Summary Of the Markets Today:
- The Dow closed down 252 points or 0.76%,
- Nasdaq closed down 0.96%,
- S&P 500 down 0.76%,
- Gold $1931 up $27.10,
- WTI crude oil settled at $80 up $0.90,
- 10-year U.S. Treasury 3.395% up 0.02 points,
- USD $102.05 down $0.31,
- Bitcoin $21,082 up $3.34 – Session Low $20,666
*Stock data, cryptocurrency, and commodity prices at the market closing.
Click here to read our Economic Forecast for January 2023
Today’s Economic Releases:
Manufacturing activity in the region continued to decline overall, according to the firms responding to the January Manufacturing Business Outlook Survey. The diffusion index for current general activity rose from a revised reading of -13.7 in December to -8.9 in January. The new orders index improved from its December reading but remained negative. The firms continued to report overall increases in prices, and the prices received index remained elevated. Most future indicators were positive, but expectations for growth over the next six months were not widespread.
The number of CEO changes at U.S. companies rose 5% from 95 in November to 100 in December. December’s total is down 6% from the 106 CEOs who left their posts in the same month one year prior. In 2022, companies announced 1,235 CEO exits, down 8% from the 1,337 CEOs who left their posts in 2021. It is the lowest annual total since 2017 when 1,160 CEO exits were announced.
Privately‐owned housing units authorized by building permits in December were down 29.9% year-over-year. Privately‐owned housing starts in December were down 21.8 percent year-over-year. Privately‐owned housing completions in December were up 6.4% year-over-year. Housing continues to suffer from high mortgage rates.
In the week ending January 14, the advance figure for seasonally adjusted unemployment insurance weekly initial claims 4-week moving average was 206,000, a decrease of 6,500 from the previous week’s unrevised average of 212,500.
The union membership rate—the percent of wage and salary workers who were members of unions— was 10.1 percent in 2022, down from 10.3 percent in 2021, the U.S. Bureau of Labor Statistics reported today. The number of wage and salary workers belonging to unions, at 14.3 million in 2022, increased by 273,000, or 1.9 percent, from 2021. However, the total number of wage and salary workers grew by 5.3 million (mostly among nonunion workers), or 3.9 percent. This disproportionately large increase in the number of total wage and salary employment compared with the increase in the number of union members led to a decrease in the union membership rate. The 2022 unionization rate (10.1 percent) is the lowest on record. In 1983, the first year where comparable union data are available, the union membership rate was 20.1 percent and there were 17.7 million union workers.
A summary of headlines we are reading today:
- How Biden Sparked A Green Energy Gold Rush
- U.S. And Germany Are Discussing Further Military Aid For Ukraine
- Scientists Tap Artificial Intelligence To Revolutionize Battery Chemistry
- Procter & Gamble revenue and profit fall as company looks to higher prices to offset declining sales
- Supreme Court probe fails to find who leaked abortion ruling
- Housing Bust 2.0: San Francisco Bay Area House Prices Plunge 30% From Crazy Peak
- The Ratings Game: Playtika sweetens offer to acquire Angry Birds publisher Rovio, now offering 60% premium
- Futures Movers: Oil settles higher on China demand bets, next month’s EU ban on Russian refined products
These and other headlines and news summaries moving the markets today are included below.
