From the Desk - Economic Commentary
Brandon Casey, Member Strategies - 4/2/2026
U.S. equities fell sharply at the open on Thursday before recovering a portion of those early losses as trading progressed. Oil prices surged more than 10% following President Trump’s national address last evening, his first since the onset of the conflict with Iran. Market participants had been increasingly optimistic that a resolution to the war could be imminent; however, those expectations diminished following the speech. With markets set to close tomorrow in observance of Good Friday, domestic equities remain on pace to post a weekly gain despite today’s pullback.
Weekly jobless claims data for the week ending March 28 pointed to continued labor market stability. Initial jobless claims declined by 9,000 to 202,000, coming in below expectations of roughly 212,000 and marking one of the lowest readings of the past two years. Continuing claims rose by 25,000 to 1.84 million for the week ending March 21.
The U.S. trade deficit widened to $57.3 billion in February, an increase of $2.7 billion, or 4.9%. The deficit was expected to be $62.0 billion. Exports rose 4.2% to a record $314.8 billion, driven primarily by gains in industrial supplies. Imports offset the record export number, increasing 4.3% to $372.1 billion, led by higher capital goods imports.
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