Summary Of the Markets Today:

• The Dow closed up 48 points or 0.14%,
• Nasdaq closed up 1.58%,
• S&P 500 closed up 0.85%,
• Gold $1,965 up $2.80,
• WTI crude oil settled at $77 up $1.46,
• 10-year U.S. Treasury 3.761% down 0.100 points,
• USD Index $99.76 down $0.76,
• Bitcoin $31,675 up $1412,

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

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Click here to read our Economic Forecast for July 2023

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

The Producer Price Index‘s (PPI) growth has declined to 0.1% year-over-year (PPI less foods, energy, and trade is up 2.6% year-over-year). The goods portion of the PPI growth is now DOWN 4.2% year-over-year whilst the services portion is up 2.3% year-over-year. The bottom line here is that except for labor costs – inflation has mostly disappeared in the production portion of the economy. Interestingly, there is little correlation between inflation and the change in the cost of labor.

In the week ending July 8, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 246,750, a decrease of 6,750 from the previous week’s revised average. The previous week’s average was revised up by 250 from 253,250 to 253,500.

My worries last month that a dockworker’s strike would affect trade fortunately never materialized. The Ports of Los Angeles and Long Beach handle over 40% of all containerized cargo entering the United States. In June 2023 imports declined 18% year-over-year (same as last month) whilst exports declined 3% year-over-year (improved from -6% last month). In general, a decline in imports normally signals a slowing of consumer demand.

 

Here is a summary of headlines we are reading today:

• Oil Prices Jump As Libya’s Largest Oilfield Goes Offline
• Future Of Oil Demand Is Brighter Than You’ve Been Told
• U.S. Natural Gas Loses Ground As Europe Leans On Solar Power
• Russia’s Oil Exports Plunge To The Lowest Level Since March 2021
• Actors union will join writers on strike, shutting down Hollywood
• Stocks rise a fourth day on upbeat inflation data, S&P 500 and Nasdaq close at highest levels in 2023: Live updates
• June wholesale prices rise less than expected in another encouraging inflation report
• Russia To Overtake Saudi Arabia As The Largest OPEC+ Oil Producer
• Market Snapshot: S&P 500 hovers near 4,500 as U.S. stocks climb for 4th day

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 86 points or 0.25%,
• Nasdaq closed up 1.15%,
• S&P 500 closed up 0.74%,
• Gold $1,964 up $26.90,
• WTI crude oil settled at $76 up $1.15,
• 10-year U.S. Treasury 3.867% down 0.115 points,
• USD Index $100.55 down $1.19,
• Bitcoin $30,288 down $300,

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

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Click here to read our Economic Forecast for July 2023

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

The Consumer Price Index for All Urban Consumers (CPI-U) rose 3.0% over the last 12 months. The all items less food and energy index rose 4.8% over the last 12 months. The index for shelter was the largest contributor to the monthly all-items increase, accounting for over 70% of the increase, with the index for motor vehicle insurance also contributing. This data was better than expectations which were 3.1% year-over-year for the all-items index and 5.0% for the all-items less food and energy. The federal funds rate is now slightly above both the all-items and all items less food and energy. I believe the federal funds rate must be higher than the inflation rate to begin a more permanent moderation of inflation. The future issues remain energy (which is currently in another up cycle) and labor costs (labor costs are currently growing well above the federal funds rate).

According to the July 12, 2023 Beige Book:

Overall economic activity increased slightly since late May. Five Districts reported slight or modest growth, five noted no change, and two reported slight and modest declines. Reports on consumer spending were mixed; growth was generally observed in consumer services, but some retailers noted shifts away from discretionary spending. Tourism and travel activity was robust, and hospitality contacts expected a busy summer season. Auto sales remained unchanged or exhibited moderate growth across most Districts. Manufacturing activity edged up in half of the Districts and declined in the other half. Transportation activity was down or flat in most Districts that reported on it, as some contacts reported reduced demand due to high inventory levels and others noted continued challenges from labor shortages. Banking conditions were mostly subdued, as lending activity continued to soften. Despite higher mortgage rates, demand for residential real estate remained steady, although sales were constrained by low inventories. Construction for both residential and commercial units was slightly lower on balance. Agricultural conditions were mixed geographically but softened slightly on balance, with some contacts expecting further softening for the remainder of 2023. Energy activity decreased. Overall economic expectations for the coming months generally continued to call for slow growth.

