Stock Market Update

[BRIEFING.COM] Pending home sales declined 4.6% in January, hitting their lowest level on record going back to 2001. Initial jobless claims (242,000) reached their highest level since early December. This is more data on the edges that will keep the market's growth concerns festering.

The latter point notwithstanding, the Treasury market hasn't necessarily perked up today on account of growth concerns.

The 2-yr note yield is up three basis points to 4.10% and the 10-yr note yield is up four basis points to 4.29%. This market, however, has been tuned into growth worries this month. To wit: the 2-yr note yield is down 10 basis points in February while the 10-yr note yield is down 26 basis points.

The Russell 2000, which is home to small-cap companies that derive most, if not all, of their sales from the U.S. just might be the best proxy when making a case that the stock market is having its doubts about U.S. growth prospects in the face of tariffs and government spending cuts. It is down 0.5% today, down 5.5% for the month, and down 12.3% rom its peak in late November.