Summary Of the Markets Today:

• The Dow closed up 153 points or 0.40%,
• Nasdaq closed up 2.03%,
• S&P 500 closed up 1.02%,
• Gold $2,351 up $6.00,
• WTI crude oil settled at $84 up $0.08,
• 10-year U.S. Treasury 4.669% down 0.037 points,
• USD index $106.03 up $0.440,
• Bitcoin $63,872 down $768 (1.19%),
• Baker Hughes Rig Count: U.S. -6 to 613 Canada -9 to 118

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our current Economic Forecast – April 2024 Economic Forecast: Economy Marginally Improving But Growth Will Be Weak

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Today’s Economic Releases Compiled by Steven Hansen, Publisher:

Real Disposable Personal income (DPI) increased 1.4% year-over-year in March 2024 – down from 1.7% in February., according to estimates released today by the Bureau of Economic Analysis (tables 2 and 3). Real Personal consumption expenditures (PCE) increased 3.1% year-over-year (up from 2.3% in February). The PCE price index increased 2.7% year-over-year (up from 2.5% in February). Excluding food and energy, the PCE price index increased 2.8% year-over-year (little changed from February). In summary, inflation adjusted income growth is now only half of the growth in spending – and inflation is not moderating. Not sure how the Fed can cut the federal funds rate under these conditions.

Here is a summary of headlines we are reading today:

• Exxon Expects Regulator To Greenlight $60-Billion Pioneer Deal in June
• TotalEnergies Beats Q1 Profit Forecast Despite Lower Natural Gas Prices
• U.S. Drilling Activity Slips
• Washington’s Pleas Fall on Deaf Ears as Ukraine Strikes Russian Refineries
• India Ratchets Up Its Renewable Energy Installations
• Oil Prices Move Higher After a Volatile Week
• Intel used to dominate the U.S. chip industry. Now it’s struggling to stay relevant
• S&P 500 posts best week since November, Nasdaq surges 2% Friday as Alphabet soars: Live updates
• All the data so far is showing inflation isn’t going away, and is making things tough on the Fed
• Key Fed inflation measure rose 2.8% in March from a year ago, more than expected
• Bitcoin and ether dip to end the week, and crypto firm Consensys sues the SEC: CNBC Crypto World
• Alphabet soars most since 2015 on strong earnings, first dividend and $70 billion buyback
• Port Of Baltimore Partially Reopens, Allowing Trapped Cargo Ships To Exit  
• The Constitutional Abyss: Justices Signal Desire To Avoid Both Cliffs On Presidential Immunity
• Treasury yields slip from 2024 highs after Fed’s favored inflation gauge meets expectations

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed down 375 points or 0.98%,
• Nasdaq closed down 0.64%,
• S&P 500 closed down 0.46%,
• Gold $2,345 up $6.00,
• WTI crude oil settled at $84 up $0.94,
• 10-year U.S. Treasury 4.704% up 0.050 points,
• USD index $105.58 down $0.280,
• Bitcoin $64,826 up $586 (0.61%)

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our current Economic Forecast – April 2024 Economic Forecast: Economy Marginally Improving But Growth Will Be Weak

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Today’s Economic Releases Compiled by Steven Hansen, Publisher:

The number of CEO changes at U.S. companies fell 27% to 180 in March 2024, from the record-high 248 in February. It is up 29% from the 139 CEO exits recorded in the same month last year. March’s total is the highest for the month since the firm began tracking CEO exits in 2002. In the first quarter, 622 CEOs have announced their departures, the highest quarterly total on record. It is up 49% from the 418 exits in the first quarter of last year, and up 27% from the 489 CEO exits which occurred in the previous quarter. Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc. added:

C-Level leaders have had an incredibly challenging few years, and are transitioning out of their roles, whether for new opportunities or to get fresh starts elsewhere.

The advance estimate of real gross domestic product (GDP) increased at an annual rate of 1.6 percent in the first quarter of 2024 – which is a fairly weak performance. However, I think this headline view is bogus as I believe year-over-year analysis provides the proper prospective. 1Q2024 growth was 3.0% year-over-year, and is only slightly lower than 4Q2024’s 3.1% and higher than 3Q2024’s 2.9%. Gross private domestic investment was very strong in 1Q2024 but was dragged down by goods purchases. As real GDP is adjusted for inflation, note that inflation price index only marginally weakened from last quarter’s 2.4% to 2.3% in 1Q2024.

