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.

Summary Of the Markets Today:

• The Dow closed down 476 points or 1.24%,
• Nasdaq closed down 1.62%,
• S&P 500 closed down 1.46%,
• Gold $2,361 down $11.90,
• WTI crude oil settled at $86 up $0.48,
• 10-year U.S. Treasury 4.520% down 0.056 points,
• USD index $106.03 up $0.750,
• Bitcoin $66,994 down $3,333 (4.84%), – Historic high 73,798.25
• Baker Hughes Rig Count: U.S. -3 to 617 Canada +5 to 141

*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:

I continue to suggest that inflationary pressures are not abating despite the spin from pundits who want the Fed to cut the federal funds rate. I study forces which cause inflation, and part of my reasoning in contained in my economic forecasts. Today, export and import price indices were released – and the disinflation in import prices has disappeared with growth now 0.4% year-over-year. The disinflation in import prices began over one year ago. 15% GDP in the US are imported goods and services – and 49% of all goods sold in the US are imported. One can now expect not only downward pressure on GDP (as imports are subtracted from GDP), but upward pressure from imports on inflation

University of Michigan Consumer Sentiment moved sideways for the fourth straight month, as consumers perceived few meaningful developments in the economy. Since January, sentiment has remained remarkably steady within a very narrow 2.5 index point range, well under the 5 points necessary for a statistically significant difference in readings. Consumers perceived little change in the state of the economy since the start of the new year. Expectations over personal finances, business conditions, and labor markets have all been stable over the last four months. However, a slight uptick in inflation expectations in April reflects some frustration that the inflation slowdown may have stalled. Overall, consumers are reserving judgment about the economy in light of the upcoming election, which, in the view of many consumers, could have a substantial impact on the trajectory of the economy.

Here is a summary of headlines we are reading today:

• High Interest Rates Are Crushing Renewable Energy Projects
• U.S. Senator Pushes for Ban on Chinese Electric Vehicles
• Russia Intensifies Strikes on Ukraine’s Energy Infrastructure
• U.S. Drilling Activity Continues to Drop Off
• Rivian, Lucid, Tesla Stocks Tumble As Price War Escalates
• Oil Prices Surge on Fears of an Imminent Iranian Attack
• The Oil Price Rally Has Stalled… For Now.
• Dow tumbles 475 points, S&P 500 suffers worst day since January as inflation woes erupt: Live updates
• BlackRock’s Larry Fink sees Fed cutting rates twice this year but missing 2% inflation goal
• AMD and Intel dip on report China told telecoms to remove foreign chips
• Trump Media shares drop below $30, company sheds more than half of market cap since trading debut
• Jamie Dimon warns that inflation, wars and Fed policy pose major threats ahead
• Boeing Doom-Loop Of Endless Crises Sends Shares Tumbling To Longest Losing-Streak In Five Years
• 10- and 30-year Treasury yields end with biggest two-week advance 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 2 points or 0.01%,
• Nasdaq closed up 1.68%,
• S&P 500 closed up 0.74%,
• Gold $2,387 up $39.00,
• WTI crude oil settled at $86 down $0.65,
• 10-year U.S. Treasury 4.574% up 0.016 points,
• USD index $105.26 up $1.020,
• Bitcoin $70,533 up $826 (1.18%)

*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 Producer Price Index for final demand increased 2.1% for the 12 months ended in March 2024 – significantly up from last month’s 1.6%. This was a significant increase, and futher undermines those that believe the Fed will cut its federal funds rate this year. For the 12 months ended in March, prices for final demand less foods, energy, and trade services increased 2.8%.

In the week ending April 6, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 214,250, a decrease of 250 from the previous week’s revised average. The previous week’s average was revised up by 250 from 214,250 to 214,500. From this data, you cannot see the economy slowing and continues to reinforce the strength of the labor market.

Here is a summary of headlines we are reading today:

• Plant Vogtle: Boon or Bust for the Future of U.S. Nuclear Power?
• European Gas Prices Soar As Russian Retribution Puts Kyiv in the Dark
• Texas Natural Gas Prices Are Negative As Drillers Chase Oil Sales
• OPEC Oil Production Inched Higher in March
• U.S. Imports of Mexican Crude Slump to Record Low
• S&P 500 closes higher in rebound from inflation-fueled sell-off; Apple and Nvidia pop: Live updates
• Why car insurance costs are skyrocketing and leading to higher inflation
• Wholesale prices rose 0.2% in March, less than expected
• S&P 500 futures are showing a bearish trend, here’s what chart analysts are saying about it
• Bitcoin rebounds above $70,000, and Uniswap says SEC warned of potential lawsuit: CNBC Crypto World
• Vietnamese property tycoon sentenced to death in country’s largest financial fraud, state media reports
• Israeli Media Says Iran Postponed Attack ‘At Last Minute’ Due To Threat Of US Intervention
• Long-term Treasury yields end at nearly five-month highs after March producer-price data
• The S&P 500’s rally is approaching a make-or-break moment

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 423 points or 1.09%,
• Nasdaq closed down 0.84%,
• S&P 500 closed down 0.95%,
• Gold $2,348 down $14.50,
• WTI crude oil settled at $86 down $1.00,
• 10-year U.S. Treasury 4.548% up 0.184 points,
• USD index $105.16 up $1.010,
• Bitcoin $70,022 up $2,000 (1.59%)

*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 Consumer Price Index for All Urban Consumers (CPI-U) increased 3.5% year-over-year in March 2024- up from 3.2% the previous month. The blame for the increase falls to gasoline and shelter. The index for all items less food and energy increased 3.8% – little changed from the previous month.  As I have been saying, there is too much upward pressure on inflation (caused by economic conditions, wars, and a political bias towards higher costs associated with safeguarding the environment) to think it is going to decline in the short term.

February 2024 sales of merchant wholesalers were up 0.8% from the revised February 2023 level. Total inventories of merchant wholesalers were down 1.5% from the revised February 2023 level. The February inventories/sales ratio for merchant wholesalers, except manufacturers’ sales branches and offices, based on seasonally adjusted data, was 1.34. The February 2023 ratio was 1.37. This sector is in flux due to supply chain changes, so the only would provide an indication of sector health is the inventory to sales ratio – and this ratio is saying the health of wholesalers is little changed over the last year. Also this ratio is saying the economy is not slowing.

Here is a summary of headlines we are reading today:

• Market Sentiment Shifts as Buyers Resist Steelmaker Price Increases
• Fed Rate Cuts in Question As Gasoline-Driven Inflation for March Soars
• Search Continues for Missing in Italy After Deadly Hydroelectric Plant Explosion
• Tanker Markets Set to Soar As ‘Final Frontiers’ Heat Up
• Top U.S. Utilities Prepare for AI-Driven Surge in Power Demand
• Oil Ticks Lower on EIA Inventory Report
• Investors Dump Renewable Energy Funds Amid U.S. Policy Uncertainty
• Dow closes 400 points lower Wednesday as hot consumer inflation report incites selloff: Live updates
• The ‘supercore’ inflation measure shows Fed may have a real problem on its hands
• Here’s the inflation breakdown for March 2024 — in one chart
• Why the next 10 trading days are a make-or-break moment for this bull market
• Consumer prices rose 3.5% from a year ago in March, more than expected
• Bitcoin swings after hot inflation data pushes rate cut expectations to September: CNBC Crypto World
• Treasury yields jump by most since 2022-2023 after hotter-than-expected CPI inflation report

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