This edition features our outlook for the repair and remodeling market; the banking industry; Amazon's path ahead; and notes from Lumen, Canopy, and new coverage MongoDB.

President Joe Biden is preparing to announce an infrastructure-rebuilding plan that he estimates will create up to 10 million clean energy jobs. The following areas of the economy stand to benefit from the government spending, which could total as much as $4 trillion. The first element of the plan is improving the country's infrastructure, from roads and bridges to water systems and electricity grids.

Stocks were mixed on Wednesday morning ahead of the Federal Reserve's afternoon policy statement and follow-up commentary from Fed Chair Jerome Powell. On the housing front, the Commerce Department said that U.S. housing starts fell 10.3% to a seasonally adjusted annual rate of 1.421 million in February, below the Reuters consensus forecast of 1.56 million. Building permits also fell 10.8% to an annualized 1.682 million. The Dow rose 0.1%, the S&P fell 0.5%, and the Nasdaq fell 1.1%. Crude oil traded near $64 per barrel, while gold fell $2 to $1729 per ounce.

The outlooks from purchasing managers - and the manufacturing sectors they represent - have been mixed in recent months, despite positive news about COVID-19 vaccine development, approval, and distribution. Any PMI survey reading above 50 indicates economic expansion. Japan recently reported that its manufacturing PMI reading in February was 46.3, a drop from 48 in the previous quarter. The Eurozone is also struggling, outside of Germany. The non-German economies in Europe recorded a 48.1 PMI in February, admittedly up from 45 last quarter but down from 51.7 in August. Nations that are less reliant on consumer services and have heavier exposure to industrial activity (such as Germany and the U.S.), have reported more stronger and more consistent PMI readings. The United Kingdom (improving quarter-over-quarter, as Brexit terms have been mostly resolved) is likely to move into a manufacturing growth phase in coming months. China has pulled back a bit, due to a slowing in exports as the dollar has declined. Still, manufacturing trends in China remain positive.

This pick list highlights constituents of the Morningstar US Mid Cap Index that we believe offer investors the best risk-adjusted return prospects. The market capitalization range for U.S. mid-caps typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the U.S. equity market.

With earnings season drawing to a close, the volume of weekly insider transactions is returning to normal. As such, there is increased relevance in the signals being thrown off by corporate executives, directors and beneficial owners. And those signals are little changed from what we've seen over the past several weeks. Insider sentiment remains broadly cautious, with the caution led by insiders at companies that list on the tech-heavy Nasdaq.

Stocks gave up early gains on Wednesday morning as investors weighed new consumer price data and awaited an afternoon speech from Fed Chair Jerome Powell. The Labor Department said that its consumer price index rose 0.3% in January, up from a revised 0.2% gain in December and in line with the Reuters consensus forecast. Prices also rose 1.4% on an annual basis through January, up slightly from 1.3% in December. The Dow was flat, the S&P fell 0.2%, and the Nasdaq fell 0.4%. Crude oil traded near $59 per barrel, while gold fell $2 to $1836 per ounce.