The Kansas City Fed manufacturing activity fell again in April 2024, and expectations for future activity remained flat. Prices for raw materials grew at a steady pace while finished product prices stayed the same, increasing their spread. The month-over-month composite index was -8 in April, down from -7 in March and -4 in February. Manufacturing is far from a bright spot in the current economy.

The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – with year-over-year growth up 0.1%. An index of 100 is equal to the level of contract activity in 2001. NAR Chief Economist Lawrence Yun stated:

March’s Pending Home Sales Index – at 78.2 – marks the best performance in a year, but it still remains in a fairly narrow range over the last 12 months without a measurable breakout. Meaningful gains will only occur with declining mortgage rates and rising inventory.

In the week ending April 20, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 213,250, a decrease of 1,250 from the previous week’s unrevised average of 214,500.

In February 2024, 2.8% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), down year-over-year from February 2023 and unchanged month over month from January 2024. Molly Boesel, Principal Economist for CoreLogic added:

Here is a summary of headlines we are reading today:

• How Gold Became an Essential Component in Nvidia’s GPUs
• Azerbaijan is Quietly Playing a Key Role in Russia’s Economic Plans
• Hertz To Sell More EVs as Q1 Loss Exceeds Expectations
• EU Prepares to Tighten Screws on Russian LNG Imports
• The Renewable Energy Boom Has a Waste Problem
• Dow closes lower by more than 370 points as inflation, growth worries resurface: Live updates
• Alphabet earnings are out — here are the numbers
• GDP growth slowed to a 1.6% rate in the first quarter, well below expectations
• Meta tumbles 11% on weak revenue forecast and Zuckerberg’s comments on spending
• Bitcoin outperforms Nasdaq after U.S. economy grew less than projected in Q1: CNBC Crypto World
• US economic growth slows but inflation grows
• GDP report revives stagflation fears in the market, with growing risk of a Fed rate hike seen
• Treasury yields carve out new 2024 highs after first-quarter core PCE inflation comes in hot

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed down 43 points or 0.11%,
• Nasdaq closed up 0.10%,
• S&P 500 closed up 0.02%,
• Gold $2,332 down $10.20,
• WTI crude oil settled at $83 down $0.42,
• 10-year U.S. Treasury 4.646% up 0.048 points,
• USD index $105.81 up $0.130,
• Bitcoin $64,050 down $2,495 (3.78%)

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our current Economic Forecast – April 2024 Economic Forecast: Economy Marginally Improving But Growth Will Be Weak

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Today’s Economic Releases Compiled by Steven Hansen, Publisher:

New orders for manufactured durable goods in March 2024 increased by 1.3% year-over-year (-1.5% inflation adjusted). Honestly, this report highlights the weakness in capital goods manufacturing in the U.S.  Durable goods new orders are weak in every category.

Here is a summary of headlines we are reading today:

• Gas Prices Likely to Keep Falling Ahead of Peak Driving Season
• Fossil Fuels Hit All-Time Low in UK Electricity Generation
• Central Asian Economies in Limbo As China Fails To Find Its Feet
• China’s Capital Flight Could Fuel Bitcoin’s Next Rally
• U.S. Refiners Set to Report Strong Q1 Earnings
• Oil Firms Doubtful Trans Mountain Pipeline Will Start Full Service by May 1st
• Why the Fed keeping rates higher for longer may not be such a bad thing
• GDP report Thursday expected to show economy still growing at a solid pace
• Tesla surges after Elon Musk says new affordable EV models coming
• Yen Dumped, Yield-Curve Pumped, Bonds & Bitcoin Slump
• First-Time Buyers Must Earn $120,000 To Afford The Average Home
• 10-year Treasury yield ends near highest levels of 2024 as Fed’s preferred inflation gauge looms
• Transportation stocks sink, with industry ETF on track for biggest drop since October

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed up 264 points or 0.69%,
• Nasdaq closed up 1.59%,
• S&P 500 closed up 1.20%,
• Gold $2,337 down $9.70,
• WTI crude oil settled at $83 up $1.43,
• 10-year U.S. Treasury 4.602% down 0.021 points,
• USD index $105.69 down $0.390,
• Bitcoin $66,431 up $42 (0.05%)

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our current Economic Forecast – April 2024 Economic Forecast: Economy Marginally Improving But Growth Will Be Weak

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Today’s Economic Releases Compiled by Steven Hansen, Publisher:

Sales of new single‐family houses in March 2024 is 8.3% above March 2023. The median sales price of new houses sold in March 2024 was $430,700. The average sales price was $524,800.
The seasonally‐adjusted estimate of new houses for sale at the end of March was 477,000. This represents a supply of 8.3 months at the current sales rate. New home sales have been a bright spot in the economy.

