Summary Of the Markets Today:

• The Dow closed down 97 points or 0.25%,
• Nasdaq closed up 0.37%,
• S&P 500 closed up 0.17%,
• Gold $2,040 up $0.03,
• WTI crude oil settled at $79 up $1.12,
• 10-year U.S. Treasury 4.309% up 0.010 points,
• USD index $103.83 down $0.01,
• Bitcoin $56,970 up $2,5246 (4.64%),

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

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Click here to read our current Economic Forecast – February 2024 Economic Forecast: Index Again Modestly Declined But Remains Well Above Levels Associated With Recession

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

The number of CEO changes at U.S. companies hit 194 to start 2024, down 5% from the 204 CEO exits recorded in December 2023. It is a 73% increase from the 112 CEO exits that occurred in the same month one year prior.

New orders for manufactured durable goods in January 2024 declined 0.8% year-over-year. There was a general weakness across the board with the worst performance in civilian aircraft. As I continue to point out, there is a recession underway in the manufacturing sector.

Richmond Fed Manufacturing Survey increased from −15 in January to −5 in February 2024. Of its three component indexes, shipments remained solidly negative at −15, new orders increased from −16 to −5, and employment rose notably, from −15 to 7. More evidence of a recessionary manufacturing sector.

The S&P CoreLogic Case-Shiller 20 cities composite home price index shows a 6.1% increase year-over-year in December 2023. CoreLogic Chief Economist Dr. Selma Hepp added:

While CoreLogic S&P Case-Shiller National Index rose by 5.5% year over year, the stress of high mortgage rates at the end of 2023 continued to depress prices, which were down 0.4% compared to November – the second month of lower prices. Nevertheless, Miami and Las Vegas – joined by Los Angeles – continued to see strengthening of home prices despite higher rates. Miami overall ranked as the strongest appreciating market in 2023, up 6% for the year, compared to national appreciation of 2%. In 2022, Tampa and Miami were the strongest appreciating markets at almost 30% increase in home prices. In contrast, markets in the West – San Francsico, Seattle, Las Vegas, Phoenix, and Portland – are still catching up with 2022 price peaks. But with strong recent price rebounds in Las Vegas and Phoenix in 2023, these two markets are likely to see annual appreciation in 2024.

The Conference Board Consumer Confidence Index fell in February to 106.7 (1985=100), down from a revised 110.9 in January. February’s decline in the Index occurred after three consecutive months of gains. However, as January was revised downward from the preliminary reading of 114.8, the data now suggest that there was not a material breakout to the upside in confidence at the start of 2024. Dana Peterson, Chief Economist at The Conference Board stated:

The decline in consumer confidence in February interrupted a three-month rise, reflecting persistent uncertainty about the US economy. The drop in confidence was broad-based, affecting all income groups except households earning less than $15,000 and those earning more than $125,000. Confidence deteriorated for consumers under the age of 35 and those 55 and over, whereas it improved slightly for those aged 35 to 54.

Here is a summary of headlines we are reading today:

• Simulated Star Collision Leads to Breakthrough in Nuclear Waste Treatment
• Supply Chain Woes Could Derail Biden’s Electric Vehicle Agenda
• Kremlin Warns of Escalation if NATO Troops Fight in Ukraine
• Short Sellers in Trouble As Physical Oil Market Defies Data
• Red Sea Disruptions Spark Oil Tanker Shortfall
• S&P 500, Nasdaq Composite close higher on Tuesday: Live updates
• Warner Bros. Discovery halts merger talks with Paramount Global, sources say
• Bitcoin’s all-time high is in sight after the crypto breached $57,000, chart analysts say. Here’s what to expect
• Bitcoin surges past $57,000 to highest level since December 2021: CNBC Crypto World
• For Black workers, progress in the workplace but still a high hill to climb
• Stock Bull Market Might Just Be Getting Started, But…
• Are U.S. stocks in a bubble? History says no.