Here is a summary of headlines we are reading today:

• Ecuador’s Energy Imports Exceed Exports For First Time In 50 Years
• Coal-Addicted South Africa Unlikely To Hit Renewables Targets
• Brent Oil Price Rises Above $80 Per Barrel As Supply Tightens
• Toyota: Explosive Growth In EV Production Could Spark Mineral Shortage
• Heatwave Forces French Nuclear Power Plants To Curb Output
• Inflation rose just 0.2% in June, less than expected as consumers get a break from price increases
• S&P 500, Nasdaq close at highest levels since April 2022, buoyed by cooler-than-expected inflation report: Live updates
• Amazon’s Prime Day off to a strong start, early data shows
• US inflation rises at slowest pace in two years
• Futures Movers: Oil prices settle at highest since late April, buoyed by a weaker dollar and supply cuts

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 317 points or 0.93%,
• Nasdaq closed up 0.55%,
• S&P 500 closed up 0.67%,
• Gold $1,937 up $5.80,
• WTI crude oil settled at $75 up $1.93,
• 10-year U.S. Treasury 3.985% down 0.022 points,
• USD Index $101.70 down $0.27,
• Bitcoin $30,582 up $237,

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

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Click here to read our Economic Forecast for July 2023

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

NFIB’s Small Business Optimism Index increased 1.6 points in June to 91.0, however, it is the 18^th consecutive month below the 49-year average of 98. Inflation and labor quality are tied as the top small business concerns with 24% of owners reporting each as their single most important problem. The net percent of owners raising average selling prices decreased three points to a net 29% seasonally adjusted, still a very inflationary level but trending down. This is the lowest reading since March 2021. NFIB Chief Economist Bill Dunkelberg stated:

Halfway through the year, small business owners remain very pessimistic about future business conditions and their sales prospects. Inflation and labor shortages continue to be great challenges for small businesses. Owners are still raising selling prices at an inflationary level to try to pass on higher inventory, labor, and energy costs.

Here is a summary of headlines we are reading today:

• Goldman Sachs’ Currie: Oil’s Rally Is Unloved
• China Shaking Up Its Power, Oil, And Gas Markets
• Brent Breaches $79 On OPEC’s Production Cut Pledges
• Russia’s Crude Oil Exports Start To Show Signs Of Decline
• OPEC Expects Global Energy Demand To Jump By 23% By 2045
• Dow closes 300 points higher Tuesday as key consumer inflation report looms: Live updates
• This is why miners are selling their bitcoin at levels not seen since 2019
• Bank of America fined $150 million for consumer abuses including fake accounts, bogus fees
• The ‘Bitcoin Family’ has a special algorithm that tracks moon cycles — and it’s helped them gain 50% since the bear market bottom
• Futures Movers: Crude oil ends higher, Brent at highest since April, with U.S. supply data ahead

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 210 points or 0.62%,
• Nasdaq closed up 0.18%,
• S&P 500 closed up 0.24%,
• Gold $1,931 down $1.30,
• WTI crude oil settled at $73 down $0.64,
• 10-year U.S. Treasury 4.006% down 0.042 points,
• USD Index $101.97 down $0.31,
• Bitcoin $30,926 up $683,

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

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Click here to read our Economic Forecast for July 2023

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

May 2023 sales of merchant wholesalers were down 4.0% from the revised May 2022 level. Total inventories of merchant wholesalers were up 3.7% from the revised May 2022 level. The May inventories/sales ratio for merchant wholesalers was 1.41 – the May 2022 ratio was 1.30. Overall, it seems sales are worsening in this sector. It is hard to see the overall economic situation just looking at wholesale sales as there is a myriad of dynamic forces at play – and many are not economic such as supply chain changes.

