Summary Of the Markets Today:
- The Dow closed down 764 points or 2.25%,
- Nasdaq closed down 3.23%,
- S&P 500 down 2.49%,
- WTI crude oil settled at $76 down $1.16,
- USD $104.60 up $0.83,
- Gold $1787 down $31.60,
- Bitcoin $17,428 down $394 – Session Low 17,351,
- 10-year U.S. Treasury 3.45% down 0.053%
*Stock data, cryptocurrency, and commodity prices at the market closing.
Click here to read our Economic Forecast for December 2022
Today’s Economic Releases:
The Philadephia Fed’s manufacturing index remained negative in December 2022 but rose 6 points to -13.8 this month (see Chart 1). This is its fourth consecutive negative reading and sixth negative reading in the past seven months. Thirty-one percent of the firms reported declines in activity, while 17 percent reported increases. The majority (51 percent) reported no change.
Advance estimates of U.S. retail and food services sales for November 2022 are up 6.5% above November 2021 – however, inflation-adjusted growth declined 0.7% year-over-year which suggests a modest decline in economic growth.
The combined value of manufacturers’ and trade sales (business sales) for October 2022 was up 10.1% from October 2021. Manufacturers and trade inventories (business inventories) for October were up 16.5% from October 2021. The total business inventories/sales ratio was 1.33 (blue line on the graph below) – The October 2021 ratio was 1.25. A growing ratio suggests a slowing economy.
Industrial production declined to 2.5% year-over-year (blue line in the graph below) in November 2022. Year-over-year for the components: manufacturing (declined to 1.0% – red line in the graph below), mining (declined to 3.6% – orange line in the graph below), utilities (increased to 2.6% – green line in the graph below). Capacity utilization moved down 0.2 percentage points in November to 79.7 percent, a rate that is 0.1 percentage points above its long-run (1972–2021) average.
Business activity declined in New York State, according to firms responding to the December 2022 Empire State Manufacturing Survey. The headline general business conditions index fell sixteen points to -11.2. New orders moved slightly lower, while shipments edged higher.
In the week ending December 10, the unemployment insurance initial claims 4-week moving average was 227,250, a decrease of 3,000 from the previous week’s revised average. The previous week’s average was revised up by 250 from 230,000 to 230,250.
A summary of headlines we are reading today:
- Sydney Based Researchers Announce Lithium Ion Battery Rival
- Germany Greenlights Purchase Of U.S. Fighter Jets
- FuboTV hit with cyberattack during World Cup semifinal match
- Long Covid medical costs average $9,500 in the first six months, as patients become ‘health-system wanderers’
- Where Walmart CEO Doug McMillon expects inflation to stick around in 2023
- Delta expects 2023 earnings to nearly double thanks to ‘robust’ travel demand
- Vote Recount Flips Massachusetts Midterm Race From Republican To Democrat By 1 Vote
- Bond Report: Flight-to-safety trade sends 10- and 30-year Treasury yields to one-week lows
- Market Snapshot: Dow down over 700 points in the final hour of trade as stocks head for the biggest decline in 3 months
These and other headlines and news summaries moving the markets today are included below.