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 62 points or 0.16%,
• Nasdaq closed down 0.13%,
• S&P 500 closed down 0.38%,
• Gold $2,043 down $6.60,
• WTI crude oil settled at $78 up $1.17,
• 10-year U.S. Treasury 4.278% up 0.018 points,
• USD index $103.78 down $0.16,
• Bitcoin $54,427 up $2,705   (5.23%),

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

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Click here to read our current Economic Forecast – February 2024 Economic Forecast: Index Again Modestly Declined But Remains Well Above Levels Associated With Recession

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

Sales of new single‐family houses in January 2024 are 1.8% above January 2023. The median sales price of new houses sold in January 2024 was $420,700. The average sales price was $534,300. The seasonally adjusted estimate of new houses for sale at the end of January represents a supply of 8.3 months at the current sales rate.

The Dallas Fed Manufacturing Survey in February 2024 shows the production index, a key measure of state manufacturing conditions, rebounded 16 points to 1.0. The near-zero reading suggests flat output month over month. The manufacturing surveys from the regional Feds are still showing little manufacturing growth so far this year.

Here is a summary of headlines we are reading today:

• WTI Pops as Red Sea Shipping Echoes in Slumping European Diesel Supply
• Operations Resume at Libya’s Oil Facilities Amid Guards Protest
• Cybertruck Owners Lash Out at Tesla Over Stainless Steel Rust Problems
• Anti-Oil Activists Shift Focus to Insurers
• Goldman Raises Forecast of Brent Oil Summer Price to $87
• Jamie Dimon is ‘cautious about everything’ as he sees risks to a soft landing
• The S&P 500 closes lower on Monday, retreating from record, as rally pauses: Live updates
• Bitcoin resumes its rally, ripping through $54,000 for the first time since December 2021
• Amazon joins the Dow on Monday, giving the 127-year-old index a needed upgrade as it trails the S&P 500
• MicroStrategy buys another 3,000 bitcoin, total holdings now worth about $10.3 billion: CNBC Crypto World
• H&R Block used deceptive marketing and unfairly deleted tax filer data, FTC complaint alleges
• Broadcom stock rises to a record after $4 billion deal to sell its EUC Division

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 62 points or 0.16%,
• Nasdaq closed down 0.28%,
• S&P 500 closed up 0.03%,
• Gold $2,047 up $15.80,
• WTI crude oil settled at $77 down $2.01,
• 10-year U.S. Treasury 4.252% down 0.075 points,
• USD index $103.95 UNCH $0.00,
• Bitcoin $51,075 down $824 (1.65%),
• Baker Hughes Rig Count: U.S. +5 to 626 Canada -3 to 231

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

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Click here to read our current Economic Forecast – February 2024 Economic Forecast: Index Again Modestly Declined But Remains Well Above Levels Associated With Recession

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

None today.

Here is a summary of headlines we are reading today:

• U.S. Oil Drilling Sees 6-Rig Gain
• Oil Industry Thinks OPEC+ Will Extend Production Cuts Into Q2
• Russian Energy Is Too Cheap for Some Countries To Resist
• Oil Prices Remain Rangebound As Volatility Fades
• Plunging Natural Gas Prices Is Bad News for Drillers
• Warner Bros. Discovery is hyping free cash flow. Investors don’t appear to be buying it
• Dow rises to close at fresh record, S&P 500 hits all-time high: Live updates
• United Airlines raises checked bag fee $5, following American
• Stocks making the biggest moves midday: Warner Bros. Discovery, Rivian, Block, Live Nation and more
• AI chip firm Nvidia valued at $2tn
• ‘No-landing’ scenario and strong stock market raise the risk of a bonds selloff

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 457 points or 1.18%,
• Nasdaq closed down 2.96%,
• S&P 500 closed up 2.11%,
• Gold $2,034 down $0.50,
• WTI crude oil settled at $78 up $0.53,
• 10-year U.S. Treasury 4.321% down 0.001 points,
• USD index $103.95 down $0.05,
• Bitcoin $51,933 up $972 (1.91%),

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

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Click here to read our current Economic Forecast – February 2024 Economic Forecast: Index Again Modestly Declined But Remains Well Above Levels Associated With Recession

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

The Chicago Fed National Activity Index (CFNAI) three-month moving average, CFNAI-MA3, increased to –0.02 in January from –0.14 in December. The MA3 is used for economic forecasting as it is much less volatile than the one-month index. Twenty-six of the 85 individual indicators made positive contributions to the CFNAI in January, while 59 made negative contributions. Thirty-one indicators improved from December to January, while 53 indicators deteriorated and one was unchanged. Periods of economic expansion have historically been associated with values of the CFNAI-MA3 above –0.70 and the CFNAI Diffusion Index above –0.35. Conversely, periods of economic contraction have historically been associated with values of the CFNAI-MA3 below –0.70 and the CFNAI Diffusion Index below –0.35.

