28 April 2023 Market Close & Major Financial Headlines: Wall Street Opens Higher Continues To Trend Upward As Markets Close In The Green

Summary Of the Markets Today:

  • The Dow closed up 272 points or 0.80%,
  • Nasdaq closed up 0.69%,
  • S&P 500 closed up 0.83%,
  • Gold $1,998 down $1.30,
  • WTI crude oil settled at $77 up $1.88,
  • 10-year U.S. Treasury 3.422% down 0.104 points,
  • EUR/USD $1.102 down $0.001,
  • Bitcoin $29,381 down $325,
  • Baker Hughes Rig Count: U.S. +2 to 755 Canada -12 to 93

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


Click here to read our Economic Forecast for May 2023


Today’s Economic Releases:

Inflation-adjusted disposable personal income increased 4.0 percent year-over-year (blue line on the graph below) while inflation-adjusted consumer spending increased 1.9% year-over-year (red line on the graph below). The important price indices (which reflect the amount of inflation) is 4.2% year-over-year (green line on the graph below) – 4.6% excluding food and energy).t). This data is not recessionary.

The University of Michigan’s April 2023 Consumer Sentiment Index was 63.5, and it was below the consensus forecast of 65.0. The decline in consumer sentiment was driven by a sharp drop in expectations for the future. The Index of Consumer Expectations fell to 64.7 from 70.7 in March. This was the lowest reading since December 2021. The Index of Current Economic Conditions was also lower in April, falling to 70.7 from 73.0 in March. This was the lowest reading since January 2022. This data is considered recessionary.

Chicago Purchasing Managers Index (PMI) increased to 48.6 – a reading below 50 implies a contraction of the manufacturing sector. The manufacturing sector has been in contraction for over 6 months.

A summary of headlines we are reading today:

  • U.S. House To Vote To Repeal Biden’s Solar Panel Tariff Waivers
  • Chevron Beats Profit Estimates As Refining Margins Jump
  • Permian Rig Count Inches Higher As WTI Recoups Some Losses
  • Analysts See Oil Prices Rising To $90 By End-2023
  • Oil Set For Sixth Straight Monthly Loss
  • Senators Call For Seizure Of Iran Oil Cargos
  • Dow gains more than 250 points Friday as index finishes best month since January: Live updates
  • Key inflation gauge for the Fed rose 0.3% in March as expected
  • Cybersecurity stocks are getting battered. Here’s how the Silicon Valley Bank failure is to blame.

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

27 April 2023 Market Close & Major Financial Headlines: Wall Street Opened Sharply Higher And Continued to Post Gains, Massive Rally Closes At Session Highs

Summary Of the Markets Today:

  • The Dow closed up 525 points or 1.57%,
  • Nasdaq closed up 2.43%,
  • S&P 500 closed up 1.96%,
  • Gold $1,997 up $1.50,
  • WTI crude oil settled at $75 up $0.46,
  • 10-year U.S. Treasury 3.526% up 0.096 points,
  • EUR/USD $1.102 down $0.002,
  • Bitcoin $29,683 up $2,039,

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


Click here to read our Economic Forecast for April 2023


Today’s Economic Releases:

The U.S. Bureau of Economic Analysis reported that the advance estimate for 1Q2023 Real Gross Domestic Product (GDP) grew at an annual rate of 1.1%. This was slower than the 2.6% growth in the fourth quarter of 2022. However, when viewed year-over-year – the economy grew at 1.6% (up from 0.9% in 4Q2023 – blue line in the graph below). Inflation calculate by the BEA fell to 5.3% in 1Q2023 (down from the 6.4% in 4Q2023 – red line in the graph below). The slowdown in GDP growth was driven by a number of factors, including:

  • A decline in consumer spending, which accounts for about 70% of GDP.
  • A decrease in business investment, which accounts for about 17% of GDP.
  • A slowdown in exports, which account for about 12% of GDP.

My takeaway is that economic growth is rather modest – and any black swan event would cause a recession.

