12 Mar 2023 Market Close & Major Financial Headlines: Markets Opened Higher, Dipped Once Into The Red, Trended Higher, Closing Near Session Highs

Summary Of the Markets Today:

  • The Dow closed up 236 points or 0.61%,
  • Nasdaq closed up 1.54%,
  • S&P 500 closed up 1.12%,
  • Gold $2,162 down $26.90,
  • WTI crude oil settled at $78 down $0.15,
  • 10-year U.S. Treasury 4.155% up 0.051 points,
  • USD index $102.94 up $0.070,
  • Bitcoin $71,382 up $615 (0.85%), New Historic high 72,960.46

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


Click here to read our current Economic Forecast – March 2024 Economic Forecast: A Modest Improvement In Our Index Predicting Little Change In Main Street Growth


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

The Consumer Price Index for All Urban Consumers (CPI-U) increased 3.2% year-over-year in February 2024 before seasonal adjustment – this is up from 3.1% the previous month. The all items less food and energy index rose 3.8% over the last 12 months – slightly down from the 3.9% of the previous month. Note that the Federal Reserve uses the PCE price index as its primary measure of inflation – and this index will be released later this month. My position is that there are forces that will not allow inflation to fall further toward the Federal Reserve’s target rate of 2.0%. Indexes that increased in February include shelter, airline fares, motor vehicle insurance, apparel, and recreation. The index for personal care and the index for household furnishings and operations were among those that decreased over the month.

Here is a summary of headlines we are reading today:

  • U.S. Driving Activity to Reach All-Time Highs But Gasoline Consumption Seen Flat
  • EIA Raises Crude Oil Price Outlook
  • AI, Bitcoin And Clean Energy Boom Are Straining U.S. Power Supply
  • Oil Markets Await a Shift in Sentiment
  • Inside the organized crime rings plaguing retailers including Ulta, T.J. Maxx and Walgreens
  • Dow jumps more than 200 points, S&P 500 pops 1% for new closing high as Nvidia resurges: Live updates
  • Boeing’s Max problems shift growth plans at major airline customers
  • Here’s the inflation breakdown for February 2024 — in one chart
  • Bitcoin hits another record as volatility hovers at 2024 high: CNBC Crypto World
  • More than a fifth of adults not looking for work
  • Boeing whistleblower found dead in US
  • Treasury yields end at one-week highs after February’s CPI inflation report
  • Boeing’s February deliveries slow down amid Max uncertainty

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

11 Mar 2023 Market Close & Major Financial Headlines: Markets Opened Near The Unchanged Line, Dipped Further Into The red, Closing Mixed Ahead Of Inflation Data, While Bitcoin Hits New Record High

Summary Of the Markets Today:

  • The Dow closed up 47 points or 0.12%,
  • Nasdaq closed down 0.41%,
  • S&P 500 closed down 0.11%,
  • Gold $2,188 up $2.00,
  • WTI crude oil settled at $78 up $0.08,
  • 10-year U.S. Treasury 4.096% up 0.008 points,
  • USD index $102.85 up $0.140,
  • Bitcoin $71,996 up $2,483 (3.57%), New Historic high 72,884.73

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


Click here to read our current Economic Forecast – March 2024 Economic Forecast: A Modest Improvement In Our Index Predicting Little Change In Main Street Growth


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

No releases today

Here is a summary of headlines we are reading today:

  • China’s EV Exports Soar Despite Domestic Sales Slowdown
  • Mined Diamond Industry Faces Turmoil as Lab-Grown Gems Capture Market
  • U.S. Remains World’s Largest Oil Producer for Sixth Year in a Row
  • Gold Continues To Climb As Fed Hints at Rate Cuts
  • Shell’s LNG Trading Head to Step Down Weeks After Posting $2.4 Billion Profit
  • U.S. Gasoline Prices Rise for the Second Consecutive Week
  • S&P 500 closes lower for a second session as tech-fueled rally cools: Live updates
  • A key inflation reading is due out Tuesday morning. Here’s what to expect
  • ETFs have brought big price swings back to bitcoin but could still help dampen volatility in the long term
  • Bitcoin rises to another record, ether breaks through $4,000
  • Bitcoin breaks through $72,000 to hit fresh record: CNBC Crypto World
  • Dow ekes out gain ahead of critical inflation data due this week
  • 2- and 10-year Treasury yields jump by most in a week ahead of Tuesday’s CPI data

