NFCI (0 = average)
-0.5137 ▲
Loose · WoW: +0.0096
The National Financial Conditions Index (NFCI) measures the relative ease or difficulty of accessing credit and capital across U.S. financial markets. A negative value indicates conditions are looser than historical averages, while a positive value suggests tighter-than-normal constraints.
Financial Conditions Indices
Financial Conditions Indices
| Index |
Current |
WoW |
YoY |
| NFCI |
-0.5137 |
+0.0096 |
-0.0485 |
| Adjusted NFCI |
-0.5058 |
+0.0162 |
-0.0503 |
For the week ending March 06, 2026, the NFCI stood at -0.5137, reflecting a slight weekly tightening of 0.0096. Despite this minor uptick, the index remains 0.0485 lower than the same period last year. The adjusted NFCI also reflects this accommodative environment at -0.5058. The current reading confirms a regime of loose financial conditions, indicating that liquidity remains ample across the broader economy.
Conditions Regime
Conditions
Loose Conditions
The financial system is currently operating within a Loose Conditions regime, characterized by easy access to credit and capital. The trend is classified as stable, suggesting that recent fluctuations have not fundamentally altered the accommodative environment.
Historical Parallels
Avg NFCI 4W Later
-0.4895
Avg NFCI 13W Later
-0.5082
| Date | NFCI | 4W Later | 13W Later |
|---|
| Dec 05, 2025 |
-0.5123 |
-0.5463 |
-0.5137 |
| Nov 28, 2025 |
-0.5087 |
-0.5366 |
-0.5233 |
| Nov 21, 2025 |
-0.5067 |
-0.5260 |
-0.5329 |
| Nov 14, 2025 |
-0.5071 |
-0.5177 |
-0.5424 |
| Nov 07, 2025 |
-0.5090 |
-0.5123 |
-0.5505 |
Analysis of 47 similar historical periods shows that the NFCI typically trends toward -0.4895 four weeks later. This suggests a historical tendency for conditions to tighten slightly from these levels, though they generally remain in accommodative territory.
Market Snapshot
Note: NFCI is a weekly index with limited direct intraday market impact. Market data shown below reflects broad conditions.
Market Snapshot
Top Movers
| Stock | Gap | 1M |
|---|
| PRH Prudential Financial, Inc. 5.95 |
+301.31% |
-75.6% |
| SREA Sempra |
+247.98% |
-71.7% |
| ELC Entergy Louisiana, LLC COLLATERAL TR MT |
+237.96% |
-70.9% |
| DTB DTE Energy Company 2020 Series |
+171.16% |
-63.4% |
| DHCNL Diversified Healthcare Trust |
+98.58% |
-50.1% |
Bottom Movers
| Stock | Gap | 1M |
|---|
| MHLA Maiden Holdings, Ltd. 6.625 NT 2046 |
-18.08% |
+12.3% |
| HMY Harmony Gold Mining Company Limited |
-10.98% |
-7.0% |
| BWLP BW LPG Limited |
-10.49% |
+4.4% |
| SEI Solaris Energy Infrastructure, Inc. |
-9.09% |
+4.7% |
| RERE ATRenew Inc. |
-9.02% |
+6.0% |
The S&P 500 currently sits at $6781, having declined 2.2% over the past month. While loose financial conditions typically support equities, the recent market softening suggests that other macroeconomic factors are currently outweighing the benefits of easy credit.
Sector Performance
Sector Performance
| ETF |
Price |
Open Gap |
1M |
6M |
1Y |
YTD |
VS S&P 500 |
| XLF Financials |
$50.06 |
-0.16% |
-7.7% |
-5.1% |
+3.3% |
-8.6% |
-5.6% |
| XLK Technology |
$139.79 |
+0.57% |
-0.9% |
+5.9% |
+28.7% |
-2.9% |
+1.2% |
| XLY Consumer Discretionary |
$114.44 |
+0.15% |
-3.0% |
-2.7% |
+12.3% |
-4.2% |
-0.8% |
| XLU Utilities |
$46.56 |
-0.13% |
+7.4% |
+14.3% |
+23.9% |
+9.1% |
+9.6% |
Financial Stocks
Financial Stocks
| Stock |
Price |
Open Gap |
1M |
6M |
1Y |
YTD |
VS S&P 500 |
| ICE Intercontinental Exchange |
$160.17 |
+2.93% |
-5.2% |
-7.6% |
-5.1% |
-1.1% |
-3.0% |
| SCHW Charles Schwab |
$93.17 |
+1.32% |
-11.3% |
-0.3% |
+25.6% |
-6.7% |
-9.2% |
| BX Blackstone |
$109.96 |
+0.74% |
-14.2% |
-36.0% |
-22.6% |
-28.7% |
-12.1% |
| GS Goldman Sachs |
$833.81 |
+0.10% |
-10.2% |
+12.4% |
+50.5% |
-5.1% |
-8.0% |
| JPM JPMorgan Chase |
$288.73 |
+0.03% |
-10.4% |
-0.9% |
+21.1% |
-10.0% |
-8.3% |
| BLK BlackRock |
$967.36 |
-0.25% |
-8.4% |
-12.4% |
+3.2% |
-9.6% |
-6.3% |
| BAC Bank of America |
$48.56 |
-0.41% |
-14.1% |
-1.8% |
+18.6% |
-11.7% |
-11.9% |
| MS Morgan Stanley |
$160.75 |
-0.47% |
-10.7% |
+8.7% |
+37.6% |
-9.5% |
-8.5% |
| C Citigroup |
$108.97 |
-0.58% |
-11.2% |
+14.3% |
+57.9% |
-6.6% |
-9.0% |
| CME CME Group |
$306.34 |
-0.58% |
+1.3% |
+17.2% |
+21.5% |
+12.2% |
+3.5% |
Loose conditions generally benefit financial sector stocks by lowering funding costs and encouraging loan growth. However, the slight weekly tightening and recent market volatility may lead to increased scrutiny of bank margins and credit quality.
Positioning
Investors may consider maintaining exposure to risk assets given the overall loose regime, but should remain cautious of the stable-to-tightening trend. Positioning in the financial sector should balance the benefits of high liquidity against the recent 2.2% monthly decline in the broader S&P 500.