Summary Of the Markets Today:

• The Dow closed up 329 points or 1.00%,
• Nasdaq closed up 2.19%,
• S&P 500 closed up 1.30%,
• Gold $1,947 up $2.90,
• WTI crude oil settled at $73 up $0.95,
• 10-year U.S. Treasury 3.810% down 0.005 points,
• USD Index $104.21 down $0.04,
• Bitcoin $26,771 up $272,
• Baker Hughes Rig Count: U.S. -9 to 711 Canada +2 to 87

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

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Click here to read our Economic Forecast for May 2023

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

New orders for manufactured durable goods in April, up two consecutive months, increased 1.1% – and is up 4.2% year-over-year (2.1% year-over-year inflation adjusted). The biggest gain came from defense aircraft.

Real Disposable personal income (DPI) increased 3.4% year-over-year in April 2023 and real personal consumption expenditures (PCE) increased 2.3% year-over-year. The PCE price index increased 4.4% year-over-year. Excluding food and energy, the PCE price index increased 4.7% year-over-year. Price indices show the amount of inflation that is occurring – and inflation is relatively unchanged from last month. I consider this a relatively good report showing the consumer is not hunkering down completely.

Here is a summary of headlines we are reading today:

• Oil Rebounds As U.S. Drillers Continue To Pull Back
• Oil Markets On Edge Ahead Of OPEC Meeting And U.S. Debt Deadline
• A U.S. Default Is Unlikely, But So Is An Oil Rally
• Stocks rally Friday on hopes for a debt ceiling deal, Nasdaq notches fifth straight week of wins: Live updates
• A.I. excitement leads to a winning week for Nvidia and other tech stocks
• A.I.-focused cryptos rise on Nvidia demand, and Shaq served with FTX lawsuit: CNBC Crypto World
• Ford’s EV charging deal with Tesla puts pressure on GM, other rival automakers
• Inflation rose 0.4% in April and 4.7% from a year ago, according to key gauge for the Fed
• Mortgage rates rise after inflation surprise
• Bond Report: 2-year Treasury yield extends the longest streak of advances since 2018 after PCE inflation report

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

Summary Of the Markets Today:

• The Dow closed down 35 points or 0.11%,
• Nasdaq closed up 1.71%,
• S&P 500 closed up 0.88%,
• Gold $1,940 down $24.40,
• WTI crude oil settled at $72 down $2.41,
• 10-year U.S. Treasury 3.823% up 0.104 points,
• USD Index $104.25 up $0.36,
• Bitcoin $26,486 up $229,

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

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Click here to read our Economic Forecast for May 2023

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

Overall US Mortgage Delinquency Rate Drops to All-Time Low in March according to CoreLogic. For the month of March, 2.6% 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 0.3 percentage point decrease compared with 2.9% in March 2022 and a 0.4 percentage point decrease compared with 3% in February 2023.

Although the Chicago Fed National Activity Index for April improved, it is the 3-month moving average that is used for economic forecasting. The index’s three-month moving average, CFNAI-MA3, decreased to –0.22 in April from –0.12 in March. This index is the best of the coincident indicators – and generally, the trend lines are used for forecasting. Since the trend is down, it indicates the economy is slowing but the level indicates it is not close to recession levels.

Real GDP increased at an annual rate of 1.3% in the first quarter of 2023 – up from the advance estimate of 1.1%. This was down from an increase of 2.6% in the fourth quarter of 2022. The slowdown in GDP growth was due to a number of factors, including:

• • A decline in inventory investment.
  • A slowdown in business investment.
  • A smaller decrease in housing investment.
  • An upturn in exports.
  • Imports also turned up.

Note that the growth from the quarter one year ago is 1.6% – up from last quarter’s 0.9% (blue line on graph below). The inflation price index was 5.4% (down from last quarter’s 6.4% – red line on graph below). This continues to show inflation is moderating (but not very fast).

The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – remained at 78.9 in April, posting no change from the previous month. Year over year, pending transactions dropped by 20.3%.