Here is a summary of headlines we are reading today:

• China’s Metal Export Restrictions Leave Traders Scrambling
• UAE Will Not Make Voluntary Oil Production Cuts
• Norway Makes Biggest Hydrocarbon Discovery In 10 Years
• Iraq Inks Long-Awaited $27 Billion Energy Deal With TotalEnergies
• The American banking landscape is on the cusp of a seismic shift. Expect more pain to come
• Home prices are hitting new highs again, as high rates put the squeeze on supply
• Dow closes 200 points higher Monday to snap 3-day losing streak: Live updates
• Bonds Bid As Hawkish ‘High(er) For Long(er)’ FedSpeak Spooks Growth Stocks
• Bond Report: 2-year Treasury yield slips to almost two-week low ahead of Wednesday’s CPI 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 187 points or 0.55%,
• Nasdaq closed down 0.13%,
• S&P 500 closed down 0.29%,
• Gold $1,931 up $15.80,
• WTI crude oil settled at $74 up $1.89,
• 10-year U.S. Treasury 4.058% up 0.017 points,
• USD Index $102.28 down $0.89,
• Bitcoin $30,231 down $110,
• Baker Hughes Rig Count: U.S. +6 to 680 Canada +8 to 175

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

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Click here to read our Economic Forecast for July 2023

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

Total nonfarm payroll employment increased by 209,000 in June 2023, and the unemployment rate changed little at 3.6% percent. Employment continued to trend up in government, health care, social assistance, and construction. There was a reasonable correlation with the 209,000 in the establishment survey as the household survey showed employment growth of 273,000. I consider this report reasonably good with employment growth continuing to grow faster than population growth. Employment continues to be the star of this economic cycle.

Here is a summary of headlines we are reading today:

• China’s Steel Titans Brace For Tough Times
• U.S. Drillers Add Gas Rigs As Oil Rig Count Slips Further
• Oil Prices Remain Capped By Economic Concerns
• Saudi Arabia’s Latest Oil Price Hike Has Sapped Buyer Appetite
• Stocks tumble on Friday, notching weekly losses, as traders’ rate hike fears return: Live updates
• Here’s where the jobs are for June 2023 — in one chart
• House prices fall at fastest rate in 12 years, says Halifax
• US jobs growth weakest in more than two years

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 366 points or 1.07%,
• Nasdaq closed down 0.82%,
• S&P 500 closed down 0.79%,
• Gold $1,917 down $10.40,
• WTI crude oil settled at $72 up $0.09,
• 10-year U.S. Treasury 4.043% up 0.098 points,
• USD Index $103.13 down $0.24,
• Bitcoin $30,312 down $123,

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

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Click here to read our Economic Forecast for July 2023

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

ADP says private employers created 497,000 jobs in June 2023 and annual pay was up 6.4% year-over-year. Leisure/hospitality, construction, and trade/transportation made up the majority of the gains. Employment shows no signs of an approaching recession.

The U.S. monthly international trade deficit decreased in May 2023 as imports declined 0.9% year-over-year whilst exports rose 7.0% year-over-year. The import data suggests slowing economic growth as imports have been slowing for the last year.

The number of job openings decreased to 9.8 million on the last business day of May 2023. Job openings have been in a downtrend for over one year – but they remain historically high which suggests a strong employment market.

According to Challenger, U.S.-based employers announced 40,709 job cuts in June 2023, down 49% from the 80,089 cuts announced in May. It is up 25% from the 32,517 announced in the same month one year prior.

In the week ending July 1, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 253,250, a decrease of 3,500 from the previous week’s revised average. The previous week’s average was revised down by 750 from 257,500 to 256,750.

In June 2023, the ISM Services PMI^® registered 53.9 percent, 3.6 percentage points higher than May’s reading of 50.3 percent. The Business Activity Index registered 59.2 percent, a 7.7-percentage point increase compared to the reading of 51.5 percent in May. Readings between 50 and 55 suggest a sluggish economy.

