Summary Of the Markets Today:

• The Dow closed up 66 points or 0.17%,
• Nasdaq closed up 0.22%, (Closed at 16,833, New Historic high 16,839)
• S&P 500 closed up 0.25%,
• Gold $2,428 down $10.70,
• WTI crude oil settled at $79 down $0.74,
• 10-year U.S. Treasury 4.414 down 0.023 points,
• USD index $104.64 up $0.07,
• Bitcoin $69,532 down $127 (0.18%),

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

Click here to read our current Economic Forecast – May 2024 Economic Forecast: No Real Change So Expect The Economy To Continue To Plod Along

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

The Single-Family Rent Index (SFRI) shows single-family rent gains inched up again to 3.4% on an annual basis in March 2024, with the median monthly cost for a U.S. three-bedroom home at $2,052 in February. Of the 20 metro areas CoreLogic tracks, only six posted rental prices that were less expensive than the national average. Three metros in the South showed annual declines, while coastal job hubs again led for rent growth. This indicates that Americans who rent in expensive metros can shoulder the additional cost burden, thanks to higher wages in many job sectors and a U.S. unemployment rate that has remained below 4% for more than two years. Molly Boesel, principal economist for CoreLogic stated:

U.S. single-family rent growth strengthened overall in March, though some weaknesses are revealed in the latest numbers. Overbuilt areas, such as Austin, Texas continued to soften, decreasing by 3.5% annually in March. And for the first time in 14 years, single-family, attached properties posted a year-over-year decline. The continued strength in single-family detached rents indicates that potential homebuyers who are priced out of the home-purchase market are choosing to rent similar alternatives.

Here is a summary of headlines we are reading today:

• China’s Solar Executives Fear Western Trade Barriers Could Jeopardize Exports
• U.S. Department of Energy to Release 1 Million Barrels of Gasoline from Northeas
• Net-Zero Comes With Insane $215 Trillion Price Tag
• Are Hybrids and EVs Incompatible?
• Americans Set for Near-Record Summer Road Trips as Gasoline Prices Fall
• South Africa Is Set to Run Coal Power Plants for Longer Than Planned
• S&P 500, Nasdaq rise on Tuesday to close at fresh records: Live updates
• Pixar is laying off 14% of its workforce as Disney scales back content
• Fed Governor Waller wants ‘several months’ of good inflation data before lowering rates
• EPA’s Clean Power Plan Rule Prioritizes Net-Zero Over Grid Reliability
• Biden Drains Entire Northeast Gasoline Reserve In Bid To Lower Gas Prices As He Trails Trump By Double Digits
• California Governor Escalates War On Gasoline Impacting Neighboring States
• Comcast says its new ‘StreamSaver’ bundle will save customers close to $100 a year — here’s how
• Bond king Jeffrey Gundlach still sees a U.S. recession coming. Here’s when.

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 196 points or 0.49%, (Closed at 39,808, New Historic high 40.076)
• Nasdaq closed up 0.65%, ( New Historic high 16.824)
• S&P 500 closed up 0.09%,
• Gold $2,433 up $15.50,
• WTI crude oil settled at $80 down $0.32,
• 10-year U.S. Treasury 4.443 up 0.023 points,
• USD index $104.61 up $0.160,
• Bitcoin $70,186 up $3,962 (5.88%), – Historic high 73,798.25

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

Click here to read our current Economic Forecast – May 2024 Economic Forecast: No Real Change So Expect The Economy To Continue To Plod Along

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

No releases today

Here is a summary of headlines we are reading today:

• Iraq, China Sign Deal for New Gas Field Development
• American Gasoline Prices Fall for 4th Straight Week
• BYD Set to Supply London’s Electric Double-Decker Buses
• Millennials Drive EV Adoption in the U.S.
• ADNOC Buys 12% Stake in Rio Grande LNG
• Microsoft announces new PCs with AI chips from Qualcomm
• Nasdaq closes at a record on Monday as Nvidia shares rise 2%: Live updates
• Are consumers pulling back on spending? It depends on which CEO you ask
• Summer interest rate cut possible, says Bank deputy
• Wall Street strategists rush to revise their S&P 500 targets as stocks hit fresh records. Here’s what they see happening.
• Global stocks hit record highs as more countries join in the rally