Richmond Fed Manufacturing activity remained slow in April 2024. The composite manufacturing index increased from −11 in March to −7 in April. Of its three component indexes, shipments increased from −14 to −10, new orders increased from −17 to −9, and employment fell from 0 to −2. Manufacturing is far from a bright spot in the current economy.

Here is a summary of headlines we are reading today:

• India Emerges as a Major Exporter of Solar Panels
• Why Biden is Unlikely to Enforce the New Iran Oil Sanctions
• Tesla Investors Brace for Worst Financial Report in 7 Years
• Oil Takes a Breather as Geopolitical Risk Eases
• Bitcoin Mining and Population Growth Are Pushing the Texas Grid to the Brink
• Halliburton Beats Earnings Forecast on High Oilfield Services Demand
• Dow closes more than 250 points higher, S&P 500 pops 1% as strong earnings propel stocks: Live updates
• Tech’s earnings bonanza this week shines spotlight on growing troubles at Tesla, Google
• ByteDance, TikTok shelled out $7 million on lobbying and ads to combat potential U.S. ban
• Google search boss warns employees of ‘new operating reality,’ urges them to move faster
• Federal Judge Appears Ready To Reimpose Jan. 6 ‘Disinformation’ Monitoring
• 2-year Treasury yield falls to lowest in over a week on signs U.S. economy is losing momentum
• Oil prices finish higher as traders weigh potential for disruptions to Middle East supplies
• Regulators probe potential use by big banks of nondisclosure agreements to discourage whistleblowers: report

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed up 254 points or 0.67%,
• Nasdaq closed up 1.11%,
• S&P 500 closed up 0.87%,
• Gold $2,343 up $70.70,
• WTI crude oil settled at $83 up $0.12,
• 10-year U.S. Treasury 4.617% up 0.002 points,
• USD index $106.13 down $0.030,
• Bitcoin $66,544 up $1,803 (2.78%)

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our current Economic Forecast – April 2024 Economic Forecast: Economy Marginally Improving But Growth Will Be Weak

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Today’s Economic Releases Compiled by Steven Hansen, Publisher:

The Chicago Fed National Activity Index three-month moving average, CFNAI-MA3, increased to –0.19 in March 2024 from –0.28 in February. The CFNAI-MA3 is used for economic forecasting – and is my favorite coincident index. A zero value for the CFNAI has been associated with the national economy expanding at its historical trend (average) rate of growth which the current values indicate soft growth. In March, Fifty indicators improved from February to March, while 35 indicators deteriorated.

 

Here is a summary of headlines we are reading today:

• How Long Will the Gold Rally Last?
• What’s The Next Move In The Israel-Iran Standoff And What Will Oil Do?
• Weak Diesel Prices Reflect Global Economic Slowdown
• Is a Full-Blown Trade War Between the U.S. and China Looming?
• Biden Unlikely to Strictly Enforce Sanctions on Iranian Oil Ahead of Elections
• Tesla Set for Worst Quarterly Results in 7 Years
• Dow closes more than 200 points higher, S&P 500 snaps 6-day losing run as tech resurges: Live updates
• Mark Zuckerberg says Meta will offer its virtual reality OS to hardware companies, creating iPhone versus Android dynamic
• Bitcoin rises past $66,000 in the days following the network’s fourth halving: CNBC Crypto World
• What investors should know about the UAW’s organizing drive of VW
• Bitcoin’s next gen tokens are here. Inside the Silicon Valley hacker house where 17 coders helped build the new memecoin market
• Stocks Surge In Massive Squeeze As Traders Frontrun End of Buyback Blackout Period
• FTSE 100 stock index closes at new all-time high
• Treasury yields finish little changed as geopolitical tensions cool
• Brent oil ends at a more than 3-week low as Middle East tensions appear to ease

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed up 211 points or 0.56%,
• Nasdaq closed down 2.05%,
• S&P 500 closed down 0.88%,
• Gold $2,403 up $4.80,
• WTI crude oil settled at $83 up $0.48,
• 10-year U.S. Treasury 4.621% down 0.024 points,
• EUR/USD index $1.065 up $0.001,
• Bitcoin $64,299 up $921 (1.45%), – Historic high 73,798.25
• Baker Hughes Rig Count: U.S. +2 to 619 Canada -14 to 127