The National Association of Realtors (NAR) reported that pending home sales decreased 5.2% in March 2023 from February. This was the first month-over-month decline since November 2022. On an annual basis, pending home sales were down 23.2%. Pending home sales measures the number of homes that have gone under contract but have not yet closed. The decline in pending home sales is being caused to a significant degree by lower inventory of homes for sale

The Kansas City Fed’s Tenth District Manufacturing Activity composite index was -10 in April, down from 0 in March and February. The composite index is an average of the production, new orders, employment, supplier delivery time, and raw materials inventory indexes.

According to the U.S. Department of Labor, initial claims for state unemployment benefits four-week moving average decreased by 4,000 to 236,000. The decrease in claims was driven by a decline in layoffs in the leisure and hospitality sector. Claims in the sector decreased by 12,000, accounting for all of the decline in initial claims.

A summary of headlines we are reading today:

  • Tanker Carrying Oil For Chevron Seized By Iran
  • The High Costs Of Electrifying The U.S. Auto Industry
  • Wisconsin’s Only Oil Refinery Reopens 5 Years After Explosion
  • Falling Crude Prices Drag Down Profits At China’s Oil Giants
  • Pioneer CEO Retirement Could Reignite Exxon Takeover Talks
  • Dow jumps 500 points on strong earnings, heads for best day since January: Live updates
  • Amazon earnings are out — here are the numbers
  • Here’s why the stock market is having such a massive rally today
  • U.S. GDP rose at a 1.1% pace in the first quarter as signs build that the economy is slowing
  • Market Snapshot: Dow jumps over 500 points as stocks rally after earnings from Meta and other big-tech names

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

26 April 2023 Market Close & Major Financial Headlines: Wall Street Opened Higher, Then Trended Lower as tech leads the Nasdaq higher

Summary Of the Markets Today:

  • The Dow closed down 229 points or 0.68%,
  • Nasdaq closed up 0.47%,
  • S&P 500 closed down 0.38%,
  • Gold $1,998 down $6.90,
  • WTI crude oil settled at $74 down $2.81,
  • 10-year U.S. Treasury 3.441% up 0.043 points,
  • EUR/USD $1.104 up $0.006,
  • Bitcoin $27,362 down $366

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


Click here to read our Economic Forecast for April 2023


Today’s Economic Releases:

New orders for manufactured durable goods in March increased to 4.6% year-over-year (5.6% inflation-adjusted). The increase is predominately due to civilian aircraft.

 

A summary of headlines we are reading today:

  • Schiff: Gold Is A Buy In Every Single Currency
  • IEA: EVs Will Account For 20% Of All Car Sales This Year
  • Large Crude Inventory Draw Jolts Oil Prices
  • Pipeline Failure Triggers Inspection Of Davis-Besse Nuclear Power Plant
  • Oil Prices Slip As Banking Fears Return
  • First Republic’s dramatic slide continues, stock falls 30% as bank looks for rescue deal
  • Dow, S&P 500 close lower Wednesday as First Republic woes eclipse Big Tech earnings: Live updates
  • Tyson Foods to eliminate 10% of corporate jobs, memo says
  • Commodities Bellwether Flashes US Recession Warning
  • Revolution Investing: Stock investors are right to be cautious now, and being bearish is even smarter

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

25 April 2023 Market Close & Major Financial Headlines: Wall Street Opened Lower, Continued To Trend Lower Finally Closing At Session Bottom as earnings, recession worries weigh

Summary Of the Markets Today:

  • The Dow closed down 345 points or 1.02%,
  • Nasdaq closed down 1.98%,
  • S&P 500 closed down 1.58%,
  • Gold $2,009 up $8.20,
  • WTI crude oil settled at $77 down $1.67,
  • 10-year U.S. Treasury 3.392% down 0.123 points,
  • USD $101.86 up $0.520,
  • Bitcoin $27,634 up $248,

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


Click here to read our Economic Forecast for April 2023


Today’s Economic Releases:

The Conference Board Consumer Confidence Index® fell in April to 101.3, down from 104.0 in March. This is the lowest reading since July 2022. The decline was driven by a darkening outlook that augers a recession beginning in the near future. The decline in consumer confidence was widespread, with all major demographic groups reporting lower readings in April. The biggest declines were among consumers under 55 years of age and for households earning $50,000 and over. The Federal Reserve is closely monitoring consumer confidence and other economic indicators. The decline was driven by a number of factors, including:

The Fifth District Manufacturing Report for April 2023 showed that manufacturing activity continued to contract in April. The headline index fell to -10 from -5 in March, and two of its three component indexes — shipments and new orders — declined.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 2.0% annual gain in February, down from 3.7% in the previous month. The 10-City Composite annual increase came in at 0.4%, down from 2.5% in the previous month. The 20-City Composite posted a 0.4% year-over-year gain, down from 2.6% in the previous month. Miami, Tampa, and Atlanta again reported the highest year-over-year gains among the 20 cities in February.