The Market in Perspective
| Here are the headlines moving the markets. | |
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How Biden Sparked A Green Energy Gold RushThe Biden administration’s Inflation Reduction Act is already causing a new green energy gold rush in the United States. The Inflation Reduction Act does essentially nothing to reduce inflation, but it does include massive and unprecedented provisions to kickstart a green energy revolution in the United States and nudge the country closer to a trajectory in which it could conceivably reduce emissions enough to make good on its climate pledges. For well over a decade, the United States has been falling behind in the clean energy race, Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/How-Biden-Sparked-A-Green-Energy-Gold-Rush.html |
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Russia Still Hasnt Finished Nord Stream ReviewRussia still hasn’t completed its review of the Nord Stream 1 and Nord Stream 2 pipelines, Deputy Russian Prime Minister Alexander Novak said on Thursday. As for whether gas supplies will resume in the surviving line or when Novak told reporters that it is too early to talk about it now. An examination of this infrastructure is taking place. There is no final conclusion on this from the point of view of the integrity of this infrastructure. We will look at the results. Novak failed to provide an update as to an estimated Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Still-Hasnt-Finished-Nord-Stream-Review.html |
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High Oil Prices And Mineral Demand Fuel Growth In Latin AmericaAmid a challenging year for the global economy, which navigated inflation, conflict, climate-related extreme weather events, and supply chain disruptions, Latin America and the Caribbean showed resilience in 2022. While global GDP growth slowed from 6% in 2021 to 3.2% in 2022, the region achieved 3.5% growth in 2022, despite its two leading economies Brazil and Mexico expanding by 2.8% and 2.1%, respectively, according to IMF forecasts from October. High oil prices powered some of the region’s top performers, including nascent Read more at: https://oilprice.com/Energy/Energy-General/High-Oil-Prices-And-Mineral-Demand-Fuel-Growth-In-Latin-America.html |
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U.S. And Germany Are Discussing Further Military Aid For UkraineWestern allies are stepping up consultations on whether to give modern heavy weaponry to Ukraine as Kyiv calls for urgent deliveries of tanks in the face of Russia’s incessant offensive, where President Volodymyr Zelenskiy says the frontline situation remains “tough.” U.S. Defense Secretary Lloyd Austin met with his newly appointed German counterpart, Boris Pistorius, in Berlin on January 19 a day before hosting a meeting of the Ukraine Defense Contact Group at the U.S. military base in Ramstein to discuss further support — including military Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-And-Germany-Are-Discussing-Further-Military-Aid-For-Ukraine.html |
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South Korea Gains Market Share As Arms ExporterRussia’s large-scale war against Ukraine has become a game-changer for the architecture of international security and not only from a regional perspective. Most recently, it provided a window of opportunity for South Korean security and energy companies to deepen engagement with the countries of Central and Eastern Europe (CEE). Over the past few years, South Korea has witnessed rapid and spectacular growth in its arms exports. The country, which for 20172021 was the eighth-largest arms exporter accounting for 2.8 percent of Read more at: https://oilprice.com/Geopolitics/Europe/South-Korea-Gains-Market-Share-As-Arms-Exporter.html |
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Scientists Tap Artificial Intelligence To Revolutionize Battery ChemistryArgonne National Laboratory scientists explain upgrading the hunt for electrolytes with artificial intelligence that could enable revolutionary battery chemistries. In a new paper published in Science, Meng, and colleagues laid out their vision for electrolyte design in future generations of batteries. Designing a battery is a three-part process. You need a positive electrode, you need a negative electrode, and for the critical connection, you need an electrolyte that works with both electrodes. An electrolyte is the battery component Read more at: https://oilprice.com/Energy/Energy-General/Scientists-Tap-Artificial-Intelligence-To-Revolutionize-Battery-Chemistry.html |
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Alec Baldwin to be charged with involuntary manslaughter in ‘Rust’ movie set shootingAlec Baldwin will be criminally charged in the fatal on-set shooting of “Rust” cinematographer Halyna Hutchins. Read more at: https://www.cnbc.com/2023/01/19/alec-baldwin-to-be-charged-in-fatal-rust-shooting.html |
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Netflix misses on earnings but blows away estimates on subscribersNetflix reported earnings after the bell. Here are the results. Read more at: https://www.cnbc.com/2023/01/19/netflix-nflx-earnings-q4-2022.html |
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Why GM’s new Chevy Corvette is a hybrid and not an all-electric carThe Chevy Corvette E-Ray – starting at about $104,000 – may surprise some consumers, as it’s a step toward full electrification but a unicorn in GM’s lineup. Read more at: https://www.cnbc.com/2023/01/19/chevy-corvette-e-ray-why-its-a-hybrid-and-not-an-all-electric-car.html |
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Procter & Gamble’s revenue and profit fall as the company looks to higher prices to offset declining salesProcter & Gamble reported falling revenue and profit on Thursday, as higher prices struggled to offset declining sales volumes. Read more at: https://www.cnbc.com/2023/01/19/procter-gamble-pg-earnings-q2-2023.html |