Existing-home sales grew in January 2024 year-over-year sales slipped 1.7% but month-over-month there was some improvement. The median existing-home price for all housing types in January was $379,100, an increase of 5.1% from one year ago ($360,800). NAR Chief Economist Lawrence Yun stated:

While home sales remain sizably lower than a couple of years ago, January’s monthly gain is the start of more supply and demand. Listings were modestly higher, and home buyers are taking advantage of lower mortgage rates compared to late last year. The median home price reached an all-time high for the month of January. Multiple offers are common on mid-priced homes, and many homes were still sold within a month. The elevated share of cash deals – 32% – indicated a market full of multiple offers and propelled by record-high housing wealth.

In the week ending February 17, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 215,250, a decrease of 3,500 from the previous week’s revised average. The previous week’s average was revised up by 250 from 218,500 to 218,750.

 

Here is a summary of headlines we are reading today:

• Pakistan Considers Iran Gas Pipeline Restart Despite U.S. Sanctions
• Land Availability Forced India To Scale Back Solar Power Installations
• Red Sea Chaos To Have Limited Effect On LNG Prices
• EIA Confirms Crude Build, Surprises with Products Draw
• India’s Refining Margins Slump as It Struggles to Secure Russian Oil
• Nvidia shares pop 16% after AI-fueled bumper earnings
• Why ether is outperforming bitcoin by nearly 10% so far this year: CNBC Crypto World
• AI and semiconductor stocks surge after Nvidia’s earnings beat
• Tax evasion by millionaires and billionaires tops $150 billion a year, says IRS chief
• Dow, S&P 500 surge to record closes in best day of 2024 after Nvidia’s blockbuster earnings

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 48 points or 0.13%,
• Nasdaq closed down 0.32%,
• S&P 500 closed up 0.13%,
• Gold $2,036 down $4.10,
• WTI crude oil settled at $78 up $0.95,
• 10-year U.S. Treasury 4.319% up 0.044 points,
• USD index $103.99 down $0.09,
• Bitcoin $50,915 down $1,020 (2.27%),

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

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Click here to read our current Economic Forecast – February 2024 Economic Forecast: Index Again Modestly Declined But Remains Well Above Levels Associated With Recession

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

Minutes of the Federal Open Market Committee for January 30–31, 2024 were issued today, and the highlights are summarized below:

Participants observed that the unexpected strength in real GDP growth in the fourth quarter reflected stronger-than-expected net exports and inventory investment, which tend to be volatile and may carry little signal for future growth. Still, consumption continued to grow at a solid pace. In addition to strong demand, many participants attributed the recent expansion in economic activity to favorable supply developments. Participants noted that the pace of job gains had moderated since early last year but remained strong and that the unemployment rate had remained low. Inflation had eased over the past year but remained elevated.

… Regarding the economic outlook, participants judged that the current stance of monetary policy was restrictive and would continue to put downward pressure on economic activity and inflation. Accordingly, they expected that supply and demand in product and labor markets would continue to move into better balance. In light of the policy restraint in place, along with more favorable inflation data amid ongoing improvements in supply conditions, participants viewed the risks to achieving the Committee’s employment and inflation goals as moving into better balance.

… Participants judged that some of the recent improvement in inflation reflected idiosyncratic movements in a few series. Nevertheless, they viewed that there had been significant progress recently on inflation returning to the Committee’s longer-run goal. Many participants indicated that they expected core nonhousing services inflation to gradually decline further as the labor market continued to move into better balance and wage growth moderated further. Various participants noted that housing services inflation was likely to fall further as the deceleration in rents on new leases continued to pass through to measures of such inflation.