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The Market in Perspective
Here are the headlines moving the markets. | |
Energy Security Concerns Fuel Boom In Renewable CapacityThe energy transition continued apace in 2022 despite Russia’s invasion of Ukraine, ongoing disruptions to global supply chains, and inflationary pressures all of which translated into high energy prices around the globe. However, sustained high prices may ultimately mark an inflection point or prove to be a major catalyst in shifting the global energy system away from a dependence on hydrocarbons and towards lower-cost clean energy resources. Hydrocarbons are unevenly distributed around the world, require supply chains Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Energy-Security-Concerns-Fuel-Boom-In-Renewable-Capacity.html |
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Central Asia’s Water Wars Are Heating UpOn November 3, Uzbekistani Foreign Minister Vladimir Norov and his Kyrgyzstani counterpart Jeenbek Kulubaev signed a bilateral deal in Bishkek, under which Kyrgyzstan agreed to cede to Tashkent the territory surrounding the Kempir-Abad Reservoir, covering 4,485 hectares, in exchange for over 19,000 hectares elsewhere (Radio Free Europe/Radio Liberty, November 3). The deal effectively grants Uzbekistan control over the reservoir, a burning issue that has contributed to rising tensions between the two Central Asian neighbors (Eurasianet.org, November Read more at: https://oilprice.com/Geopolitics/International/Central-Asias-Water-Wars-Are-Heating-Up.html |
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Sydney Based Researchers Announce Lithium Ion Battery RivalUniversity of Sydney researchers have announced a new low-cost battery built with four times the capacity of lithium-ion. The researchers are hoping that a new, low-cost battery that is far cheaper to produce will significantly reduce the cost of transitioning to a decarbonized economy. Led by Dr. Shenlong Zhao from the University’s School of Chemical and Biomolecular Engineering, the battery has been made using sodium-sulfur a type of molten salt that can be processed from sea water costing much less to produce than Read more at: https://oilprice.com/Energy/Energy-General/Sydney-Based-Researchers-Announce-Lithium-Ion-Battery-Rival.html |
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Texas Railroad Commission Issues Cold Weather Warning To Oil & Gas IndustryThe Railroad Commission of Texas issued a warning on Thursday to oil and gas pipeline operators that next week will see significantly colder temperatures. A statement from the RRC of Texas cited the National Weather Service, which is predicting periods of colder temperatures for the latter part of next week. The RRC is recommending that oil and gas pipeline operators monitor weather reports, and secure all personnel, equipment, and facilities to prevent injury, as well as prepare operations for potential impacts. Last February, Read more at: https://oilprice.com/Latest-Energy-News/World-News/Texas-Railroad-Commission-Issues-Cold-Weather-Warning-To-Oil-Gas-Industry.html |
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Germany Greenlights Purchase Of U.S. Fighter JetsGermany on December 14 gave the green light for the purchase of nearly three dozen U.S.-made F-35 fighter jets as part of a military overhaul prompted by Russia’s invasion of Ukraine. The German parliaments budget committee approved eight projects totaling 13 billion euros ($13.86 billion), including a 10-billion-euro purchase of the F-35 fighter jets. In light of current security challenges, including Russia’s war in Ukraine, close cooperation between allies is more important than ever, the U.S. Embassy in Berlin said in a statement after Read more at: https://oilprice.com/Latest-Energy-News/World-News/Germany-Greenlights-Purchase-Of-US-Fighter-Jets.html |
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Aluminum Follows Iron Ore In China-Fueled Price RallyBy AGMetalminer.com Aluminum prices broke out of their sideways trend last month with strong upside price action. Prices rallied during the first half of November, followed by a modest retracement before they continued upward. Overall, the Aluminum Monthly Metals Index (MMI) saw a modest 1.04% increase from November to December. The End of zero-COVID Sees Prices Reverse At the beginning of November, China appeared to waver between easing virus control measures and the continuation of zero-COVID. The possibility of China reopening, even if Read more at: https://oilprice.com/Metals/Commodities/Aluminium-Follows-Iron-Ore-In-China-Fueled-Price-Rally.html |
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‘Avatar: The Way of Water’ review roundup: See it on the biggest screen possible, critics sayCritics say James Cameron’s “Avatar: The Way of Water,” is a stunning piece of cinema. It scored a “Fresh” rating on Rotten Tomatoes. Read more at: https://www.cnbc.com/2022/12/15/avatar-the-way-of-water-reviews-james-cameron-sequel.html |