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Hertz is bringing thousands of EVs and chargers to the city of Denver in a broad new partnershipHertz will add more than 5,000 electric vehicles to its Denver rental fleet, will install public EV chargers, and will offer training in and around the city. Read more at: https://www.cnbc.com/2023/01/19/hertz-denver-partner-on-a-broad-electric-vehicle-and-charging-program.html |
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LIV Golf reaches broadcast rights deal with CW NetworkLIV Golf, the Saudi-funded professional golf tour that launched last year, reached a deal to broadcast its events on CW Network. Read more at: https://www.cnbc.com/2023/01/19/liv-golf-reaches-broadcast-rights-deal-with-cw-network.html |
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Tennis Channel will air Major League Pickleball tournament matches, deepening broadcast partnershipThe Tennis Channel will broadcast Major League Pickleball’s Mesa, Arizona, tournament. Read more at: https://www.cnbc.com/2023/01/19/tennis-channel-to-air-major-league-pickleball-tournament-matches.html |
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Even with used-car prices falling, buyers are still paying more than $7,100 above ‘normal,’ report findsDespite an 8.8% drop in December’s used car prices from a year earlier, they are still 30% above where they’d be if normal depreciation had occurred. Read more at: https://www.cnbc.com/2023/01/19/even-with-used-car-prices-falling-buyers-paying-7point1k-above-normal.html |
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Supreme Court probe fails to find who leaked abortion rulingThe Supreme Court since last year has tried to identify who leaked a ruling overturning Roe v. Wade, which established a right to abortion. Read more at: https://www.cnbc.com/2023/01/19/supreme-court-probe-fails-to-find-abortion-ruling-leaker.html |
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Stocks making the biggest moves midday: Norwegian Cruise Line, Allstate, Roblox, and moreThese are the stocks posting the largest moves midday. Read more at: https://www.cnbc.com/2023/01/19/stocks-making-the-biggest-moves-midday-norwegian-cruise-line-allstate-roblox-and-more-.html |
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P&G CEO’s upbeat take on the economy makes the consumer staples giant even more attractive in 2023The chief executive of Club holding Procter & Gamble (PG) on Thursday said inflation appears to be easing and pressure from a strong U.S. dollar abating. Read more at: https://www.cnbc.com/2023/01/19/pgs-upbeat-take-on-economy-makes-company-more-attractive-in-2023.html |
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Bed Bath & Beyond looks for capital infusion, buyer ahead of likely bankruptcy filingBed Bath & Beyond is looking for financing to keep it afloat during a bankruptcy process, and continued discussions with prospective buyers, according to people familiar. Read more at: https://www.cnbc.com/2023/01/18/bed-bath-beyond-seeks-capital-infusion-buyer-ahead-of-likely-bankruptcy.html |
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Marvel movies are set to return to China, but Covid could weigh on ticket salesMarvel movies “Black Panther: Wakanda Forever” and “Ant-Man and the Wasp: Quantumania” will open in China in February. Read more at: https://www.cnbc.com/2023/01/18/marvel-movies-set-to-return-to-china.html |
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Housing Bust 2.0: San Francisco Bay Area House Prices Plunge 30% From Crazy PeakAuthored by Wolf Richter via WolfStreet.com, Hammered by waves of layoffs, swooning stocks, collapsing cryptos, and 6% mortgage rates… Home prices for all of California are down, Southern California too is getting hit, even San Diego, but the Bay Area is the standout in terms of the steep and deep plunge in prices. Sales of single-family houses plunged by 37% year-over-year in the Bay Area. But in Southern California, where price declines haven’t been that huge yet, sales collapsed by 48%. In all of California, sales plunged 44%, to 240,000 homes, just a hair higher than during the bottom of Housing Bust 1 in late 2007. The median price of single-family houses in the San Francisco Bay area plunged by 30% in December from the crazy peak in March 2022, by nearly $455,000, from $1.54 million to $1.08 million in nine months, according to the California Association of Realtors today. The plunge in December – after months of layoff announcements by big and small companies in the area – was particularly brutal. Read more at: https://www.zerohedge.com/personal-finance/housing-bust-20-san-francisco-bay-area-house-prices-plunge-30-crazy-peak |
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Car-mageddon?? Auto Insider Predicts Car Prices To Fall This YearVia Wealthion.com, Car prices went bananas after COVID hit — propelled by inventory shortages from disrupted supply chains & the unprecedented stimulus sent to businesses & households. Now here in 2023, the boom is looking over.
Used car prices, which nearly doubled post-COVID, fell for most of 2022 — though they still remain much higher than their pre-pandemic lows. Also, lax lending standards in extending auto loans during the recent boom are coming back to bite lenders — the percentage of loans that are at least 60 days delinquent are at its highest in more than a decade. Where is the auto market headed from here? Will patient buyers be rewarded with better values in 2023? To find out, Wealthion’s Adam Taggart interviewed Lucky Lopez, an automotive industry YouTuber whose boots-on-the-ground reporting has recently propelled him into … Read more at: https://www.zerohedge.com/personal-finance/car-mageddon-auto-insider-predicts-car-prices-fall-year |
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The US Consumer Has Cracked: Discover Plunges After “Shocking” Charge-Off ForecastOne week ago we looked at the latest consumer credit data where we found not one but two flashing red alerts: First, the total amount of credit card debt hit a new all-time high, which however was to be expected from one of the most consistently increasing series across all US economic data, and one which predictably is correlated to the US savings rate which is at all-time lows.