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our current Economic Forecast – April 2024 Economic Forecast: Economy Marginally Improving But Growth Will Be Weak

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Today’s Economic Releases Compiled by Steven Hansen, Publisher:

No releases today

Here is a summary of headlines we are reading today:

• Researchers Develop Revolutionary Cathode Material for Lithium-Sulfur Batteries
• Peter Schiff Questions Bitcoin’s Value As ‘Halving’ Event Nears
• U.S. Drilling Activity Inches Up
• Oil Price Volatility Soars Amid Geopolitical Uncertainty
• Profit Taking Is Putting Downward Pressure on Oil Prices
• Nasdaq falls more than 2% to post 6th straight losing day as Nvidia craters 10%: Live updates
• Super Micro plunges as investors rotate out of red-hot AI stock ahead of earnings later this month
• New York AG says $175 million Trump fraud bond isn’t properly backed, should be voided
• Bitcoin rises to $64,000 in the final hours before the halving: CNBC Crypto World
• Bitcoin halving isn’t a big deal for long-term investors, but may have a ‘huge’ impact on one key group, says Columbia professor
• How Big Tech Is Consuming America’s Electricity And Water
• Fed report highlights risks to financial stability if interest rates stay higher for longer

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed up 22 points or 0.06%,
• Nasdaq closed down 0.52%,
• S&P 500 closed down 0.22%,
• Gold $2,396 up $7.00,
• WTI crude oil settled at $83 up $0.05,
• 10-year U.S. Treasury 4.625% up 0.052 points,
• USD index $106.16 up $0.210,
• Bitcoin $63,554 up $2,462 (3.93%)

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our current Economic Forecast – April 2024 Economic Forecast: Economy Marginally Improving But Growth Will Be Weak

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Today’s Economic Releases Compiled by Steven Hansen, Publisher:

The Philly Fed Manufacturing survey shows activity in the region continued to expand this month with the diffusion index for current general activity rose 12 points to 15.5 in April, its third consecutive positive reading and highest reading since April 2022. The survey’s indicators for general activity, new orders, and shipments all rose. However, the employment index remained negative. Both price indexes continue to suggest overall price increases. Most future activity indicators declined but continue to suggest that firms expect growth over the next six months. Historically, the Philly Fed Manufacturing survey has been the most positive of all the regional fed manufacturing surveys, and it likely that manufacturing has been contracting for so long that year-over-year comparisons will shortly be positive.

Existing-home sales fell 3.7% year-over-year as affordability continues to take its toll on existing homes. The median existing-home sales price rose 4.8% from March 2023. The inventory of unsold existing homes is 3.2 months’ supply at the current monthly sales pace. NAR Chief Economist Lawrence Yun stated:

Though rebounding from cyclical lows, home sales are stuck because interest rates have not made any major moves. There are nearly six million more jobs now compared to pre-COVID highs, which suggests more aspiring home buyers exist in the market.

In the week ending April 13, the advance figure for seasonally adjusted initial unemployment claims 4-week
moving average was 214,500, unchanged from the previous week’s revised average. The previous week’s average was
revised up by 250 from 214,250 to 214,500.

The Conference Board Leading Economic Index® (LEI) for the U.S. decreased by 0.3 percent in March 2024 to 102.4 (2016=100), after increasing by 0.2 percent in February. Over the six-month period between September 2023 and March 2024, the LEI contracted by 2.2 percent—a smaller decrease than the 3.4 percent decline over the previous six months. Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board added:

February’s uptick in the U.S. LEI proved to be ephemeral as the Index posted a decline in March. Negative contributions from the yield spread, new building permits, consumers’ outlook on business conditions, new orders, and initial unemployment insurance claims drove March’s decline. The LEI’s six-month and annual growth rates remain negative, but the pace of contraction has slowed. Overall, the Index points to a fragile—even if not recessionary—outlook for the U.S. economy. Indeed, rising consumer debt, elevated interest rates, and persistent inflation pressures continue to pose risks to economic activity in 2024. The Conference Board forecasts GDP growth to cool after the rapid expansion in the second half of 2023. As consumer spending slows, US GDP growth is expected to moderate over Q2 and Q3 of this year.