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 165 points or 0.34%,
• Nasdaq closed down 0.07%,
• S&P 500 closed up 0.12%,
• Gold $2,419 up $33.90,
• WTI crude oil settled at $80 up $0.77,
• 10-year U.S. Treasury 4.422 up 0.045 points,
• EUR/USD index $1.084 up $0.001,
• Bitcoin $66,905 up $1,620 (2.49%),
• Baker Hughes Rig Count: U.S. +1 to 604 Canada -2 to 114

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

Click here to read our current Economic Forecast – May 2024 Economic Forecast: No Real Change So Expect The Economy To Continue To Plod Along

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

The Conference Board Leading Economic Index® (LEI) for the U.S. decreased by 0.6 percent in April 2024 to 101.8 (2016=100), after decreasing by 0.3 percent in March. Over the six-month period between October 2023 and April 2024, the LEI contracted by 1.9 percent—a smaller decrease than its 3.5 percent decline over the previous six months. The problem with this index is that it has been saying that the economy was falling into the toilet for over one year – I think they have been crying wolf for too long. Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board stated:

Another decline in the U.S. LEI confirms that softer economic conditions lay ahead. Deterioration in consumers’ outlook on business conditions, weaker new orders, a negative yield spread, and a drop in new building permits fueled April’s decline. In addition, stock prices contributed negatively for the first time since October of last year. While the LEI’s six-month and annual growth rates no longer signal a forthcoming recession, they still point to serious headwinds to growth ahead. Indeed, elevated inflation, high interest rates, rising household debt, and depleted pandemic savings are all expected to continue weighing on the US economy in 2024. As a result, we project that real GDP growth will slow to under 1 percent over the Q2 to Q3 2024 period.

Here is a summary of headlines we are reading today:

• Vertical Axis Wind Turbines Redefined by Machine Learning
• Precious Metals Markets Slide Sideways
• Oil, Gas Activity in U.S. Holds Steady
• China’s Apparent Oil Demand Dips in April for First Yearly Decline Since 2022
• Republicans Pressure Biden to Deliver Weapons to Israel
• Groundhog Day for OPEC+
• As Tesla layoffs continue, here are 600 jobs the company cut in California
• OpenAI dissolves team focused on long-term AI risks, less than one year after announcing it
• GameStop shares fall 20% after it files to sell additional stock, says first quarter sales dropped
• Bitcoin breaks six-week losing streak, climbs to $67,000: CNBC Crypto World
• Vitalik Buterin Says OpenAI’s GPT-4 Has Passed The ‘Turing Test’
• Fewer crackers in Ritz boxes but price remains same
• 30-year Treasury yield sees 3rd straight weekly decline after data indicate ‘serious headwinds’ for U.S. economy

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 350 points or 0.88%, ( New high 39,935)
• Nasdaq closed up 1.49%, ( New high 16.750)
• S&P 500 closed up 1.17%, ( New high 5,312)
• Gold $2,393 up $32.70,
• WTI crude oil settled at $79 up $0.84,
• 10-year U.S. Treasury 4.346 down 0.099 points,
• USD index $104.32 down $0.69,
• Bitcoin $65,813 up $4,252 (6.91%), – Historic high 73,798.25

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

Click here to read our current Economic Forecast – May 2024 Economic Forecast: No Real Change So Expect The Economy To Continue To Plod Along

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

Advance estimates of U.S. retail and food services sales for April 2024 was up 3.0% above April 2023 – 1.8% year-over-year inflation adjusted. This shows the economy is muddling along – and retail sales is not driving a stronger economy. Growth this month is average for the past 12 months.

The Consumer Price Index for All Urban Consumers (CPI-U) over the last 12 month increased 3.4% – down from last month’s 3.5% year-over-year growth. The index for shelter rose in April, as did the index for gasoline. Combined, these two indexes contributed heavily to inflation. The all items less food and energy index rose 3.6% over the last 12 months. The energy index increased 2.6% for the 12 months ending April. The food index increased 2.2% over the last year. The Federal Reserve prefers to use the inflation index associated with the BEA’s consumer spending.