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

08 Mar 2023 Market Close & Major Financial Headlines: Wall Street Market’s Open Higher Again, Nasdaq And The S&P 500 Set New Historic Highs Finally Closing In the Red

Summary Of the Markets Today:

  • The Dow closed down 69 points or 0.18%,
  • Nasdaq closed down 1.16%,
  • S&P 500 closed down 0.65%,
  • Gold $2,185 up $19.70,
  • WTI crude oil settled at $78 down $1.05,
  • 10-year U.S. Treasury 4.079% down 0.013 points,
  • USD index $102.74 down $0.080,
  • Bitcoin $69,225 up $1,822 (2.69%), New Historic high 70,136.33
  • Baker Hughes Rig Count: U.S. -7 to 622 Canada -6 to 225

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


Click here to read our current Economic Forecast – March 2024 Economic Forecast: A Modest Improvement In Our Index Predicting Little Change In Main Street Growth


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

Total nonfarm payroll employment rose by 275,000 in February, and the unemployment rate increased to 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Significant job gains occurred in health care, in government, in food services and drinking places, in social assistance, and in transportation and warehousing. Note that the aggregate weekly hours worked is only 1% higher than one year ago while non-farm total employment is up 1.8%. There is a huge discrepancy between the household survey (which shows employment dropped by 184,000) whilst the establishment survey (which showed the headlines’s 275,000 employment gain). The household survey is used to determine the unemployment rate, so the result of a drop in the employment level combined with the 150,000 gain in the workforce is the reason for the rise in the unemployment rate. Yah just cannot look to closely at the employment report because the disconnects will drive you crazy. Overall, the trend of smaller employment gains every month remains in play.

Here is a summary of headlines we are reading today:

  • Iran’s Revolutionary Guards Capture Oil Tanker Amid Sanctions Dispute
  • U.S. Oil, Gas Drilling Activity Dips
  • State Utility Expects China’s Coal Imports to Stay Flat This Year
  • Oil Prices Remain Rangebound Despite Extension of OPEC+ Cuts
  • Nasdaq drops 1% Friday as Nvidia tumbles, Dow closes out worst week since October: Live updates
  • TikTok takes center stage in 2024 elections as candidates try to ban app while some are using it
  • Nvidia is one of the most overbought stocks on Wall Street after this week’s massive rally
  • Bitcoin briefly rises above $70,000 to another new all-time high: CNBC Crypto World
  • What Dollarization Says About Returning To The Gold Standard
  • US jobless rate hits highest in two years
  • Oil prices end lower after U.S. jobs report, posting a loss for the week
  • Bitcoin bulls eye $100,000 as the next level before its halving. Here’s what’s driving the crypto’s rally.

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

07 Mar 2023 Market Close & Major Financial Headlines: Wall Street Market’s Open Higher, Nasdaq And The S&P 500 Set New Historic Highs, Finally Closing Near Session Highs

Summary Of the Markets Today:

  • The Dow closed up 130 points or 0.34%,
  • Nasdaq closed up 1.51%,
  • S&P 500 closed up 1.03%,
  • Gold $2,167 up $8.50,
  • WTI crude oil settled at $79 down $0.16,
  • 10-year U.S. Treasury 4.092% down 0.012 points,
  • USD index $102.82 down $0.550,
  • Bitcoin $67,690 up $415 (0.62%), All time high 68,990.90

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


Click here to read our current Economic Forecast – March 2024 Economic Forecast: A Modest Improvement In Our Index Predicting Little Change In Main Street Growth


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

According to NFIB’s monthly jobs report, 37% (seasonally adjusted) of all owners reported jobs openings they could not fill in the current period, down two points from January and the lowest reading since January 2021. The percent of small business owners reporting labor quality as their top small business operating problem declined five points from January to 16%, the lowest reading since April 2020. NFIB Chief Economist Bill Dunkelberg stated:

Job openings among small businesses decreased in February to pre-pandemic levels. Employment activity has lessened somewhat as it becomes easier for owners to find qualified workers. Even with this slowdown, labor demand remains strong.