… some participants noted signs that the finances of some households—especially those in the low- and moderate-income categories—were increasingly coming under pressure, which these participants saw as a downside risk to the outlook for consumption. In particular, they pointed to increased usage of credit card revolving balances and buy-now-pay-later services, as well as increased delinquency rates for  some types of consumer loans.

… Participants discussed the uncertainty surrounding the economic outlook. As an upside risk to both inflation and economic activity, participants noted that momentum in aggregate demand may be stronger than currently assessed, especially in light of surprisingly resilient consumer spending last year. Furthermore, several participants mentioned the risk that financial conditions were or could become less restrictive than appropriate, which could add undue momentum to aggregate demand and cause progress on inflation to stall. Participants also noted some other sources of upside risks to inflation, including possible disruptions to supply chains from geopolitical developments, a potential rebound in core goods prices as the effects of supply-side improvements dissipate, or the possibility that wage growth remains elevated.

… Participants viewed maintaining the current stance of policy as appropriate given the incoming data, which indicated that inflation had continued to move toward the Committee’s 2 percent objective and that demand and supply in the labor market had continued to move into better balance.

… participants judged that the policy rate was likely at its peak for this tightening cycle. They pointed to the decline in inflation seen during 2023 and to growing signs of demand and supply coming into better balance in product and labor markets as informing that view. Participants generally noted that they did not expect it would be appropriate to reduce the target range for the federal funds rate until they had gained greater confidence that inflation was moving sustainably toward 2 percent.

Here is a summary of headlines we are reading today:

• Geologists Are Predicting a Natural Hydrogen “Gold Rush”
• U.S. Court Ruling Sends Venezuela’s Oil-Backed Bonds into Collapse
• Saudi Arabia Can No Longer Raise Oil Output For Cash
• Canadian Oil and Gas Companies Relinquish All Pacific Coast Permits
• Fed officials expressed caution about lowering rates too quickly at last meeting, minutes show
• Nasdaq Composite closes lower for a 3rd day as investors brace for Nvidia earnings: Live updates
• Stocks making the biggest moves midday: Nvidia, SolarEdge, Teladoc, Wingstop and more
• Mortgage demand takes a massive hit as interest rates cross back over 7%
• FOMC Minutes Show ‘Most Officials Fear Risk Of Cutting Too Quickly’, Staff Mention Financial Stability Issues
• 10-, 30-year Treasury yields end at highest levels since November following ugly 20-year bond auction, Fed minutes

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 64 points or 0.17%,
• Nasdaq closed down 0.92%,
• S&P 500 closed up 0.60%,
• Gold $2036 up $12.00,
• WTI crude oil settled at $78 down $0.92,
• 10-year U.S. Treasury 4.275% down 0.02 points,
• USD index $104.08 down $0.21,
• Bitcoin $52,136 up $350

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Click here to read our current Economic Forecast – February 2024 Economic Forecast: Index Again Modestly Declined But Remains Well Above Levels Associated With Recession

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

The Conference Board Leading Economic Index (LEI) for the U.S. fell by 0.4 percent in January 2024 to 102.7 (2016=100), following a 0.2 percent decline in December 2023. Even so, The Conference Board is no longer forecasting a recession ahead.  Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board stated:

The U.S. LEI fell further in January, as weekly hours worked in manufacturing continued to decline and the yield spread remained negative. While the declining LEI continues to signal headwinds to economic activity, for the first time in the past two years, six out of its ten components were positive contributors over the past six-month period (ending in January 2024). As a result, the leading index currently does not signal recession ahead. While no longer forecasting a recession in 2024, we do expect real GDP growth to slow to near zero percent over Q2 and Q3.