The May 2024 Empire State Manufacturing Survey shows the headline general business conditions index was little changed at -15.6. New orders declined significantly, while shipments held steady. Unfilled orders continued to decline. Delivery times shortened, and inventories were little changed. Labor market conditions remained weak, with employment and hours worked continuing to move lower. The pace of input and selling price increases moderated slightly. Though firms expect conditions to improve over the next six months, optimism was subdued.

Here is a summary of headlines we are reading today:

• Texas Freeport LNG Reportedly Operating At Full Capacity
• North Korean-Iranian Military Cooperation Raises Alarm in the West
• Slovak PM Fights for Life After Assassination Attempt
• Qatar Believes The World Will Need More LNG Projects after 2030
• The U.S. Battery Boom Is Revolutionizing Renewable Energy
• The IEA Has Cut Its Oil Demand Growth Forecast for 2024
• S&P 500 jumps 1% to post record close, ending session above 5,300 for the first time: Live updates
• Biden’s EV tariffs may not be enough to stave off the threat of Chinese vehicles in the U.S.
• Netflix ad-supported tier has 40 million monthly users, nearly double previous count
• Dell surges 11% on optimism it has secured big AI server orders
• ‘We have to do what we have to do’: Israel’s Netanyahu stands firm on Rafah offensive despite U.S. tensions
• April Cass Data Shows No Improvement In Freight Demand
• Treasury yields end at lowest levels in more than a month after April CPI data

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Summary Of the Markets Today:

• The Dow closed up 127 points or 0.32%,
• Nasdaq closed up 0.75%,
• S&P 500 closed up 0.48%,
• Gold $2,362 up $18.90,
• WTI crude oil settled at $78 down $0.99,
• 10-year U.S. Treasury 4.449 down 0.032 points,
• USD index $105.02 down $0.20,
• Bitcoin $61,547 down $1,500 (2.38%)

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

Click here to read our current Economic Forecast – May 2024 Economic Forecast: No Real Change So Expect The Economy To Continue To Plod Along

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

NFIB’s Small Business Optimism Index rose by 1.2 points in April to 89.7, marking the first increase of this year but the 28^th consecutive month below the 50-year average of 98. Twenty-two percent of owners reported that inflation was their single most important problem in their business, down three points from March but still the number one problem for small business owners. Bill Dunkelberg, NFIB Chief Economist stated:

Cost pressures remain the top issue for small business owners, including historically high levels of owners raising compensation to keep and attract employees. Overall, small business owners remain historically very pessimistic as they continue to navigate these challenges. Owners are dealing with a rising level of uncertainty but will continue to do what they do best – serve their customers.

Inflation continued in the Producer Price Index which was 2.2% year-over-year in April 2024 – up from 1.8% in March. Growth continued in both services and goods in the PPI. Tomorrow, the Consumer Price Index for April will be released with our estimate being 3.6% year-over-year (and the market consensus is 3.4% year-over-year.

Here is a summary of headlines we are reading today:

• Putin’s Cabinet Shakeup Reflects Shift in Strategy As Ukraine War Persists
• The Controversy That Nearly Destroyed OPEC Has Resurfaced
• Inflation Fears Keep Oil Prices Suppressed
• Chevron Surpasses Tesla as the Most Shorted U.S. Large-Cap Stock
• U.S. Gasoline Prices Set for Slight Drop Ahead of Memorial Day
• Electric Vehicles Lose Market Share in the U.S. as Sales Decline
• Google rolls out its most powerful AI models as competition from OpenAI heats up
• Fed Chair Powell says inflation has been higher than thought, expects rates to hold steady
• Nasdaq jumps to record close, Dow adds more than 100 points ahead of consumer inflation report: Live updates
• Walmart is laying off, relocating hundreds of corporate workers across the country. Read the memo
• Another “Behemoth Solar Flare” Sparks Radio Blackout Across North America
• ‘Bidenomics’ 2.0 or ‘Trumponomics’ 2.0? Both would hurt trade and growth.
• Treasury yields fall for second straight session after PPI revision for March

