
- Defensive first, energy/resources outperform, tech under pressure