In the week ending May 20, the advance figure for seasonally adjusted initial unemployment claims was 229,000, an increase of 4,000 from the previous week’s revised level. The previous week’s level was revised down by 17,000 from 242,000 to 225,000. The 4-week moving average was 231,750, unchanged from the previous week’s revised average. The previous week’s average was revised down by 12,500 from 244,250 to 231,750.

Kansas City Fed manufacturing activity remained mostly steady in May 2023. The month-over-month composite index was -1 in May, up from -10 in April and down from 0 in March. Manufacturing appears very weak across all of the Federal Reserve districts.

Here is a summary of headlines we are reading today:

• Finnish Nuclear Power Plant Cuts Output After Prices Go Negative
• Aker BP Makes Big Oil Discovery In The North Sea
• Billionaire Mining Investor Says Copper Price Plunge Won’t Last
• Solar Power Investment Is Set To Eclipse That Of Oil Production In 2023
• Debt ceiling talks enter crunch time as negotiators get closer to a deal
• Nasdaq closes about 1.7% higher Thursday as Nvidia’s surge powers tech rally: Live updates
• Nasdaq closes about 1.7% higher Thursday as Nvidia’s surge powers tech rally: Live updates
• Ukraine war live updates: Ukraine set to get F-16 fighter jets; Russian mercenaries pull out of Bakhmut
• Almost Two Thirds Of Americans View Media As “Truly The Enemy Of The People”; New Poll Finds
• Market Snapshot: Dow struggles for direction, S&P 500 and Nasdaq jump as debt-ceiling talks drag on
• Bond Report: Two-year Treasury yield rises for 11th straight session on higher chance of June, July Fed rate hikes

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 256 points or 0.77%,
• Nasdaq closed down 0.61%,
• S&P 500 closed down 0.73%,
• Gold $1,962 down $12.50,
• WTI crude oil settled at $74 up $0.95,
• 10-year U.S. Treasury 3.738% up 0.04 points,
• USD Index $103.88 up $0.40,
• Bitcoin $26,267 down $915,

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

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Click here to read our Economic Forecast for May 2023

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

The Federal Reserve’s FOMC meeting minutes:

Economic activity expanded at a modest pace in the first quarter. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated.

The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. 

The Committee seeks to achieve maximum employment and inflation at the rThe Committee remains highly attentive to inflation risks.ate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 5 to 5-1/4 percent. The Committee will closely monitor incoming information and assess the implications for monetary policy. In determining the extent to which additional policy firming may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in its previously announced plans. The Committee is strongly committed to returning inflation to its 2 percent objective.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Lisa D. Cook; Austan D. Goolsbee; Patrick Harker; Philip N. Jefferson; Neel Kashkari; Lorie K. Logan; and Christopher J. Waller.

Quite a shock to the pundits who thought the FOMC would not raise rates. But there was a caveat that the Fed would stop raising rates if “risks emerge that could impede the attainment of the Committee’s goals” – and I assume this means they will stop if banks start going belly up or a recession hits or ????

Here is a summary of headlines we are reading today:

• Clean Energy Megaprojects Face Iron Law
• Poland Steps Up Gold Buying
• UBS Predicts Lower Gasoline Prices In The U.S. This Summer
• Oil Moves Higher As EIA Reports Huge Crude Draw
• U.S. Natural Gas Prices Climb Nearly 3% On Robust Demand
• Goldman Sachs Predicts An Oil Price Rally
• Fed officials less confident on the need for more rate hikes, minutes show
• Debt ceiling talks hit a snag over spending levels with eight days until default deadline
• Dow drops for a fourth straight day on U.S. default worries as debt ceiling talks stumble: Live updates
• Bitcoin sinks to $26,000, and OFAC sanctions crypto wallets tied to North Korea: CNBC Crypto World
• The Fed: ‘Several’ Fed officials said more rate hikes may not be needed and other key takeaways from May 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 231 points or 0.69%,
• Nasdaq closed down 1.26%,
• S&P 500 closed down 1.12%,
• Gold $1,977 down $0.20,
• WTI crude oil settled at $73 up $1.00,
• 10-year U.S. Treasury 3.705% down 0.014 points,
• USD Index $103.57 up $0.37,
• Bitcoin $27,109 up $329,