Here is a summary of headlines we are reading today:

• New Russian Sanctions Spark Metal Market Volatility
• White House Aims to Keep Gasoline Prices in Check
• U.S. Shale Oil Production Growth Is Slowing Down
• Gold Surges Past S&P 500 in Five-Year Growth
• High Interest Rates Could Slow Down the Energy Transition
• S&P 500 closes lower for a fifth day, posts longest losing streak since October: Live updates
• Mortgage rates are now at the highest level of the year, and could go even higher
• Meta’s new AI assistant is rolling out across WhatsApp, Instagram, Facebook and Messenger
• March homes sales dropped despite a surge in supply. Here’s why.
• World’s largest sovereign wealth fund posts $110 billion in first-quarter profit as tech stocks surge
• Breaking Down The 2024 Bitcoin Halving: Implications & Predictions For Bitcoin Miners
• Iran’s Oil Exports Climb To The Highest Level In 6 Years
• 2-year Treasury yield ends at almost 5% after Fed’s Williams answers question on possible rate hike

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed down 46 points or 0.12%,
• Nasdaq closed down 1.15%,
• S&P 500 closed down 0.58%,
• Gold $2,388 down $19.40,
• WTI crude oil settled at $83 down $2.60,
• 10-year U.S. Treasury 4.659% down 0.031 points,
• USD index $105.83 down $0.374,
• Bitcoin $61,116 down $1,696 (2.68%)

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our current Economic Forecast – April 2024 Economic Forecast: Economy Marginally Improving But Growth Will Be Weak

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Today’s Economic Releases Compiled by Steven Hansen, Publisher:

The Ports of Los Angeles and Long Beach – which handle 40% of all container imports into the U.S. – show imports increased 14% year-over-year whilst exports increased 8% year-over-year. The import growth shows that the economy is gaining steam, but consider that imports remain below the pre-pandemic peaks.

According to the April 2024 Beige Book:

Overall economic activity expanded slightly, on balance, since late February. Ten out of twelve Districts experienced either slight or modest economic growth—up from eight in the previous report, while the other two reported no changes in activity. Consumer spending barely increased overall, but reports were quite mixed across Districts and spending categories. Several reports mentioned weakness in discretionary spending, as consumers’ price sensitivity remained elevated. Auto spending was buoyed notably in some Districts by improved inventories and dealer incentives, but sales remained sluggish in other Districts. Tourism activity increased modestly, on average, but reports varied widely. Manufacturing activity declined slightly, as only three Districts reported growth in that sector. Contacts reported slight increases in nonfinancial services activity, on average, and bank lending was roughly flat overall. Residential construction increased a little, on average, and home sales strengthened in most Districts. In contrast, nonresidential construction was flat, and commercial real estate leasing fell slightly. The economic outlook among contacts was cautiously optimistic, on balance.

Note that the Beige Book is an anecdotal report published by the United States Federal Reserve Board that summarizes economic conditions across the 12 Federal Reserve Districts. It’s also known as the Summary of Commentary on Current Economic Conditions by Federal Reserve District. The report is published eight times a year, before the Federal Open Market Committee meets.

Here is a summary of headlines we are reading today:

• Washington Preparing to Reimpose Venezuela Oil Sanctions Thursday
• Oil Plummets over 3% as Stockpiles Override Iran-Israel Conflict
• Oil Moves Down on Crude Inventory Build
• Kazakhstan’s Compensation Claim Against Big Oil Climbs to $150 Billion
• Wall Street pushes out rate-cut expectations, sees risk they don’t start until March 2025
• Trump Media shares close more than 15% higher after days of declines
• Boeing faces scrutiny in Senate hearings over aircraft safety and quality
• Bitcoin halving is likely this week — here’s what you need to know
• Beige Book Reveals Economy In Far Worse Shape Than White House Claims
• Silver has outperformed gold in 2024 and is on track for a 4th straight yearly supply deficit
• 10-, 30-year Treasury yields slip from five-month highs despite Powell’s hawkish turn
• Oil prices settle at three-week low with U.S. supplies up a fourth week in a row

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed up 64 points or 0.17%,
• Nasdaq closed down 0.12%,
• S&P 500 closed down 0.21%,
• Gold $2,407 up $23.60,
• WTI crude oil settled at $85 down $0.04,
• 10-year U.S. Treasury 4.659% up 0.031 points,
• USD index $106.36 up $0.150,
• Bitcoin $62,802 down $519 (0.82%)

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our current Economic Forecast – April 2024 Economic Forecast: Economy Marginally Improving But Growth Will Be Weak

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Today’s Economic Releases Compiled by Steven Hansen, Publisher:

Privately‐owned housing units authorized by building permits in March 2024 were 1.5 above March 2023. Privately‐owned housing starts were 4.3% below March 2023. Privately‐owned housing completions were 3.9% below March 2023. The bright spot in the economy (residential housing) appears to be currently slowing.