Here is a summary of headlines we are reading today:

• Precious Metal Investors Face Continued Turbulence
• Ghana LNG Import Terminal Nearing Finish Line—and None Too Soon
• A Look Inside Iran’s Shadowy ‘Axis of Resistance’
• Large Crude Carriers See 3-Month High Day Rates on Red Sea Attacks
• Gold Hydrogen Could Be A Game-Changer for Energy Markets
• Carbon Nitride: A Breakthrough in Material Science
• Biden to Okay Year-Round Sales of Higher-Ethanol Gasoline From 2025
• IRS aims to close ‘inequity gap’ for unpaid taxes. How the agency targets top earners for audit

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:

• Gold $2,094 up $5.30,
• WTI crude oil settled at $79 up $0.10,
• 10-year U.S. Treasury 4.281% up 0.100 points,
• USD index $104.25 down $0.04,
• Bitcoin $51,879 up $115 (0.22%),

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

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Click here to read our current Economic Forecast – February 2024 Economic Forecast: Index Again Modestly Declined But Remains Well Above Levels Associated With Recession

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

None

Here is a summary of headlines we are reading today:

• Russian Rosneft Posts Nearly 50% Surge in Profits for 2023
• Equinor Signs 15-Year LNG Supply Deal With Indian Firm
• Crew Abandons Cargo Ship After Houthi Attack
• Ukrainian Drone Attacks Drag Russia’s Refining Rates Down by 380,000 Bpd
• ‘China has a lot more to lose’: U.S. considering sanctioning Chinese firms aiding Russia’s war
• Let’s accept it: The Fed’s rate hikes did little to slow this roaring economy
• Nintendo shares fall nearly 6% after report that the Switch 2 will be delayed until 2025
• War Expands With Massive Israeli Airstrikes 60km Deep Into Lebanon
• Israel’s economy shrinks more than expected on Gaza war

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 145 points or 0.37%,
• Nasdaq closed down 0.83%,
• S&P 500 closed down 0.48%,
• Gold $2,025 up $9.60,
• WTI crude oil settled at $79 up $1.04,
• 10-year U.S. Treasury 4.283% up 0.051 points,
• USD index $104.29 down $0.01,
• Bitcoin $51,859 up $41 (0.08%),
• Baker Hughes Rig Count: U.S. -2 to 621 Canada +2 to 234

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

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Click here to read our current Economic Forecast – February 2024 Economic Forecast: Index Again Modestly Declined But Remains Well Above Levels Associated With Recession

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

The Producer Price Index for final demand rose 0.9% for the 12 months ended January 2024. For the 12 months ended January 2024, prices for final demand less foods, energy, and trade services increased 2.6%. Producer-level inflation has stayed in a tight range since October 2024. I am seeing little change in inflation pressures in the short term.

Privately‐owned housing units authorized by building permits in January 2024 were 8.6% above January 2023. Privately‐owned housing starts were 0.7% below January 2023. Privately‐owned housing completions were up 2.8% above January 2023. New housing remains relatively strong.

February 2024 University of Michigan Consumer Sentiment was essentially unchanged from January, rising 0.6 index points this month and solidifying the large gains from the past two months. According to the University of Michigan, the fact that sentiment lost no ground this month suggests that consumers continue to feel more assured about the economy, confirming the considerable improvements in December and January across various aspects of the economy. Consumers continued to express confidence that the slowdown in inflation and strength in labor markets would continue.

Here is a summary of headlines we are reading today:

• Lithium Price Slump? Exxon Says No Problem
• Russia’s Crude Processing Rates Drop in February
• U.S. Drillers Pump The Breaks
• TC Energy Books Record Earnings amid High Natural Gas Demand
• Wind and Solar Growth in China Not Enough to Offset Coal Expansion
• Dow slides more than 100 points Friday, major averages end 5-week winning run: Live updates
• Mortgage rates shoot to 2-month high after new report shows inflation is still hot
• 10-year Treasury yield spikes above 4.3% after hot producer prices report
• NY Judge Hits Trump With $364 Million Penalty For Alleged Fraud
• Dow falls Friday, with S&P 500 at risk of snapping five straight weeks of gains

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 349 points or 0.91%,
• Nasdaq closed up 0.30%,
• S&P 500 closed up 0.58%,
• Gold $2,016 up $12.10,
• WTI crude oil settled at $78 up $1.53,
• 10-year U.S. Treasury 4.234% down 0.031 points,
• USD index $104.28 down $0.44,
• Bitcoin $51,790 up $78 (0.15%),

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

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Click here to read our current Economic Forecast – February 2024 Economic Forecast: Index Again Modestly Declined But Remains Well Above Levels Associated With Recession

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

The Philly Fed February 2024 Manufacturing Business Outlook Survey shows manufacturing improved with the current general activity and shipments rose and turned positive. The indicator for new orders also rose but remained negative. I am not a fan of the Philly Fed survey as it has a lot of noise.