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

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Click here to read our Economic Forecast for May 2023

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

The Richmond Fed’s Survey of Manufacturing Activity for May 2023 showed that manufacturing activity in the Fifth District of the United States continued to decline. The composite index, which measures overall manufacturing activity, fell to -15 in May from -10 in April. The decline in manufacturing activity was driven by a number of factors, including:

• Rising input costs, which are squeezing profit margins.
• Slowing demand, as consumers and businesses are feeling the pinch of higher prices.
• Supply chain disruptions, which are making it difficult for manufacturers to get the parts and materials they need.

The Monthly New Residential Sales for April 2023:

• The seasonally adjusted annual rate of new home sales was 683,000, up 4.1% from March and 11.8% from April 2022.
• The median sales price of new homes was $420,800, down 8.2% from April 2022.
• The supply of new homes for sale was 433,000, which represents a supply of 7.6 months at the current sales rate.

It is important to note that the market is still facing some challenges, such as rising construction costs and supply chain disruptions. These challenges could limit the pace of growth in new home sales in the months ahead.

 

Here is a summary of headlines we are reading today:

• Declining Iron Ore Prices Show China’s Recovery is Still Dragging
• Can China Secure Its Long-Term Goals In Afghanistan?
• 1,650 North Sea Oil & Gas Workers To Strike In Biggest Walkout So Far
• Oil Prices Rise As Saudi Energy Minister Threatens Short Sellers
• Strong Fuel Demand Boosts Oil Prices
• China’s Coal Imports From Australia Surged By 75% In April
• S&P 500 closes 1% lower Tuesday as debt ceiling talks drag on in Washington: Live updates
• Apple announces multibillion-dollar deal with Broadcom for U.S.-made chips
• Microsoft says Bing can be default search engine for ChatGPT users
• Debt-Ceiling Doubts Finally Weigh On Stocks; Bonds & Gold Bid
• Movers & Shakers: Lowe’s, PacWest, Yelp stocks rally while BJ’s and Zoom Video shares fall, and other stocks on the move
• Market Snapshot: Dow falls 200 points as debt ceiling fears mount

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 140 points or 0.42%,
• Nasdaq closed up 0.50%,
• S&P 500 closed up 0.02%,
• Gold $1,974 down $7.60,
• WTI crude oil settled at $72 up $0.26,
• 10-year U.S. Treasury 3.723% up 0.031 points,
• USD Index $103.27 up $0.07,
• Bitcoin $26,856 down $62,

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

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Click here to read our Economic Forecast for May 2023

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

No significant releases today.

Here is a summary of headlines we are reading today:

• Oil Prices Inch Higher As Debt Ceiling Talks Drag On
• Are We Nearing An Inflection Point For Oil?
• Ford Unveils 3 Lithium Supply Deals For EV Push
• U.S. And Australia Sign Clean Energy Pact
• McCarthy says ‘Decisions have to be made’ at debt ceiling meeting with Biden
• Bill Gates says A.I. could kill Google Search and Amazon as we know them
• Gemini says DCG missed debt payment, and Strike expands to more than 65 markets: CNBC Crypto World
• GM will introduce an all-electric Cadillac Escalade ‘IQ’ later this year
• Zoltan Pozsar: Fed Is “Foaming The Runway” For Big Bank Problems Ahead
• Market Snapshot: U.S. stocks kick off week on a cautious note as debt-ceiling talks continue
• Living With Climate Change: Breakthrough deal struck to keep drought-ravaged Colorado River flowing — key water source for California

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 109 points or 0.33%,
• Nasdaq closed down 0.24%,
• S&P 500 closed down 0.14%,
• Gold $1,977 up $17.30,
• WTI crude oil settled at $72 down $0.05,
• 10-year U.S. Treasury 3.669% up 0.051 points,
• USD Index $103.19 down $0.39,
• Bitcoin $26,839 up $88,
• Baker Hughes Rig Count: U.S. -11 to 720 Canada -9 to 85

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

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Click here to read our Economic Forecast for May 2023

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

 