Industrial production slightly improved but remains down 0.001% year-over-year with components manufacturing up 1.0% year-over-year), mining down 2.0% year-over-year, and utilities down 3.1% year-over-year. This is the first month this year that manufacturing showed a positive year-over-year growth.

U.S. single-family rents rose by 3.4% year over year in February 2024, the strongest growth recorded in 10 months. Molly Boesel, principal economist for CoreLogic added:

Single-family rent growth regained strength in February, posting the highest annual appreciation since April 2023. Monthly rent growth also picked up in February and was higher than what is typically recorded in winter months. Lower-priced properties had the smallest annual rent growth in February, which should be welcome news to renters. However, properties in this price range have seen gains of more than 30% over the past four years, a slightly larger increase than those in the higher-priced range.

Here is a summary of headlines we are reading today:

• Uranium Stocks Poised for Breakout As Nuclear Resurgence Gains Momentum
• Traders Place Bets On $250 Oil
• Magnesium Battery Breakthrough Could Challenge Lithium-Ion Dominance
• China’s Crude Oil Imports Hit A Record High in 2023
• China Raises Gasoline and Diesel Prices amid Soaring Crude Oil Prices
• Oil Prices Settle Near $90 Despite Rising Geopolitical Risk
• Fed Chair Powell says there has been a ‘lack of further progress’ this year on inflation
• S&P 500 closes lower as Powell warns rates need to stay high, Dow snaps 6-day losing streak: Live updates
• Market fear signals are flashing red as stocks pull back from record highs
• Bitcoin briefly drops below $62,000 as economic and geopolitical pressures loom: CNBC Crypto World
• What If The Fed’s Hikes Are Actually Sparking US Economic Boom?
• 10-year, 30-year Treasury yields end at November highs after IMF upgrades U.S. growth forecast
• Rents have finally stopped skyrocketing. They’re now stuck at a price most Americans can’t afford.

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed down 248 points or 0.65%,
• Nasdaq closed down 1.79%,
• S&P 500 closed down 1.20%,
• Gold $2,4021 up $28.30,
• WTI crude oil settled at $86 down $0.13,
• 10-year U.S. Treasury 4.616% up 0.056 points,
• USD index $106.19 up $0.117,
• Bitcoin $63,512 down $658 (1.05%)

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our current Economic Forecast – April 2024 Economic Forecast: Economy Marginally Improving But Growth Will Be Weak

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Today’s Economic Releases Compiled by Steven Hansen, Publisher:

Advance estimates of U.S. retail and food services sales for March 2024 was up 2.4% above March 2023 (not seasonally adjusted as it is a year-over-year calculation)  – and up 0.1% inflation adjusted. The headline numbers which showed a +0.7% month-over-month growth distorts the true growth picture when in fact retail sales is not growing year-over-year when inflation is considered.

The New York Fed’s Empire State Manufacturing Survey Business activity continued to decline in April 2024. The headline general business conditions index rose seven points but remained below zero at -14.3. New orders and shipments both declined significantly, and unfilled orders continued to shrink. My position is that manufacturing in the U.S. remains in a recession.

 

Here is a summary of headlines we are reading today:

• U.S. CO2 Emissions Down 17% Since 2005, Despite 2022 Increase
• Growing Coal Dependency Puts Central Asian Economies at Risk
• Israeli War Cabinet Vows Response to Iran as Oil Prices Cool Down
• Tesla to Lay Off Over 10% of Global Workforce
• Iran’s Response To Israel’s Strike Was Pure Political Theater
• Small Banks Significantly Boost Loans to Oil And Gas Firms
• U.S. Congress to Vote on Further Iran Sanctions
• S&P 500 and Nasdaq close 1% lower as yields jump, traders await Israel response to Iran: Live updates
• It may be time for investors to sell Nvidia on the next bounce, according to the charts
• Bitcoin struggles to maintain $64,000 amid rising Middle East tensions: CNBC Crypto World
• Retail sales jumped 0.7% in March, much higher than expected
• Here are the stocks set to have the wildest ride this week on earnings
• Trump’s Truth Social shares hit by sale plan
• Long-term Treasury yields end at fresh 2024 highs after March retail-sales data

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.