The New York Fed’s February 2024 Empire State Manufacturing Survey general business conditions index rose forty-one points but remained negative at -2.4. New orders declined modestly, while shipments edged higher. Unfilled orders continued to shrink, and delivery times continued to shorten.

The January 2024 Industrial Production from the Federal Reserve shows Industrial Production has no growth year-over-year with components manufacturing down 0.9% year-over-year, mining down 1.2% year-over-year, and utilities up 9.0% year-over-year. Manufacturing remains in a recession.

Retail trade sales in January 2024 were up 0.6% above January 2023 – and literally no growth inflation-adjusted. Inflation-adjusted retail sales have essentially not grown over the past year.

In the week ending February 10, the advance figure for seasonally adjusted unemployment initial claims 4-week moving average was 218,500, an increase of 5,750 from the previous week’s revised average. The previous week’s average was revised up by 500 from 212,250 to 212,750.

Import prices declined 1.3% year-over-year and export prices declined 2.4% year-over-year. The disinflation of export and import prices can be laid on the general weakness of the global economy.

Here is a summary of headlines we are reading today:

• U.S. House Passes Reversal Of Biden’s LNG Export Ban
• Hot off Nickel Fraud, Trafigura Faces Big Losses in Mongolia Oil
• Trump Vows to Block U.S. Steel Acquisition
• Buffett’s Berkshire Increases Stake in Chevron and Occidental
• BofA: Oil Demand Growth Has Peaked
• Banking Giant JP Morgan Exits Climate Action Group
• S&P 500 closes at record high, Dow gains 300 points in late-day rally: Live updates
• Shake Shack stock surges 20% on fourth-quarter profit, strong 2024 outlook
• Crypto venture funding climbs for first time in nearly 2 years after bitcoin’s stellar run
• Yield-Curve Bear-Steepening Spells Trouble For Markets
• Treasury yields drop for 2nd straight day after weaker-than-expected January retail sales
• Oil prices finish higher, back on track for gains for the week

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 152 points or 0.40%,
• Nasdaq closed up 1.30%,
• S&P 500 closed up 0.96%,
• Gold $2,004 down $3.50,
• WTI crude oil settled at $77 down $1.26,
• 10-year U.S. Treasury 4.265% down 0.051 points,
• USD index $104.72 down $0.24,
• Bitcoin $51,412 up $2,355 (4.63%),

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

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Click here to read our current Economic Forecast – February 2024 Economic Forecast: Index Again Modestly Declined But Remains Well Above Levels Associated With Recession

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

The Ports of Los Angeles and Long Beach handle 40% of the USA container traffic – and January 2024 was a good month with imports up 21% year-over-year and exports up 2% year-over-year. The steep improvement in imports strongly suggests the USA economy is stronger than realized.

Here is a summary of headlines we are reading today:

• New Electrode Revolutionizes Hydrogen Production from Seawater
• Canadian NDP Calls for Ban on Coal Exports
• Skyrocketing Battery Mineral Demand Set to Outpace Supply By 2023
• Oil Prices Steady as Middle East Conflict Intensifies on Lebanese Border
• Product Draws Not Enough to Offset Huge Crude Build
• Dow closes more than 100 points higher as stocks recoup some losses following big sell-off: Live updates
• Mortgage rates surge higher again, causing homebuyers to pull back
• Lyft CEO takes blame for ‘extra zero that slipped into’ earnings release
• Uber stock pops more than 10% on $7 billion share buyback
• Bitcoin briefly crosses $52,000 as it recaptures $1 trillion market cap: CNBC Crypto World
• Economists Are Sounding Alarm On ‘YOLO’ Credit Bubble
• MGM’s hotels charged $1,000 a night on average for the Super Bowl, but the stock suffers a hangover

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