The Conference Board Leading Economic Index® (LEI) for the U.S. declined 0.6% in April 2023 to 107.5 (2016=100), following a decline of 1.2% in March. The LEI is down 4.4% over the six-month period between October 2022 and April 2023—a steeper rate of decline than its 3.8% contraction over the previous six months (April–October 2022). According to Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board:

The LEI for the US declined for the thirteenth consecutive month in April, signaling a worsening economic outlook. Weaknesses among underlying components were widespread—but less so than in March’s reading, which resulted in a smaller decline. Only stock prices and manufacturers’ new orders for both capital and consumer goods improved in April. Importantly, the LEI continues to warn of an economic downturn this year. The Conference Board forecasts a contraction of economic activity starting in Q2 leading to a mild recession by mid-2023.

[Note that EconCurrents has yet to forecast a recession – and currently is forecasting a slightly improving economy. However, the overall economy remains weak (especially goods manufacturing) and it would not take much of an economic event to cause the economy to recess.]

Here is a summary of headlines we are reading today:

• U.S. Drilling Rigs Swing To Annual Loss For First Time In Years
• Warren Buffett Buys Up Even More Occidental Petroleum
• Oil Prices Climb As Bullish Sentiment Builds
• Bank Of America Sees Oil Prices Heading Toward $90 This Year
• Why The Market Didn’t React To The Latest SPR News
• New Mexico Accounted For 50% Of U.S. Oil Production Growth In 2022
• Republicans walk out of debt ceiling talks, say White House isn’t being ‘reasonable’
• Fed Chair Powell says rates may not have to rise as much as expected to curb inflation
• Foot Locker’s 28% plunge, guidance cut may signal trouble ahead for other retailers
• Powell signals a June pause, says Fed can afford to watch 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 up 115 points or 0.34%,
• Nasdaq closed up 1.51%,
• S&P 500 closed up 0.94%,
• Gold $1,960 down $24.60,
• WTI crude oil settled at $72 down $0.80,
• 10-year U.S. Treasury 3.653% up 0.007 points,
• USD Index $103.52 up $0.64,
• Bitcoin $26,736 down $661,

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

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Click here to read our Economic Forecast for May 2023

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

The Federal Reserve Bank of Philadelphia’s May Manufacturing Business Outlook Survey showed that manufacturing activity in the Third Federal Reserve District contracted in May. The survey’s headline index, which measures overall business activity, rose to -10.4 in May from -31.3 in April. This is the ninth consecutive month that the index has been negative. The survey’s indexes for new orders, shipments, and employment also remained negative in May. The survey’s prices paid and prices received indexes both rose in May. The prices paid index rose to 36.2 from 29.4 in April, and the prices received index rose to 19.0 from 10.2 in April. The survey’s future general activity index fell to -10.3 in May from -1.5 in April. This suggests that firms do not expect activity to improve much over the next six months. So far the regional Fed’s manufacturing surveys are showing a fall in manufacturing output.

Challenger, Gray & Christmas, Inc. released its April 2023 CEO Turnover Report showing that 147 CEOs left their positions in April 2023, up from the 139 CEOs who left in March 2023. This is the highest quarterly toal since Q1 2020. Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc. stated:

Companies have a lot to consider as we head to the second half of the year, as recession and inflation concerns continue. Many sectors are letting go of workers, and new technologies, like AI, are forcing conversations about use cases. This environment is conducive to new leadership.

The National Association of Realtors (NAR) reported that existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums, and co-ops, decreased 3.4% in April to a seasonally adjusted annual rate (SAAR) of 4.28 million. The median existing-home price³ for all housing types in April was $388,800, a decline of 1.7% from April 2022 ($395,500). The decline in existing-home sales was likely due to a number of factors, including rising mortgage rates, rising home prices, and a limited supply of homes for sale.

The advance figure for seasonally adjusted initial unemployment claims for state unemployment insurance benefits in the week ending May 13 was 242,000, a decrease of 22,000 from the previous week’s unrevised level of 264,000. The four-week moving average was 244,250, a decrease of 1,000 from the previous week’s unrevised average of 245,250.