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 331 points or 0.85%,
• Nasdaq closed up 0.27%,
• S&P 500 closed up 0.51%,
• Gold $2,348 up $25.30,
• WTI crude oil settled at $80 up $0.57,
• 10-year U.S. Treasury 4.457% down 0.026 points,
• USD index $105.22 down $0.330,
• Bitcoin $62,401 up $177 (0.28%)

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

Click here to read our current Economic Forecast – May 2024 Economic Forecast: No Real Change So Expect The Economy To Continue To Plod Along

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

In the week ending May 4, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 215,000, an increase of 4,750 from the previous week’s revised average. The previous week’s average was revised up by 250 from 210,000 to 210,250.

Here is a summary of headlines we are reading today:

• Bearish Nickel Prices Squeeze Steel Mill Earnings
• Tokyo Researchers Unveil Stable, Highly Conductive Lithium-Ion Conductor
• China Controls 80% of World’s Solar Panel Supply Chain
• Tesla Downgrades Recharging
• Brazil’s Oil Giant Must Assess the Impact of Drilling on Indigenous Communities
• Australia to Boost Natural Gas Production Despite 2050 Net-Zero Goal
• Dow closes more than 300 points higher, securing 7th winning day: Live updates
• Sinclair explores selling roughly 30% of its broadcast stations, sources say
• Money market funds yielding more than 5% won’t last. Where to deploy idle cash instead
• Weekly jobless claims jump to 231,000, the highest since August
• Just 4% of current retirees say they are ‘living the dream,’ survey finds. Here’s why
• Jewish Businessman Gunned Down In Egypt In Suspected Terror Killing
• Longest-streak ever! Fear gauge VIX rises for 11th day on election concerns

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 172 points or 0.44%,
• Nasdaq closed down 0.18%,
• S&P 500 closed flat 0.00%,
• Gold $2,317 down $7.60,
• WTI crude oil settled at $79 up $0.80,
• 10-year U.S. Treasury 4.494% up 0.033 points,
• USD index $105.55 up $0.130,
• Bitcoin $62,171 down $914 (1.45%)

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

Click here to read our current Economic Forecast – May 2024 Economic Forecast: No Real Change So Expect The Economy To Continue To Plod Along

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

March 2024 sales of merchant wholesalers were up 1.4 percent year-over-year from the revised March 2023 level – down 3.6% year-over-year inflation adjusted. Total inventories of merchant wholesalers were down 2.3% from the revised March 2023 level. The March inventories/sales ratio for merchant wholesalers, except manufacturers’ sales branches and offices, based on seasonally adjusted data, was 1.35. The March 2023 ratio was 1.40. The inventory to sales ratio is healthy – and this sector has employment growth of 1.0% which suggests wholesale trade is healthier than the monetary sales figures suggest.

Here is a summary of headlines we are reading today:

• Gasoline Demand Continues To Grow Despite EV Boom
• U.S. Gasoline, Diesel Demand Hit Seasonal Low Not Seen Since COVID
• Tesla Faces DoJ Probe for Deceptive Statements on Autonomous Driving
• China Looks to Slam the Brakes on Its Battery Boom to Fight Overcapacity
• Google employees question execs over ‘decline in morale’ after blowout earnings
• Dow pops more than 150 points to notch sixth positive day and longest win streak in 2024: Live updates
• Uber reports first-quarter results that beat expectations for revenue, but posts net loss
• Major banks team up to test network for tokenized money and U.S. Treasurys: CNBC Crypto World
• Gold bars are selling like hot cakes in Korea’s convenience stores and vending machines
• Interest rates on federal student loans may increase by 1%: ‘A fairly big jump,’ expert says
• Someone Is Lying: Atlanta Fed Claims US GDP Is 4.2% While DOE Reports Lowest Gasoline, Diesel Demand Since Covid
• 10-year Treasury yield finishes higher for first time in six sessions

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