Seasonally adjusted, a net 36% of owners reported raising compensation in June, down five points from May and the lowest since May 2021. A net 22% of owners plan to raise compensation in the next three months, according to NFIB’s monthly jobs report. NFIB Chief Economist Bill Dunkelberg stated:

The labor force participation rate remains below pre-COVID levels, which is contributing to the tight labor market seen on Main Street. With labor demand remaining strong, owners will have to continue raising compensation to compete and fill their open positions, although that pressure is easing a bit.

Here is a summary of headlines we are reading today:

• Libya’s Oil Revenues Sink To $6.95 Billion In H1 2023
• EU Could Use Newly Launched Gas Cartel To Purchase Hydrogen
• MIT’s Groundbreaking Discovery In The Intriguing World Of Superconductivity
• Oil Prices Stabilize After Small Crude Draw
• Dow closes more than 300 points lower as hot jobs data raises fears of Fed rate hikes: Live updates
• Mark Zuckerberg’s Twitter rival passed 30 million signups overnight — here’s how to use Meta’s Threads app and what’s missing
• Mortgage rate soars to 7.22% after strong economic data
• Private sector companies added 497,000 jobs in June, more than double expectations, ADP says
• Job openings fall by half a million
• Bitcoin touches 13-month high, and Valkyrie refiles for spot bitcoin ETF: CNBC Crypto World
• Market Snapshot: Dow slides 350 points as jobs data triggers jump in bond yields

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 130 points or 0.38%,
• Nasdaq closed down 0.18%,
• S&P 500 closed down 0.20%,
• Gold $1,924 down $5.30,
• WTI crude oil settled at $72 up $2.19,
• 10-year U.S. Treasury 3.930% up 0.074 points,
• USD Index $103.35 up $0.31,
• Bitcoin $30,473 down $246,

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

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Click here to read our Economic Forecast for July 2023

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

New orders for manufactured goods in May 2023 were down 0.1% year-over-year (blue line on the graph below) according to US Census. Inflation according to the producer price index for manufacturing is currently -4.0% year-over-year which means inflation-adjusted new orders are up 3.8% year-over-year (red line on the graph below). As a comparison, the Federal Reserve’s industrial production manufacturing is down 0.3% year-over-year (green line on the graph below). Pick the number you want to believe but most of the data points show manufacturing is in a recession.

The Federal Reserves FOMC meeting minutes for June 13–14, 2023 were released today. Their summarization of the current situation was on the mark:

Participants generally judged that growth would be subdued over the remainder of this year. They assessed that the cumulative tightening of monetary policy over the past year had contributed significantly to more restrictive financial conditions and lower demand in the most interest rate sensitive sectors of the economy, especially housing and business investment. Participants also acknowledged uncertainty about the lags with which monetary policy affects the economy and discussed the extent to which the full effects of monetary tightening on the economy had been realized. While total inflation had moderated over the past year, core inflation had not shown a sustained easing since the beginning of the year. With inflation well above the Committee’s longer-run 2 percent objective, participants expected that a period of below-trend growth in real GDP and some softening in labor market conditions would be needed to bring aggregate supply and aggregate demand into better balance and reduce inflationary pressures sufficiently to return inflation to 2 percent over time.

And their explanation of why they did not raise the federal funds rate at this meeting:

… participants concurred that while inflation had moderated since the middle of 2022, it remained well above the Committee’s longer-run goal of 2 percent. Economic activity had continued to expand at a modest pace. The labor market remained very tight, with robust job gains in recent months and the unemployment rate still low, but there were some signs that supply and demand in the labor market were coming into better balance. The economy was facing headwinds from tighter credit conditions, including higher interest rates, for households and businesses, which would likely weigh on economic activity, hiring, and inflation, al­though the extent of these effect remained uncertain. Against this backdrop, and in consideration of the significant cumulative tightening in the stance of monetary policy and the lags with which policy affects economic activity and inflation, almost all participants judged it appropriate or acceptable to maintain the target range for the federal funds rate at 5 to 5-1/4 percent at this meeting. Most of these participants observed that leaving the target range unchanged at this meeting would allow them more time to assess the economy’s progress toward the Committee’s goals of maximum employment and price stability. Some participants indicated that they favored raising the target range for the federal funds rate 25 basis points at this meeting or that they could have supported such a proposal. The participants favoring a 25 basis point increase noted that the labor market remained very tight, momentum in economic activity had been stronger than earlier anticipated, and there were few clear signs that inflation was on a path to return to the Committee’s 2 percent objective over time. All participants agreed that it was appropriate to continue the process of reducing the Federal Reserve’s securities holdings, as described in its previously announced Plans for Reducing the Size of the Federal Reserve’s Balance Sheet.