The ports of Los Angeles and Long Beach imported 657,000 Twenty-Foot Equivalent Units (TEUs) in April 2023, down 23% in April 2022. This is the lowest monthly volume since April 2020. Exports were down 5% from April 2022.  Imports show consumption in the U.S. – and it appears that consumption is down which is indicative of a slowing economy. The Ports of Los Angeles and Long Beach are the busiest ports in the United States and the second busiest ports in the world, in terms of container volume. They handle more than 40% of all containerized cargo entering the United States.

A summary of headlines we are reading today:

• Russia’s Finally Starting To Cut Oil Production
• Stainless Steel Remains Buyers Market As Demand Growth Flatlines
• Chances Of World Reaching Net-Zero By 2050 Unlikely: Exxon
• Oil Prices Fall Again As Wall Street Sees Threat Of Historic Default
• Disney scraps plans for new Florida campus, mass employee relocation amid DeSantis feud
• Meta pulls the curtain back on its A.I. chips for the first time
• Stocks close higher for a second straight day, S&P 500 adds nearly 1% on hopes for a debt ceiling resolution: Live updates
• “Huge” Bearish Bets Gone Wrong Cost Carl Icahn $9 Billion In Losses
• Financial Crime: ‘Fraud is fun’: Teen hacker charged with breaking into DraftKings accounts leading to theft of $600,000

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 409 points or 1.24%,
• Nasdaq closed up 1.28%,
• S&P 500 closed up 1.19%,
• Gold $1,986 down $6.60,
• WTI crude oil settled at $73 up $1.89,
• 10-year U.S. Treasury 3.577% up 0.028 points,
• USD Index $102.85 up $0.29,
• Bitcoin $27,375 up $439,

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Click here to read our Economic Forecast for May 2023

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

Here are the key findings from the Monthly New Residential Construction report for April 2023:

• Building permits: Privately-owned housing units authorized by building permits in April 2023 were at a seasonally adjusted annual rate of 1,416,000. This is 1.5 percent below the revised March rate and is 21.1 percent below the April 2022 rate.
• Housing starts: Privately-owned housing starts in April 2023 were at a seasonally adjusted annual rate of 1,401,000. This is 2.3 percent below the revised March estimate and is 22.3 percent below the April 2022 rate.
• Construction completions: Privately-owned housing completions in April 2023 were at a seasonally adjusted annual rate of 1,375,000. This is 10.4 percent below the revised March estimate , but is 1.0 percent above the April 2022 rate.

The decline in housing starts and permits in April 2023 was likely due to a number of factors, including rising interest rates, rising material costs, and a shortage of skilled labor. Rising interest rates make it more expensive to borrow money to build a home, which can discourage some people from buying a new home. Rising material costs make it more expensive to build a home, which can also discourage some people from buying a new home. A shortage of skilled labor can make it difficult for builders to complete projects on time and on budget, which can also discourage some people from buying a new home.

The decline in housing starts and permits is likely to have a negative impact on the overall economy. The housing market is a major driver of economic growth, and a decline in housing starts and permits can lead to a decline in economic growth.

A summary of headlines we are reading today:

• Is The U.S. Preparing To Punish OPEC?
• The Massive Solar And Wind Waste Problem
• Oil Inches Down As EIA Confirms Crude Build
• Oil Prices Rise Amid Expectations Of A Tightening Market
• Stocks close higher Wednesday, Dow surges 400 points as traders grow optimistic on a debt ceiling deal: Live updates
• Elon Musk talks Tesla, Twitter, and why he tweets freely — even if it costs him money
• Disgraced Theranos CEO Elizabeth Holmes will report to jail on May 30
• Wildfires burn millions of acres in Canada, send oil prices higher
• FBI Leadership Sabotaged Clinton Foundation Investigations: Durham Report
• Market Snapshot: Dow up 350 points in final hour of trade on optimism about potential debt-ceiling deal, rebound in regional banks

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 336 points or 1.01%,
• Nasdaq closed down 0.18%,
• S&P 500 closed down 0.64%,
• Gold $1,994 down $28.90,
• WTI crude oil settled at $71 down $0.51,
• 10-year U.S. Treasury 3.538% up 0.003 points,
• USD Index $102.61 up $0.17,
• Bitcoin $26,916 down $465,