Nonfarm business sector labor productivity increased 2.6 percent year-over-year in the fourth quarter of 2023 whilst unit labor costs increased 2.5% year-over-year. So overall, there is no growth due to the unchanged productivity/cost relationship.

U.S.-based employers announced 84,638 job cuts in February, up 3% from the 82,307 cuts announced one month prior. It is 9% higher than the 77,770 cuts announced in the same month in 2023. Economically it means very little except a higher job cuts rate is usually indicative of a slowing economy.

CoreLogic shows U.S. homeowners with mortgages (roughly 62% of all properties*) have seen their equity increase by a total of $1.3 trillion since the fourth quarter of 2022, a gain of 8.6% year over year. In the fourth quarter of 2023, the total number of mortgaged residential properties with negative equity decreased by 1.1%  from the third quarter of 2023, representing 1 million homes, or 1.8% of all mortgaged properties.

January 2024 exports were up 2.0% year-over-year, imports were up 0.1%, whilst the trade balance improved (which means it decreased) 4.1% year-over-year. As the import and export prices have declined year-over-year – the growth in trade was larger than it appears (meaning the US and world economies are growing).

In the week ending March 2, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 212,250, a decrease of 750 from the previous week’s revised average. The previous week’s average was revised up by 500 from 212,500 to 213,000.

 

Here is a summary of headlines we are reading today:

  • Venezuela’s State-Run Refiner Sees Profit Tumble 81%
  • SpaceX-Backed Flying Car Startup Gets FAA Nod
  • Central Banks Boost Gold Reserves to Diversify from the Dollar
  • Texas Wildfires Underscore Increasing Risk for Utilities
  • Standard Chartered: OPEC’s Latest Move Is Bullish
  • EU to Quit Treaty That Allows Oil Firms to Sue Governments Over Climate Policies
  • S&P 500 jumps 1% for fresh closing record, Nasdaq pops 1.5% to touch all-time high: Live updates
  • Powell says the Fed is ‘not far’ from the point of cutting interest rates
  • The stock market tailwind Goldman sees growing to $1 trillion in 2025 and how to play it
  • Leaked Hacking Files Spur Concerns Of China Weakening US For War
  • U.S. oil prices end lower on talk of adequate global supplies
  • Bitcoin’s fair value is $35,000 — but who’s counting?

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

06 Mar 2023 Market Close & Major Financial Headlines: Wall Street Market’s Gap Upward At The opening Bell, Roller Coaster Sideways, Then Closed About Where It Started This Morning

Summary Of the Markets Today:

  • The Dow closed up 76 points or 0.20%,
  • Nasdaq closed up 0.58%,
  • S&P 500 closed up 0.51%,
  • Gold $2,155 up $13.10,
  • WTI crude oil settled at $79 up $0.92,
  • 10-year U.S. Treasury 4.108% down 0.029 points,
  • USD index $103.36 down $0.440,
  • Bitcoin $66,930 up $4,805 (7.73%), All time high 68,990.90

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


Click here to read our current Economic Forecast – March 2024 Economic Forecast: A Modest Improvement In Our Index Predicting Little Change In Main Street Growth


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

Private employers added 140,000 jobs in February according to ADP. While employment growth remained steady, pay gains for job-changers accelerated for the first time in more than a year, rising to 7.6 percent from 7.2 percent. 140,000 job gain is not outstanding but is high enough to cover population growth. Nela Richardson, hief Economist at ADP stated:

Job gains remain solid. Pay gains are trending lower but are still above inflation. In short, the labor market is dynamic, but doesn’t tip the scales in terms of a Fed rate decision this year.

January 2024 sales of merchant wholesalers were down 1.5% from January 2023. Total inventories were down 2.5% year-over-year. The January inventories/sales ratio for merchant wholesalers was 1.36. The January 2023 ratio was 1.38. This translates to little growth or inventory level change year-over-year.