Second, thanks to the Fed’s crusade to spark a great recession, the average rate across US credit cards just rose to an all-time high of 19%+ … Read more at: https://www.zerohedge.com/markets/us-consumer-has-cracked-discover-plunges-after-shocking-charge-forecast |
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China’s Reopening Trade Is OnAuthored by Tom Nemechek via Knowledge Leaders Capital blog, In an abrupt volte-face, on December 7, 2022, China announced an end to its “Zero-COVID” policy after the country endured almost three years of damaging lockdowns. This began a flurry of speculation on the impact that China’s reopening would have on the world economy. Central to the lockdown and reopening thesis is the idea that the Chinese have under-consumed during the lockdowns and will now over-consume to make up for time lost. As the chart from Goldman Sachs makes clear, the amount of bank deposits piled up to a historic extent in 2022, leaving the consumer with significant dry powder to consume. China holds as much as 14% of its GDP in domestic household deposits. This number increased by a further 15 trillion Yuan last year.
The smart folks at Piper Sandler calculated that China’s domestic deposits are above trend in an amount equa … Read more at: https://www.zerohedge.com/markets/chinas-reopening-trade |
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Starmer: UK car industry ‘needs to be saved’The Labour leader says the sector needs a strategic plan, following the collapse of Britishvolt. Read more at: https://www.bbc.co.uk/news/business-64337107?at_medium=RSS&at_campaign=KARANGA |
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Rail workers given fresh pay offer in disputeTrain companies have increased their offer to RMT rail workers in an attempt to prevent more strikes. Read more at: https://www.bbc.co.uk/news/business-64336828?at_medium=RSS&at_campaign=KARANGA |
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Bailey: Inflation ‘likely to fall rapidly’ this yearBank of England governor says UK may have “turned the corner” on price rises, but recession remains likely. Read more at: https://www.bbc.co.uk/news/business-64335841?at_medium=RSS&at_campaign=KARANGA |
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Tech View: Doji candle on Nifty signals pause in uptrend. What traders should do on FridayFear gauge index India VIX was down by 2.85% from 14.37 to 13.96 levels. Volatility cooled down from higher zones and paved the way for the bulls at declines. Now it needs to sustain below 14 for stability to resume the uptrend. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-doji-candle-on-nifty-signals-pause-in-uptrend-what-traders-should-do-on-friday/articleshow/97133801.cms |
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Vijay Kedia stock zooms 32% in 6 days. What’s the good news?The company is in the right place at the right time and with the right products. The trend has just started. I am confident that Atul Auto has made India’s Tesla in three-wheelers,” said the investor, who is also a director in the company. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/vijay-kedia-stock-zooms-32-in-6-days-whats-the-good-news/articleshow/97122249.cms |
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ITC among 6 stocks to buy ahead of Union Budget 2023Ahead of Union Budget 2023, brokerage LKP Securities has selected some promising stocks, which have the strength and potential to yield decent returns. The brokerage firm believes stocks such as ITC, Power Finance Corporation, and Tata Power will provide good opportunities for the short term. Here is a list of 6 stocks to buy ahead of the Union Budget 2023: Read more at: https://economictimes.indiatimes.com/markets/stocks/news/itc-among-6-top-stocks-to-buy-ahead-of-union-budget-2023/promising-plays/articleshow/97116759.cms |
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Outside the Box: Skilled workers shouldn’t miss out on good-paying jobs simply because they don’t have a bachelor’s degreeCompanies that hire employees with non-degree credentials create a productive workplace. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7180-AAB33DBEB776%7D&siteid=rss&rss=1 |
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The Ratings Game: Playtika sweetens offer to acquire Angry Birds publisher Rovio, now offering 60% premiumPlaytika Holding Corp. sweetened its all-cash offer for “Angry Birds” publisher Rovio Entertainment Corp. by a little more than 6% Thursday. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7181-5E6B610D9859%7D&siteid=rss&rss=1 |
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Futures Movers: Oil settles higher on China demand bets, next month’s EU ban on Russian refined productsOil futures finish higher Thursday, even after U.S. government data show a more than 8 million-barrel weekly rise in U.S. crude inventories. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7180-FDDE3EA2ADA8%7D&siteid=rss&rss=1 |