The U.S. Census Bureau reported that sales of new single-family houses in the United States increased 9.6% to a seasonally adjusted annual rate of 683,000 in March 2023. This is 3.4% below the March 2022 estimate of 707,000. The median sales price of new houses sold in March 2023 was $449,800. The average sales price was $562,400. The seasonally‐adjusted estimate of new houses for sale at the end of March 2023 was 432,000. This represents a supply of 7.6 months at the current sales rate.

 

A summary of headlines we are reading today:

  • More Banking Trouble Pushes Oil Prices Down Another 2%
  • Nigeria Completes Gas Pipeline Without Chinese Funds
  • Credit Suisse Reports Alarming Magnitude Of Losses And Outflows
  • Halliburton Earnings Beat Estimates In Tight Oilfield Services Market
  • U.S. Net Debt To Exceed 110% By 2028 As Decarbonization Costs Mount
  • First Republic falls nearly 50% to a record low after reporting a massive deposit drop
  • Stocks close lower Tuesday as investors’ bank fears return, Dow sheds more than 300 points: Live updates
  • Alphabet earnings are out — here are the numbers
  • Japanese ispace moon landing attempt falls short at ‘very end,’ CEO says
  • Market Extra: What’s next for the stock market as small-cap index suffers its first ‘death cross’ since January 2022
  • Movers & Shakers: First Republic stock tanks, UPS shares weaken, Spotify shares advance, and more stocks on the move

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

24 April 2023 Market Close & Major Financial Headlines: Today’s Session Began In The Green And Ended Mixed Ahead Of Earnings Reporting

Summary Of the Markets Today:

  • The Dow closed up 66 points or 0.20%,
  • Nasdaq closed down 0.29%,
  • S&P 500 closed up 0.09%,
  • Gold $1,999 up $8.40,
  • WTI crude oil settled at $79 up $0.88,
  • 10-year U.S. Treasury 3.509% down 0.063 points,
  • USD $101.71 down $0.047,
  • Bitcoin $27,380 down $52,

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


Click here to read our Economic Forecast for April 2023


Today’s Economic Releases:

The Chicago Fed National Activity Index (CFNAI) three-month moving average (MA3) for March 2023 was +0.01, up from -0.09 in February. This suggests that economic growth improved in the first quarter of 2023. Note that the CFNAI MA3 is a lagging indicator, meaning that it reflects economic activity that occurred in the past. The labor market remained strong, with job growth continuing at a healthy pace. Overall, the CFNAI MA3 suggests that the economy is growing, at a faster pace than in the fourth quarter of 2022.

The April 2023 Texas Manufacturing Outlook Survey suggests that manufacturing activity in Texas slowed in April. The survey’s broad indicators for future activity suggest that respondents’ expectations for growth over the next six months remain subdued. The production index edged down to 0.9 in April, from 2.5 in March. The new orders index was negative for the 11th month in a row, falling to -9.6 in April from -14.3 in March.

Tomorrow morning, Tuesday, April 25, S&P CoreLogic Case-Shiller will be issuing its National Home Price Index for February. Selma Hepp, the CoreLogic chief economist, shared the following statement on factors influencing the present housing market:

While lower mortgage rates helped entice some potential homebuyers off the sidelines this year, the U.S. housing market continues to face many headwinds, including pessimistic consumer sentiments, fears around recent banking turmoil, the lack of a seasonal spring home supply uptick and continued mortgage rate volatility. Nevertheless, the typical spring demand rush and the continued lack of homes for sale lifted prices in February, following seven months of monthly declines.

