* House approves first step to avert partial government shutdown
* Fed’s Powell says he expects rate cuts this year in House testimony, but…
* Powell also says he needs “see a little bit more data” before moving on rates
* China’s exports and imports beat estimates, suggest improving demand
* China could flood US electric-vehicle market with its cars, says Energy Secretary
* US companies hired more workers in February vs. January, ADP estimates
* US economy accelerated slightly in early 2024: Fed Beige Book
* US job openings are steady at elevated level in January:

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Fed Chair Jerome Powell is scheduled to testify in the House today (Wed., Mar. 6) and markets will be all ears on topics that offer guidance on the outlook for interest-rate cuts.

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* Red Sea cables cut, affecting data traffic flow between Asia and Europe
* Biden and Trump secure respective parties’ nominations after Tue’s vote
* Global economic growth picks up to eight-month high in February: PMI survey
* Strong US economy fuels bets that Fed will delay interest rate cuts
* US factory orders decline more than expected in January
* US ISM Services Index dips in February but still signals modest growth:

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You can almost set your watch to it. When the stock market enjoys a strong bull run, the bubble warnings come out of the woodwork. That’s not to disparage a healthy discussion about overbought and oversold conditions. Markets go to extremes, of course, and so keeping an eye on the outlier events can be productive because current conditions provide context for estimating expected return. But obsessing over bubble talk can also lead to temporary insanity. Finding the sweet spot is the trick.

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* Rebound in economic sentiment isn’t translating into stronger support for Biden
* China services sector continues to expand at moderate rate in February
* China stocks rally to 3-month highs as Beijing targets 5% GDP growth
* Inflows into Bitcoin ETFs surge, helping drive price near a record high
* Gold rises to record high above $2,100/oz on Monday:

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The long-term return estimate for the Global Market Index (GMI) edged up in February, rising from January’s estimate — the first increase in three months. Today’s revised forecast (based on three models defined below) points to a 6.8% annualized return for the unmanaged benchmark, which holds all the major asset classes (except cash) based on market weights via a set of ETF proxies.

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* New concerns for regional banks after NY Community Bancorp rating cut to junk
* Rising tide of new laws reshape how Big Tech operates around the world
* Japan’s stock market rally persists: Nikkei 225 index tops 40,000 for first time
* Several OPEC+ countries extend voluntary oil-supply cuts
* US economic strength inspires some to argue no rates cuts are likely in 2024
* ISM manufacturing index in February shows sector contraction continues:

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● Burn Book: A Tech Love Story
Kara Swisher
Review via AP
Technology is so pervasive and invasive that it’s polarizing people, producing feelings of love and loathing for its devices, online services and the would-be visionaries behind them, according to a longtime Silicon Valley reporter.
Kara Swisher unwraps how we got to this point in her incendiary memoir… Swisher skewers many of the once-idealistic tech moguls who, when she met them as entrepreneurs decades ago, promised to change the world for the better but often chose a path of destructive disruption instead. And along the way, they amassed staggering fortunes that have disconnected them from reality.

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Stock markets around the world led returns for the major asset classes in February, topped by US shares, based on a set of ETFs. Bonds, by contrast, declined, in the US and abroad while commodities extended a year-to-date rally and US real estate investment trusts rebounded after falling sharply in January.

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* Immigration is a key reason for US economic recovery from the pandemic
* China’s factory activity contracts for fifth straight month in February
* India is ‘easily’ the fastest growing economy in the world: IMF executive
* US jobless claims rose last week but remain historically low
* US pending home sales in January fall the most since August
* US inflation picked up as real consumer spending slowed in January:

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