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FuboTV hit with cyberattack during World Cup semifinal matchInternet TV bundle FuboTV said it was the target of a criminal cyberattack on Wednesday, affecting the service during a World Cup semifinal match. Read more at: https://www.cnbc.com/2022/12/15/fubotv-hit-with-cyber-attack-during-world-cup-semifinal-match.html |
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Home flipping profits drop at the fastest pace in over a decadeInvestors are pulling out of the flipping market, as profits drop very quickly. Read more at: https://www.cnbc.com/2022/12/15/home-flipping-profits-drop-at-fastest-pace-in-over-a-decade.html |
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American Airlines will make it harder to earn frequent flyer status next year in a loyalty program shake-upChanges include higher spending requirements to reach the lowest tier of status. Read more at: https://www.cnbc.com/2022/12/15/american-airlines-frequent-flyer-status-becomes-harder-to-earn.html |
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Dollar General’s new Popshelf stores chase inflation-weary shoppers in the suburbsDollar General said it sees an opportunity to grow to 3,000 Popshelf stores across the country. Read more at: https://www.cnbc.com/2022/12/13/inflation-dollar-general-chases-suburban-shoppers-popshelf.html |
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NCAA picks Massachusetts Gov. Charlie Baker as next presidentCharlie Baker brings a public policy background to the NCAA, which has faced recent legal and regulatory battles. Read more at: https://www.cnbc.com/2022/12/15/ncaa-picks-charlie-baker-as-next-president.html |
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How to manage cash and stay out of debt running a business in a recessionSmall business owners need more than ever to take a hard look at financials, cut what’s not critical and invest where sales growth remains. Read more at: https://www.cnbc.com/2022/12/15/how-to-manage-cash-stay-out-of-debt-running-a-business-in-a-recession.html |
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Long Covid medical costs average $9,500 in the first six months, as patients become ‘health-system wanderers’Long-haul symptoms of Covid-19 can be expensive for the average person to have diagnosed and treated, according to a new study by Nomi Health. Read more at: https://www.cnbc.com/2022/12/15/long-covid-medical-costs-average-9500-in-first-six-month-study.html |
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Where Walmart CEO Doug McMillon expects inflation to stick around in 2023Walmart CEO Doug McMillon expects prices to remain elevated and the retail giant is adjusting inventory based on inflation and a consumer spending slowdown. Read more at: https://www.cnbc.com/2022/12/15/how-walmart-ceo-is-managing-for-more-inflation-and-less-demand-in-2023.html |
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Satellite imagery venture Planet delivers record quarter, sees annual revenue nearing $200 millionPlanet delivered record results for the third quarter and forecasted nearly $200 million in annual revenue. Read more at: https://www.cnbc.com/2022/12/14/planet-q3-results-record-quarter-as-revenue-climbs.html |
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‘The Phantom of the Opera’ is closing soon — meet some of the lifers who have worked on it for decadesAfter 35 years on Broadway, “The Phantom of the Opera” will close its doors at the Majestic Theatre on April 16. Read more at: https://www.cnbc.com/2022/12/15/phantom-is-closing-in-april-meet-some-of-its-longtime-employees.html |
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Delta expects 2023 earnings to nearly double thanks to ‘robust’ travel demandDelta expects its adjusted earnings to nearly double to as much as $6 per share next year, above analysts’ estimates. Read more at: https://www.cnbc.com/2022/12/14/delta-2023-earnings-forecast-sees-robust-travel-demand.html |
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‘Avatar: The Way of Water’ could be heading for a $175 million box office openingThe long-awaited sequel “Avatar: The Way of Water” is set to snare between $150 million and $175 million domestically during its opening weekend. Read more at: https://www.cnbc.com/2022/12/14/avatar-the-way-of-water-heads-for-175-million-box-office-opening.html |
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Reporter Behind ’50 Former Intel Officials’ Hunter Biden Propaganda Ignored DNI DenialFormer Trump administration intelligence official and best-selling author, Cliff Sims, has offered a rare glimpse into the 5th column’s propaganda machine – namely, how former Politico reporter Natasha Bertrand concocted the report that ’50 former intelligence officials’ said the Hunter Biden laptop story was Russian disinformation. “Want to know what it’s like to deal with some journalists who “cover” the Intel and NatSec communities at the highest level, but actually serve more like mouthpieces of the permanent security state?” Sims asked, kicking off a Wednesday Twitter thread.