But concluding the discussion “all participants noted that in their economic projections that they judged that additional increases in the target federal funds rate during 2023 would be appropriate“.

 

Here is a summary of headlines we are reading today:

• America’s Oil And Gas Capital Is Leading The Transition To Renewables
• Metal Prices Face Bearish Headwinds
• China’s Export Controls On Rare Earth Metals “Is Just The Beginning”
• Tesla Production Jumps 20% In China
• U.S. Navy Stopped Iran From Seizing Oil Tankers Near Strait Of Hormuz
• Fed sees more rate hikes ahead, but at a slower pace, meeting minutes show
• GM second-quarter sales increase 18.8% as supply chain stabilizes
• Futures Movers: Oil prices end at a 2-week high on reports Saudi Arabia said OPEC+ will do ‘whatever necessary’ to support oil
• ‘What does that mean for me?’: Biden’s new stab at student-loan forgiveness has borrowers frustrated and confused

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 11 points or 0.03%,
• Nasdaq closed up 0.21%,
• S&P 500 closed up 0.12%,
• Gold $1,929 down $0.10,
• WTI crude oil settled at $70 down $0.52,
• 10-year U.S. Treasury 3.858% up 0.039 points,
• USD Index $103.01 up $0.09,
• Bitcoin $31,263 up $704,

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

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Click here to read our Economic Forecast for July 2023

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

Construction spending during May 2023 is up 7.3% year-over-year (but DOWN 3.2% year-over-year inflation adjusted. This sector remains in a recession.

The June Manufacturing PMI^® registered 46.0% down, 0.9 percentage points from May 2023. This number shows a seventh month of contraction. The New Orders Index remained in contraction at 45.6% which is 3 percentage points higher than May. Manufacturing remains in a recession.

 

Here is a summary of headlines we are reading today:

• What China’s Solar Dominance Means For Global Trade
• U.S. Lifts Tariffs On Indian Steel And Aluminum
• China Stockpiling Cobalt Reserves Amid Price Crash
• Tesla Stock Climbs 6% After Beating Analyst Delivery Estimates
• Code Language Limitations: The Achilles’ Heel Of Autonomous Vehicles
• Oil, EVs, And Big Tech Hit The Ground Running In The Second Half
• Oil Prices Climb As Saudi Arabia Extends Production Cut Into August
• Dodge Durango, Jeep SUVs push Stellantis second-quarter sales up 6.4%
• Bitcoin crosses $31,000, and Galaxy Digital’s CIO shares crypto outlook for Q3: CNBC Crypto World
• AOC Wants Supreme Court Justices Impeached In Retaliation For Doing Their Job

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 285 points or 0.84%,
• Nasdaq closed up 1.45%,
• S&P 500 closed up 1.23%,
• Gold $1,928 up $9.80,
• WTI crude oil settled at $71 up $0.66,
• 10-year U.S. Treasury 3.819% down 0.035 points,
• USD Index $102.92 down $0.43,
• Bitcoin $30,418 down $175,
• Baker Hughes Rig Count: U.S. -8 to 674 Canada -2 to 167

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

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Click here to read our Economic Forecast for July 2023

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

Real disposable personal income (DPI), inflation-adjusted personal income less personal current taxes, increased 4.0% year-over-year, and real personal consumption expenditures (PCE) increased 2.1% year-over-year. Personal income remains on an up-trend whilst consumption expenditures remain little changed. The PCE price index, which is the data set the Federal Reserve uses to monitor inflation, moderated to 3.8% year-over-year. Excluding food and energy, the PCE price index increased 4.6% year-over-year. Please note that there has been little progress in reducing inflation when one excludes food and energy.

