Stock Market Update

The trade deficit widened to a record $140.5 billion in March (Briefing.com consensus -$127.5 billion) from a downwardly revised $123.2 billion (from -$122.7 billion) in February. The widening was the result of March exports being $0.5 billion more than February exports and March imports being $17.8 billion more than February imports.

The key takeaway from the report is the surge in imports, which detracted sharply from Q1 GDP, and was highlighted by a $22.5 billion increase in imports of consumer goods that was led by a $20.9 billion increase in pharmaceutical preparations.

The S&P 500 futures are down 48 points and are trading 0.9% below fair value, the Nasdaq 100 futures are down 232 points and are trading 1.2% below fair value, and the Dow Jones Industrial Average futures are down 282 points and are trading 0.7% below fair value.