The number of job openings changed little at 8.9 million on the last business day of January 2024. Over the month, the number of hires and total separations were little changed at 5.7 million and 5.3 million, respectively. This JOLTS report suggests future jobs growth should be little changed over the growth seen in the last year.

Fed Chair Jerome Powell today provided limited guidance for the future of monetary policy in 2024. He said it is “likely” that rates are at their current peak. He continued, “If the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year. But the economic outlook is uncertain, and ongoing progress toward our 2 percent inflation objective is not assured. Reducing policy restraint too soon or too much could result in a reversal of progress we have seen in inflation and ultimately require even tighter policy to get inflation back to 2 percent. At the same time, reducing policy restraint too late or too little could unduly weaken economic activity and employment. In considering any adjustments to the target range for the policy rate, we will carefully assess the incoming data, the evolving outlook, and the balance of risks.

According to the Federal Reserve’s Beige Book for February 2024:

Economic activity increased slightly, on balance, since early January, with eight Districts reporting slight to modest growth in activity, three others reporting no change, and one District noting a slight softening. Consumer spending, particularly on retail goods, inched down in recent weeks. Several reports cited heightened price sensitivity by consumers and noted that households continued to trade down and to shift spending away from discretionary goods. Activity in the leisure and hospitality sector varied by District and segment; while air travel was robust overall, demand for restaurants, hotels, and other establishments softened due to elevated prices, as well as to unusual weather conditions in certain regions. Manufacturing activity was largely unchanged, and supply bottlenecks normalized further. Nevertheless, delivery delays for electrical components continued. Ongoing shipping disruptions in the Red Sea and Panama Canal did not generally have a notable impact on businesses during the reporting period, although some contacts reported rising pressures on international shipping costs. Several reports highlighted a pickup in demand for residential real estate in recent weeks, largely owing to some moderation in mortgage rates, but noted that limited inventories hindered actual home sales. Commercial real estate activity was weak, particularly for office space, although there were reports of robust demand for new data centers, industrial and manufacturing spaces, and large infrastructure projects. Loan demand was stable to down, and credit quality was generally healthy despite a few reports of rising delinquencies. The outlook for future economic growth remained generally positive, with contacts noting expectations for stronger demand and less restrictive financial conditions over the next 6 to 12 months.

Here is a summary of headlines we are reading today:

  • Tesla Faces Production Disruption at German Factory After Eco-Terrorist Attack
  • Russia, Iran, and Turkey Forge New Economic Alliance in South Caucasus
  • Cutting-Edge AI Identifies New Catalysts for Hydrogen Electrolysis
  • WTI Crude Gains 3% on Tight Supply
  • Oil Inches Higher on Fuel Inventory Draws
  • NYCB shares rebound after troubled regional bank announces $1 billion capital raise
  • Powell reinforces position that the Fed is not ready to start cutting interest rates
  • S&P 500, Nasdaq close higher Wednesday, regaining some ground from recent sell-off: Live updates
  • Foot Locker shares plunge 30% as retailer posts holiday loss, delays key financial target
  • Bitcoin prices recover after retreating from new record: CNBC Crypto World

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

05 Mar 2023 Market Close & Major Financial Headlines: Markets Tumble At The Opening, Dow Off Almost 500 Points, Nasdaq Down 2%, Markets Finally Closing Over 1% In The Red

Summary Of the Markets Today:

  • The Dow closed down 405 points or 1.04%,
  • Nasdaq closed down 1.65%,
  • S&P 500 closed down 1.02%,
  • Gold $2,138 up $11.40,
  • WTI crude oil settled at $78 down $0.55,
  • 10-year U.S. Treasury 4.135% down 0.084 points,
  • USD index $103.76 down $0.070,
  • Bitcoin $62,909 down $5,799 (8.56%), All time high 68,990.90

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


Click here to read our current Economic Forecast – March 2024 Economic Forecast: A Modest Improvement In Our Index Predicting Little Change In Main Street Growth