Chicago business barometer inched up to 41.5 in June from 40.4 in May, although a reading below 50 still indicates contraction. Pundits believe the Chicago Business Barometer is a window into the ISM manufacturing index. [graph below from RTT News]

Consumer sentiment rose 9% this month, a consensus improvement across all demographic groups. The year-ahead economic outlook soared 28% over last month, and long-run expectations rose 11% as well. Overall, this striking upswing reflects a recovery in attitudes generated by the early-month resolution of the debt ceiling crisis, along with more positive feelings over softening inflation. Views of their own personal financial situation were unchanged, however, as persistent high prices and expenses continued to weigh on consumers.

Here is a summary of headlines we are reading today:

• Azerbaijan And NATO Deepen Ties
• Bulls And Bears Face Off As Copper Outlook Flashes Mixed Signals
• U.S. Oil And Gas Rig Counts Decline For Second Consecutive Month
• The Freight Industry Dilemma: Legacy Leases And Saturated Market
• Oil Prices Remain Rangebound Despite Growing Optimism
• Russia Remains On The Brink Of Civil War
• Supreme Court strikes down Biden’s student loan forgiveness plan
• S&P 500 rises on Friday to close out big first half, Nasdaq posts best start to a year in 4 decades: Live updates
• Bitcoin soars in first half of 2023, and fintech firm Revolut to delist altcoins: CNBC Crypto World
• Futures Movers: Oil futures climb, with global prices registering the first monthly gain of the year but a 4th straight quarterly decline

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 270 points or 0.80%,
• Nasdaq closed flat 0.00%,
• S&P 500 closed up 0.45%,
• Gold $1,916 down $6.10,
• WTI crude oil settled at $70 up $0.28,
• 10-year U.S. Treasury 3.842% up 0.128 points,
• USD Index $103.33 up $0.42,
• Bitcoin $30,617 up $543,

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

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Click here to read our Economic Forecast for July 2023

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

CoreLogic’s monthly Loan Performance Insights Report for April 2023 shows mortgage performance remained strong with overall delinquencies at minimal levels and serious delinquencies at a 23-year low. 2.8% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 0.1 percentage point decrease compared with 2.9% in April 2022 and a 0.2 percentage point increase compared with 2.6% in March 2023. So far, there is no indication of stress in the mortgage sector.

The third estimate of real gross domestic product (GDP) increased at an improved annual rate of 2.0%. In the fourth quarter, real GDP increased 2.6%.  The updated estimates primarily reflected upward revisions to exports and consumer spending that were partly offset by downward revisions to nonresidential fixed investment and federal government spending. Imports, which are a subtraction in the calculation of GDP, were revised down. The table below shows the changes in GDP estimates for 1Q2023.

Pending home sales shrunk 2.7% in May 2023 from the previous month and declined 22.2% year-over-year. Existing home sales remain in a depression. NAR Chief Economist Lawrence Yun added:

Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing. The lack of housing inventory continues to prevent housing demand from being fully realized.

In the week ending June 24, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 257,500, an increase of 1,500 from the previous week’s revised average. This is the highest level for this average since November 13, 2021 when it was 260,000. The previous week’s average was revised up by 250 from 255,750 to 256,000.

Here is a summary of headlines we are reading today:

• How Russia’s Failed Coup Could Impact Global Commodities Markets
• Putin’s Plummeting Political Clout Is A Disaster For Xi
• Global Oil Reserves Could Increase Global Temperatures By 0.2°C
• Supreme Court rejects affirmative action at colleges as unconstitutional
• Dow closes 200 points higher as major banks pop on stress test results, GDP revised upward: Live updates
• Virgin Galactic completes first commercial flight in major step for space tourism company
• Fed paper argues ‘bleak’ stock market returns could slide to 2% annually
• Movers & Shakers: Bank of America, Rite Aid stocks rise, Micron and Virgin Galactic shares fall, and other stocks on the move

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