A summary of headlines we are reading today:

  • Top 10 Countries With Largest Oil Reserves
  • Worries About Weaker Dollar Fuel Demand For Gold
  • Oil Prices Rebound After Testing Monthly Lows
  • Russia To Boost Natural Gas Exports To China By 50%
  • Bed Bath & Beyond vows it can pull off a sale – here’s what that means for shareholders
  • Nasdaq closes lower Monday as investors prepare for Big Tech earnings: Live updates
  • Earnings playbook: Your guide to a busy week of earnings, featuring Meta and Amazon
  • Bitcoin sinks to $27,000, and Gemini expands outside U.S. amid crypto crackdown: CNBC Crypto World
  • Brett Arends’s ROI: What was Tucker Carlson worth to Fox News? About $650 million, according to Wall Street.
  • Don Lemon fired by CNN after 17 years with the news network
  • Market Snapshot: Stocks struggle for direction ahead of tech-earnings onslaught

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

21 April 2023 Market Close & Major Financial Headlines: Markets Opened Moderately Lower And After A Choppy Session Closed Fractionally Higher In The Green

Summary Of the Markets Today:

  • The Dow closed up 22 points or 0.07%,
  • Nasdaq closed up 0.11%,
  • S&P 500 closed up 0.09%,
  • Gold $1,993 down $25.90,
  • WTI crude oil settled at $78 up $0.42,
  • 10-year U.S. Treasury 3.568% up 0.023 points,
  • USD $101.71 down $0.13,
  • Bitcoin $27,238 down $928,
  • Baker Hughes Rig Count: U.S. +5 to 753 Canada -6 to 105

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


Click here to read our Economic Forecast for April 2023


Today’s Economic Releases:

The Purchasing Managers’ Index (PMI) Composite Flash (a composite index of the manufacturing and services sectors) registered 53.5 in April 2023, up from 52.3 in the previous month, to signal the quickest upturn in business activity since May 2022. The faster rise in activity was broad-based, with the services activity growth hitting a 12-month high and manufacturing output expanding modestly but at the fastest rate since May 2022. New orders at US firms increased at the sharpest rate for 11 months, despite a continued decline in new export orders, amid new client wins, improved customer confidence and successful marketing strategies. In addition, employment growth was the quickest since last July, while backlogs of work increased for the second month running as companies mentioned further struggles finding suitable candidates and retaining staff amid rising wage costs. This is a data point that argues against a coming recession.

A summary of headlines we are reading today:

  • EU Introduces New Tax To Push For Global Carbon Pricing
  • Oilfield Services Company Schlumberger Beats Q1 Expectations
  • Oil, Gas Drilling Activity In The U.S. Perks Up
  • Chile Plans To Nationalize Lithium Extraction Industry
  • Oil Prices Plunge As Bearish Sentiment Builds
  • Economic Fears Put Oil Prices Under Pressure
  • Stocks end Friday’s session little changed, Dow snaps 4-week win streak: Live updates
  • A recession is coming — and stock markets won’t come through it unscathed, strategist says
  • Ether drops to $1,900, and PitchBook research reveals ChatGPT’s impact on crypto: CNBC Crypto World
  • “Brace” – JPMorgan Warns Debt-Ceiling Showdown Means “Non-Trivial Chance Of A Technical Default” On US Treasuries

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

20 April 2023 Market Close & Major Financial Headlines: Wall Street Markets Opened Sharply Lower, Tried To Recover, But closed In The Red

Summary Of the Markets Today:

  • The Dow closed down 110 points or 0.33%,
  • Nasdaq closed down 0.80%,
  • S&P 500 closed down 0.60%,
  • Gold $2,015 up $7.40,
  • WTI crude oil settled at $77 down $1.87,
  • 10-year U.S. Treasury 3.539% down 0.063 points,
  • USD $101.86 down $0.11,
  • Bitcoin $28,144 down $1,110,

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


Click here to read our Economic Forecast for April 2023


Today’s Economic Releases:

The National Association of Realtors (NAR) reported that existing-home sales in the United States fell 2.4% in March from February to a seasonally adjusted annual rate of 4.44 million – sales declined 22.0% from one year ago (blue line on the graph below). This was the fourth consecutive month of declines in existing-home sales. The median price for an existing home sold in March was $375,700, up 10.7% from a year ago (red line on the graph below). The supply of homes for sale at the end of March was 980,000, which is equal to 2.6 months of inventory at the current sales pace. The decline in existing-home sales was driven by a number of factors, including rising interest rates, inflation, and a slowdown in the economy. Interest rates have been rising in recent months, which has made it more expensive to buy a home. Inflation is also at a 40-year high, which is putting a strain on household budgets. And the economy is showing signs of slowing down, which could lead to fewer people buying homes. Despite the decline in existing-home sales, the housing market is still strong overall. Home prices are rising, and there is still strong demand for homes. However, the rising interest rates and inflation are likely to put some pressure on the housing market in the coming months.

The Philadelphia Federal Reserve Bank’s April 2023 Manufacturing Business Outlook Survey (MBOS) showed that manufacturing activity in the Philadelphia Fed’s Third District contracted in April. The headline MBOSS index fell to -31.3 in April from 1.3 in March, its lowest level since May 2020. The index’s decline was driven by a sharp drop in new orders and a slowdown in production. The decline in the Philadelphia Fed’s MBOSS index in April suggests that manufacturing activity in the Third District contracted in April. The decline in new orders suggests that demand for manufactured goods is weakening. The slowdown in production suggests that manufacturers are producing less output. The decline in the Philadelphia Fed’s MBOSS index in April is consistent with other recent data that suggests that the U.S. economy is slowing.

The number of people filing for unemployment benefits in the United States rose by 27,457 to 234,577 in the week ending April 8, 2023, the U.S. Labor Department reported Thursday. The four-week moving average for new claims, which smooths out week-to-week volatility, rose by 7,500 to 215,000 (blue line on the graph below), the highest level since November 13, 2021.

The Conference Board Leading Economic Index® (LEI) for the United States decreased by 0.7% in March 2023 to 110.2 (2016=100), after also falling 0.3% in February. The LEI is now down 0.8% over the six-month period between September 2022 and March 2023—slightly lower than the 1.0% growth it recorded over the previous six months. The LEI is a composite index of 10 economic indicators that are believed to forecast economic activity. The index is designed to anticipate turning points in the economy, typically three to six months in advance. The decline in the LEI in March was led by a decline in stock prices and a slowdown in consumer expectations. Stock prices fell sharply in March, as investors became more concerned about inflation and the potential for a recession. Consumer expectations also fell in March, as consumers became more concerned about the rising cost of living. The decline in the LEI in March suggests that the U.S. economy is slowing.

A summary of headlines we are reading today:

  • Marco Rubio Under Fire For Florida Gasoline Shortage
  • Oil Sheds 2% Amid Indications Of Fragile Demand
  • Ukraine’s Grain Flows Shift To Europe
  • China’s Coal Use Set To Rise With Growing EV Demand
  • SpaceX Starship rocket launches in historic test but explodes mid-flight
  • Nasdaq closes lower Thursday, dragged by Tesla shares: Live updates
  • Nuclear fusion will not be regulated the same way nuclear fission is — a big win for the fusion industry
  • Futures Movers: U.S. oil benchmark settles at nearly a 3-week low, below $80 on recession fears

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

19 April 2023 Market Close & Major Financial Headlines: Wall Street Main Indexes Opened Sharply Lower Then After Climbing Into The Green, Slipped Back Into The Red Just Before The Closing Bell

Summary Of the Markets Today:

  • The Dow closed down 80 points or 0.23%,
  • Nasdaq closed up 0.03%,
  • S&P 500 closed down 0.01%,
  • Gold $2,007 down $12.50,
  • WTI crude oil settled at $79 down $1.70,
  • 10-year U.S. Treasury 3.602% up 0.028 points,
  • USD $101.96 up $0.21,
  • Bitcoin $29,256 down $984,

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


Click here to read our Economic Forecast for April 2023


Today’s Economic Releases:

The Ports of Los Angeles and Long Beach are the busiest seaports in the United States, handling over 40% of all inbound containers for the entire United States. In March 2023, imports declined 35% year-over-year whilst exports increased 3% year-over-year. Imports are an economically important data point as it provides a view into personal consumption in the US. However, a year ago, the ports were working off a backlog caused by a supply recovery from the COVID-related logistics surge. I do suspect if one can rationalize away the last year’s surge, that imports are soft in March 2023.