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

The CoreLogic Home Price Index (HPI) and HPI Forecast for January 2024 show year-over-year home price gains reached the highest rate in a year, but growth is expected to begin slowing in the coming months, falling to 2.6% by early 2025. Both higher mortgage rates and inventory shortages are exacerbating the nation’s long-running housing affordability problem, which particularly affects areas of the country where wages tend to be lower. Despite affordability issues, many younger Americans are finding a path to homeownership, with millennials accounting for more than half of home purchase applications between 2020 and 2023. Meanwhile, baby boomers who already have significant financial reserves can pay for homes entirely in cash, which further increases challenges for other buyers. Dr. Selma Hepp, chief economist for CoreLogic stated:

U.S. annual home price growth strengthened to 5.8% in January 2024. And while the acceleration continues to reflect the residual impact of strong appreciation in early 2023, the annual rate of growth is expected to taper off in coming months. Home prices further increased in late 2023 despite high mortgage rates, which surged to the highest level since the beginning of the millennium. But metro areas that have struggled with the impact of higher rates continue to see downward movement on home prices. Generally, pressures from higher mortgage rates tend to occur in markets where the higher cost of homeownership pushes against the affordability ceiling.

New orders for manufactured goods in January 2024 is down 1.6% year-over-year. This is comparable to the Federal Reserves Industrial Production for manufacturing which is down 0.8% year-over-year.

In February 2024, the ISM Services PMI® registered 52.6 percent, 0.8 percentage point lower than January’s reading of 53.4 percent. The New Orders Index expanded in February for the 14th consecutive month after contracting in December 2022 for the first time since May 2020; the figure of 56.1 percent is 1.1 percentage points higher than the January reading of 55 percent. When this index fall below 55, it indicates a soft economy and possibly a recession.

Here is a summary of headlines we are reading today:

  • MIT’s Superconducting Magnets Mark Major Fusion Milestone
  • U.S. Mines Race to Restart As Uranium Prices Skyrocket
  • How Sweden’s Entry Into NATO Reshapes Baltic and Arctic Security
  • Natural Gas Prices Could Spike As EU Prepares to Slash More Russian Gas
  • Oil Prices Fall as China Fails to Impress Markets With Growth Pledge
  • Dow closes lower by about 400 points, Apple shares drag tech down: Live updates
  • Bitcoin rises to record above $69,000, then quickly tumbles 8%
  • Super Tuesday live updates: Trump looks to finish off Haley as Biden shifts to general election
  • Here’s what drove bitcoin’s climb to a new all-time high above $69,000: CNBC Crypto World
  • Ukraine Overnight Sea Drone Attack Sinks Another Russian Ship In Black Sea
  • Dow Jones ends down over 400 points and Nasdaq suffers worst day in 3 weeks as Apple shares slump
  • 10-year Treasury yield books largest daily decline in over a month

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

04 Mar 2023 Market Close & Major Financial Headlines: S&P 500, Gold Set New Records, Bitcoin Nears All-time High, Markets Close In The Red

Summary Of the Markets Today:

  • The Dow closed down 98 points or 0.25%,
  • Nasdaq closed down 0.41%,
  • S&P 500 closed down 0.12%,
  • Gold $2,126 up $29.80,
  • WTI crude oil settled at $79 down $1.21,
  • 10-year U.S. Treasury 4.217% up 0.035 points,
  • USD index $103.83 down $0.030,
  • Bitcoin $67,648 up $4,835 (7.70%), All time high 68,990.90

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


Click here to read our current Economic Forecast – March 2024 Economic Forecast: A Modest Improvement In Our Index Predicting Little Change In Main Street Growth


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

No releases today

Here is a summary of headlines we are reading today:

  • WTI Sheds Over 1.6% As Demand Trumps Everything Else
  • Exxon, Petronas Set to Extend Exploration Offshore Suriname
  • Low Refining Capacity and Sanctions Responsible for Russia’s Oil Output Cuts
  • India Expects $5 Billion Investment in Natural Gas Pipelines in North
  • Analysts Forecast “Lower for Longer” Prices in LNG Market
  • U.S. Northeast Gasoline Reserve Could Be Sold Off
  • Bitcoin tops $67,000 as it nears 2021 all-time high
  • Stock rally stalls as week begins, Nasdaq falls from record despite Nvidia gain: Live updates
  • Supreme Court rules states can’t remove Trump from presidential election ballot
  • Ford sales jump 10.5% in February, led by gains in hybrids and EVs
  • Bitcoin inches closer to all-time high as cryptocurrency tests $67,000: CNBC Crypto World
  • Powell To Face Pressure On Rates From Democrats, Bank Rules From Republicans
  • Dow Jones ends lower as investors await Powell testimony