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Senator Hawley: Biden Officials “Don’t Want A Border”Authored by Steve Watson via Summit News, Republican Senator Josh Hawley charged Wednesday that the Biden administration is purposefully allowing the migrant crisis to worsen, and that they are ‘executing their plan’ to completely dissolve the Southern border. Hawley declared that he will refuse to support any amnesty plan as a trade off for promises of securing the border. “The truth is, we shouldn’t have to trade anything to get the enforcement of our laws at our own southern border,” Hawley told Fox News’s Laura Ingraham. “I just say, this Biden administration is getting exactly what they want at the southern border. This is a 14,000 a day illegal surge. They’ve known about this, they have known this would happen. This is what they want,” Hawley urged. The Senator continued, “They don’t … Read more at: https://www.zerohedge.com/political/senator-hawley-biden-officials-dont-want-border |
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Vote Recount Flips Massachusetts Midterm Race From Republican To Democrat By 1 VoteVote Recount Flips Massachusetts Midterm Race From Republican To Democrat By 1 VoteAuthored by Katabella Roberts via The Epoch Times (emphasis ours), A recount of votes in a Massachusetts state House of Representatives race has placed a Democratic challenger ahead of a Republican incumbent by a single vote after the latter was initially leading following the Nov. 8 elections. People fill out their ballots at Cathedral High School in Boston, Massachusetts, on Nov. 8, 2022. (Joseph Prezioso/AFP via Getty Images)Democrat Kristin Kassner, a first-time candidate, is now leading her Republican opponent Lenny Mirra in the race for the newly redrawn North Shore district, a coastal region between Boston and New Hampshire. Read more at: https://www.zerohedge.com/political/vote-recount-flips-massachusetts-midterm-race-republican-democrat-1-vote |
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‘Some Sort Of Sex Slave’? Son Of Paul Pelosi’s Attacker Breaks Silence, Fuels SpeculationThe son of Paul Pelosi attacker, David DePape, says his father ‘is not evil,’ and is ‘hardly a right-wing conservative.’ He also implied that the 82-year-old Pelosi may have invited DePape over for sexual activities. Speaking with the Daily Mail, Nebosvod ‘Sky’ Gonzalez said “He isn’t a danger to society, I don’t even know if he even attacked Mr. Pelosi. For all that we know he was some sort of sex slave, as Elon Musk pointed out.” The 42-year-old DePape appeared before a San Francisco Superior Court Judge on Wednesday for a preliminary hearing and will be arraigned on federal charges on Dec. 28, which include attempted murder, assault with a deadly weapon, elder abuse, false imprisonment … Read more at: https://www.zerohedge.com/political/some-sort-sex-slave-son-paul-pelosis-attacker-breaks-silence-fuels-speculation |
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Who is striking? How Friday 16 December’s walkouts will affect youTravelers face disruption on the railways and roads on Friday – by the BBC’s Zoe Conway. Read more at: https://www.bbc.co.uk/news/uk-63978047?at_medium=RSS&at_campaign=KARANGA |
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UK interest rates raised to the highest level for 14 yearsThe Bank of England lifts borrowing costs to 3.5% from 3%, the ninth rise in a row. Read more at: https://www.bbc.co.uk/news/business-63977963?at_medium=RSS&at_campaign=KARANGA |
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UK interest rates: How the rise affects you and how high it could goInterest rates have risen again as the cost if living goes up, so how could this affect you? Read more at: https://www.bbc.co.uk/news/business-57764601?at_medium=RSS&at_campaign=KARANGA |
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Indegene files for IPO, Carlyle to sell stakeExisting shareholders who are looking at selling part of their stake include Carlyle, Singapore-based venture capital fund Genesis Alternative Ventures Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/indegene-files-for-ipo-carlyle-to-sell-stake/articleshow/96257170.cms |
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AMFI stock category rejig: Paytm, Bandhan Bank can get downgraded to midcapThe AMFI rejig will majorly be classified by size, taking into account data from July to December 2022. This period saw rising valuations as the Indian equity market rose by over 5% with Nifty and Sensex at record highs. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/amfi-stock-category-rejig-paytm-bandhan-bank-can-get-downgraded-to-midcap/articleshow/96250559.cms |
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Infosys to announce Q3 earnings on Jan 12; all eyes on deal pipelineThe earnings come at a time when the industry is seeing massive layoffs that have surpassed the levels from the Great Recession the world went through 2008-2009 Read more at: https://economictimes.indiatimes.com/markets/stocks/news/infosys-to-announce-q3-earnings-on-jan-12-all-eyes-on-deal-pipeline/articleshow/96258260.cms |
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Bond Report: Flight-to-safety trade sends 10- and 30-year Treasury yields to one-week lowsInvestors flock to the safety of long-term U.S. government debt as weak U.S. data reinforces the prospects of a 2023 recession. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7169-F6D6EF246C6A%7D&siteid=rss&rss=1 |
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Market Snapshot: Dow down over 700 points in final hour of trade as stocks head for biggest decline in 3 monthsU.S. stocks tumbled on Thursday afternoon, adding to the previous day’s losses, a day after the Federal Reserve raised rates and revived recession worries. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7169-F4185A3E95AC%7D&siteid=rss&rss=1 |
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: U.S. Senate unanimously passes bill barring TikTok from government-owned devicesLegislation is the latest move from lawmakers to counter security concerns with the platform. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-716A-74FE5995C4D9%7D&siteid=rss&rss=1 |