The Beige Book for April 19, 2023, reported that economic activity continued to expand in all 12 Federal Reserve districts. However, the pace of growth slowed in some districts, as businesses reported rising costs and labor shortages. The report noted that

  • Manufacturing activity expanded in all 12 districts, but the pace of growth slowed in some districts. Businesses reported rising input costs, including energy, raw materials, and labor. Some businesses also reported difficulty finding qualified workers.
  • Retail sales expanded in all 12 districts, but the pace of growth slowed in some districts. Businesses reported rising sales, but they also reported rising costs and labor shortages.
  • Residential real estate activity expanded in all 12 districts, but the pace of growth slowed in some districts. Businesses reported rising home prices and demand, but they also reported rising construction costs and labor shortages.
  • Nonresidential real estate activity expanded in all 12 districts, but the pace of growth slowed in some districts. Businesses reported rising demand for commercial and industrial space, but they also reported rising construction costs and labor shortages.
  • The Beige Book also reported that labor markets remained tight in all 12 districts. Businesses reported difficulty finding qualified workers, and they were raising wages to attract and retain workers.

Overall, the Beige Book reported that economic activity continued to expand in all 12 Federal Reserve districts, but the pace of growth slowed in some districts. Businesses reported rising costs and labor shortages, which were weighing on growth.

A summary of headlines we are reading today:

  • Wind Power Has A Profitability Problem
  • Investors Turn To Precious Metals Amid Recessionary Fears
  • MIT Study: Nuclear Power Shutdown Could Lead To Increased Deaths
  • Oil Prices Fall Despite Crude Inventory Draw
  • Baker Hughes Q1 Earnings Beat Expectations
  • DeSantis and allies ramp up Disney’s fight as more Republicans criticize his tactics
  • Sell-off hits bitcoin, and SEC Chair Gensler grilled on crypto in House hearing: CNBC Crypto World
  • Earnings Outlook: Derailments, and paid sick leave loom over railroad earnings reports

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

18 April 2023 Market Close & Major Financial Headlines: Wall Street Major Indexes Spent The Afternoon Hugging The Unchanged Line Finally Closing Mixed

Summary Of the Markets Today:

  • The Dow closed down 11 points or 0.03%,
  • Nasdaq closed down 0.04%,
  • S&P 500 closed up 0.09%,
  • Gold $2,018 up $10.40,
  • WTI crude oil settled at $81 down $0.09,
  • 10-year U.S. Treasury 3.579% down 0.014 points,
  • USD $101.75 down $0.35,
  • Bitcoin $30,216 up $713,

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


Click here to read our Economic Forecast for April 2023


Today’s Economic Releases:

The number of CEO changes at U.S. companies fell 17% from the 167 in February to 139 last month. March’s total is up 18% from the 119 CEOs who left their posts in the same month one year prior. March’s total is the highest total for that month since Challenger began tracking CEO exits in 2002. In the first quarter, 418 CEOs left their posts, up 6% from the 395 who left their posts in the first quarter of 2022. It is up 57% from the 266 CEO exits tracked in the last quarter of 2022.

Privately‐owned housing units authorized by building permits in March declined 24.8% below the March
2022. Privately‐owned housing starts in March were down 17.2% below March 2022. Privately‐owned housing completions in March were up 12.9% above March 2022.

 Single-Family Rent Index (SFRI) rent price growth continued its slowdown in February, dropping to 5%, with metro-level trends indicating that renters are perhaps seeking more affordable areas. For instance, St. Louis, historically one of the least-expensive 20 rental markets for which CoreLogic publishes data, was at the bottom for gains in February 2022 but topped the index for growth in February 2023.