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

01 Mar 2023 Market Close & Major Financial Headlines: Nasdaq And The S&P 500 Jump To New Historic Highs, Closing Near Session Highs, While The Dow Closed Up Fractionally

Summary Of the Markets Today:

  • The Dow closed up 91 points or 0.23%,
  • Nasdaq closed up 1.14%,
  • S&P 500 closed up 0.80%,
  • Gold $2,093 up $38.80,
  • WTI crude oil settled at $80 up $1.52,
  • 10-year U.S. Treasury 4.184% down 0.068 points,
  • USD index $103.89 down $0.26,
  • Bitcoin $63,053 up $885 (1.43%),
  • Baker Hughes Rig Count: U.S. +3 to 629 Canada unchanged at 231

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


Click here to read our current Economic Forecast – March 2024 Economic Forecast: A Modest Improvement In Our Index Predicting Little Change In Main Street Growth


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

Construction spending during January 2024 was 11.7% above January 2023. The private sector construction sector is up 9.5% year-over-year whilst public sector construction is up 20.1% year-over-year. Construction spending remains one of the bright spots in the economy.

The Manufacturing PMI registered 47.8 percent in February 2024, down 1.3 percentage points from the 49.1 percent recorded in January. A Manufacturing PMI® above 42.5 percent, over a period of time, generally indicates an expansion of the overall economy. The New Orders Index moved back into contraction territory at 49.2 percent, 3.3 percentage points lower than the 52.5 percent recorded in January. Manufacturing is in a recession in the U.S.

Here is a summary of headlines we are reading today:

  • PEC Lifts Production in February
  • U.S. Oil Drilling Gets Another Bump As WTI Soars To $80
  • Cheap Spot Prices Boost China’s LNG Imports to Record High for February
  • Red Sea Disruptions Push OECD Crude Inventories Lower
  • Energy-Related Emissions Hit a Record High Last Year Despite Renewables Surge
  • Nasdaq surges more than 1% to take out 2021 record, S&P 500 closes above 5100 for the first time: Live updates
  • Wall Street is worried about NYCB’s loan losses and deposit levels as stock sinks below $4
  • Boeing is in talks to buy back fuselage maker Spirit AeroSystems after spate of quality defects
  • Elon Musk sues OpenAI and CEO Sam Altman over contract breach
  • Bitcoin dips to start March after climbing 45% in February: CNBC Crypto World
  • Health Officials Concerned Over Possible RSV Vaccine Link To Rare Neurological Condition
  • Treasury yields end at roughly three-week lows after manufacturing, consumer-sentiment data

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

29 Feb 2023 Market Close & Major Financial Headlines: Market Opened Sharply Higher, Then Dived Into To Negative Territory After PCE Showed Big Rise In Inflation, Finally Closing Sharply Higher Near Session Highs

Summary Of the Markets Today:

  • The Dow closed up 14 points or 0.04%,
  • Nasdaq closed up 0.84%,
  • S&P 500 closed up 0.54%,
  • Gold $2,053 up $9.90,
  • WTI crude oil settled at $78 down $0.26,
  • 10-year U.S. Treasury 4.244% down 0.03 points,
  • USD index $104.10 up $0.12,
  • Bitcoin $62,225 up $1,773 (2.94%),

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


Click here to read our current Economic Forecast – March 2024 Economic Forecast: A Modest Improvement In Our Index Predicting Little Change In Main Street Growth


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

In December 2023, 3.1% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), up by 0.1 percentage points year-over-year from December 2022 and up by 0.2 percentage points month-over-month from November 2023 – according to CoreLogic’s Loan Performance Insights Report .