Click here to read our Economic Forecast for May 2023

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

The advance estimates of U.S. retail and food services sales for April 2023 were $686.1 billion, up 0.4% from the previous month, and up 1.6% above April 2022 (down 3.3% year-over-year inflation adjusted). Here are some of the key findings from the report:

• Sales of nonstore retailers, which includes online retailers, were up 8.0 percent (±1.2 percent) from last year.
• Sales of food services and drinking places were up 9.4 percent (±2.5 percent) from April 2022.
• Sales of general merchandise stores were up 4.3 percent (±0.5 percent) from last year.
• Sales of motor vehicle and parts dealers were down 1.2 percent (±0.5 percent) from last year.
• Sales of building materials and garden supplies dealers were down 3.7 percent (±0.5 percent) from last year.

Overall, the advance estimates of U.S. retail and food services sales for April 2023 were weak as inflation erodes the headline numbers.

The Federal Reserve’s Industrial Production for April 2023 came in at 103.0, up 0.5% from March 2023 and 0.2% from April 2022. The contributions of the major industry groups:

• Manufacturing: Down 0.9% from April 2022.
• Mining: Up 5.6% from April 2022.
• Utilities: Down 0.4% from April 2022.

Overall, the Federal Reserve’s Industrial Production for April 2023 shows significant weakness with little growth.

 

A summary of headlines we are reading today:

• Copper Prices Slide Despite Expected Deficit
• Bullish Messaging Bolsters Oil Prices
• WTO Chief: Nigeria Can’t Rely On Oil & Gas Revenues
• Record Chinese Oil Demand Prompts IEA To Lift Global Growth Forecast
• Big Oil Could Face $12 Billion Bill To Clean Up Nigerian Spills
• Why Home Depot’s weak outlook could be a warning sign for Target earnings
• Here’s what happened during OpenAI CEO Sam Altman’s first hearing on artificial intelligence
• Black Sea grain deal that reopened key Ukraine ports set to expire this week as Kremlin mulls a potential extension
• Key Words: Comcast is ‘more likely than not’ to sell Hulu stake to Disney next year, CEO says
• Market Snapshot: Dow falls, Nasdaq edges up with U.S. debt-ceiling talks in focus

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 0.14%,
• Nasdaq closed up 0.66%,
• S&P 500 closed up 0.30%,
• Gold $2,020 up $0.60,
• WTI crude oil settled at $71 up $1.21,
• 10-year U.S. Treasury 3.496% up 0.033 points,
• USD Index $102.42 down $0.26,
• Bitcoin $27,417 up $522,

Click here to read our Economic Forecast for May 2023

Today’s Economic Releases:

The Empire State Manufacturing Index for May 2023 came in at -31.8, down from 10.8 in April. This is the lowest reading since April 2020, and it suggests that manufacturing activity in New York State is contracting at a rapid pace. The decline was driven by a sharp drop in new orders, which fell to -28.0 from 25.1 in April. Shipments also declined, falling to -16.4 from 23.9 in April. One month is not a trend but this decline was so steep that it makes one wonder if the manufacturing sector just hit a brick wall.

A summary of headlines we are reading today:

• Iran Seizes Third Oil Tanker As U.S. Boosts Military Presence
• Global Platinum Shortage Set To Worsen
• U.S. Natural Gas Drilling Collapses At Fastest Fastest Pace Since 2016
• U.S. Gasoline Prices Are Set For A Significant Decline
• Consumer debt passes $17 trillion for the first time despite slide in mortgage demand
• S&P 500 closes higher as debt ceiling negotiations in Washington are set to resume: Live updates
• Microsoft releases update that allows iPhone users to text from Windows
• Dollar Weaponization Expands – FDIC Message To Foreign Depositors Is Don’t Trust The US
• US dollar falls from five-week high as data, debt ceiling weigh
• Bond Report: 2-year Treasury yield advances for third straight day amid hopes for debt-ceiling deal

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