Real Disposable Personal income increased 2.1% year-over-year in January 2024 – significantly down from the 3.2% year-over-year last month. Real personal consumption expenditures (PCE), personal income less personal current taxes, increased likewise fell to 2.1% year-over-year from 3.2% last month. The PCE price index increased 2.4% year-over-year – down from 2.6% last month. The PCE price index excluding food and energy was little changed at 2.8% year-over-year (this is the Federal Reserve’s preferred metric for judging inflation).

In the week ending February 24, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 212,500, a decrease of 3,000 from the previous week’s revised average. The previous week’s average was revised up by 250 from 215,250 to 215,500.

The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on contract signings – in January 2024 was down 8.8% year-over-year. NAR Chief Economist Lawrence Yun stated:

The job market is solid, and the country’s total wealth reached a record high due to stock market and home price gains. This combination of economic conditions is favorable for home buying. However, consumers are showing extra sensitivity to changes in mortgage rates in the current cycle, and that’s impacting home sales.

The latest Chicago Purchasing Manager’s Index (Chicago Business Barometer) fell to 44.0 in February 2024 from 46.0 in January. This index is used by the markets as a peak into the Purchasing Manager’s Index which will be released tomorrow.

Here is a summary of headlines we are reading today:

  • Low-Cost Nickel from Indonesia is Flooding The Market
  • New Tech Enhances Safety and Performance of Lithium Ion Batteries
  • Utility Scale Solar Installations Saw Largest Jump Ever Last Year
  • Can Anything Stop Bitcoin’s Bull Run?
  • Analysts Expect Oil Prices to Remain Close to $80 This Year
  • S&P 500 and Nasdaq rise Thursday as stocks head for a winning month: Live updates
  • Key Fed inflation measure rose 0.4% in January as expected, up 2.8% from a year ago
  • Ray Dalio says the U.S. stock market ‘doesn’t look very bubbly’
  • Solana soars more than 12% amid broader crypto rally: CNBC Crypto World
  • Feb Auto Sales: Here’s what to expect from Maruti, Tata Motors & other top automakers

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

28 Feb 2023 Market Close & Major Financial Headlines: Another Session Of Roller Coasting Trading Sends Indexes Deep Into The Red Finally closing Moderately Down

Summary Of the Markets Today:

  • The Dow closed down 23 points or 0.06%,
  • Nasdaq closed down 0.55%,
  • S&P 500 closed down 0.17%,
  • Gold $2,043 down $1.10,
  • WTI crude oil settled at $78 down $0.53,
  • 10-year U.S. Treasury 4.266% down 0.049 points,
  • USD index $103.95 up $0.12,
  • Bitcoin $60,088 up $3,216 (5.66%),

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


Click here to read our current Economic Forecast – March 2024 Economic Forecast: A Modest Improvement In Our Index Predicting Little Change In Main Street Growth


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

Real gross domestic produc(GDP) increased at an annual rate of 3.2% in the fourth quarter of 2023 – down slightly from the advance estimate of 3.3%. With the second estimate, downward revisions to private inventory investment and federal government spending were partly offset by upward revisions to state and local government spending, consumer spending, residential fixed investment, nonresidential fixed investment, and exports. Imports were revised up. Year-over-year Real GDP growth remains at 3.1%.

Here is a summary of headlines we are reading today:

  • U.S. Has Launched 230 Attacks on Houthis Over Red Sea Disruption
  • U.S. Natural Gas Prices Gain Over 3% After Hitting 1997 Low
  • Raging Wildfire Threatens Texas Oil Rigs, Refinery
  • Ford Halts Shipments of 2024 F-150 Lightning Pickup Trucks
  • EIA Confirms Moderate Crude Build, Products Draw
  • S&P 500, Nasdaq close lower Wednesday as inflation report looms: Live updates
  • Coinbase users see $0 balance after crypto-trading app suffers glitch
  • Bitcoin rockets to $64,000 as it closes in on previous all-time high: CNBC Crypto World
  • Microsoft OpenAI Chatbot Suggests Suicide, Other ‘Bizarre, Harmful’ Responses
  • Government would avoid shutdown under House speaker’s proposal

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