A summary of headlines we are reading today:

  • U.S. Treasury Dept. Issues Warning About Buying Russian Crude Above Price Cap
  • White House Criticizes Lula’s Peace Brokering Rhetoric
  • Exxon Quits Colombia Oilfield
  • Volkswagen Has Ambitious Plans To Capture European EV Market Share
  • Fears Of An Interest Rate Hike Keep Oil Prices Under Pressure
  • Chevron Expands Footprint In East Med Natural Gas Basin
  • Netflix shares sink after earnings report
  • Some electric vehicles from BMW, Nissan, Hyundai and Volkswagen will no longer get federal tax credits
  • S&P 500 ends Tuesday little changed as earnings season picks up steam: Live updates
  • Coinbase preps for ‘years-long’ SEC battle, and celebrities want FTX suit dropped: CNBC Crypto World
  • The Housing Bubble: Owners Trapped By Low-Rate Mortgages, Buyers Thwarted By High-Rate Mortgages
  • Debt-ceiling standoff: Here’s what’s next as Democrats and Republicans warn about U.S. default

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

17 April 2023 Market Close & Major Financial Headlines: Wall Street Rises Fractionally As Investors Weighs Latest Corporate Earnings Finally Closing In The Green

Summary Of the Markets Today:

  • The Dow closed up 101 points or 0.30%,
  • Nasdaq closed up 0.28%,
  • S&P 500 closed up 0.33%,
  • Gold $2,009 down $7.30,
  • WTI crude oil settled at $81 down $1.54,
  • 10-year U.S. Treasury 3.598% up 0.076 points,
  • USD $102.08 up $0.53,
  • Bitcoin $29,501 down $788,

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


Click here to read our Economic Forecast for April 2023


Today’s Economic Releases:

The Empire State Manufacturing Survey for April 2023 showed a significant increase in business activity, with the general business conditions index jumping 35.4 points to 10.8. This was the first month of expansion in five months, and the largest expansion in the last nine. The increase in activity was driven by a surge in new orders and shipments, as well as a pickup in delivery times and inventories. However, employment and hours worked declined for a third consecutive month. Despite the increase in activity, businesses continued to expect little improvement in conditions over the next six months. The index for future business conditions edged up to 6.6, suggesting that firms do not expect much improvement in activity over the next six months.

The housing market index for April 2023 rose for a fourth consecutive month, reaching 45. This was a fresh high since September 2022 and beat market expectations of 44. The gauge for current sales conditions rose to 51 from 49, sales expectations in the next six months increased to 50 from 47, and traffic of prospective buyers was unchanged at 31. Builders noted that additional declines in mortgage rates, to below 6%, will price-in further demand for housing. They also said that they are seeing more buyers coming back into the market, as affordability improves. The housing market is still facing some headwinds, such as rising inflation and interest rates. However, the overall trend is positive, and builders are optimistic about the outlook for the housing market in the coming months. Here are some additional details from the housing market index for April 2023:

  • The index for current sales conditions rose to 51 from 49, indicating that more builders view sales conditions as good than poor.
  • The index for sales expectations in the next six months increased to 50 from 47, indicating that builders are more optimistic about the outlook for the housing market over the next six months.
  • The index for the traffic of prospective buyers was unchanged at 31, indicating that the level of buyer interest remains stable.

Overall, the housing market index for April 2023 suggests that the housing market is continuing to improve. Builders are more optimistic about the outlook for the housing market, and more buyers are coming back into the market. However, the housing market is still facing some headwinds, such as rising inflation and interest rates.

A summary of headlines we are reading today:

  • Hedge Funds Dropping China Stocks For American Oil
  • Exxon Faces Shareholder Scrutiny Over Unclear Decommissioning Plans
  • Can Technology Really Solve Our Climate Problems?
  • Russia’s Seaborne Crude Oil Exports Rebound To Above 3 Million Bpd
  • Natural Gas Prices Jump 8% On Colder-Than-Expected Weather Forecast
  • Electric Vehicle Market Share Continues To Grow
  • Lithium Prices Could Start To Rebound Soon
  • S&P 500 closes higher Monday to kick off a busy earnings week: Live updates
  • Bitcoin dips below $30,000, and backlash brews as SEC moves toward DeFi oversight: CNBC Crypto World
  • US Banks Lost Money On Mortgages For The First Time Since The MBA Began Keeping Records
  • “Does Not Appear Sustainable”: The US Budget Deficit Is Unexpectedly Soaring Again And It’s About To Get Much Worse
  • Market Snapshot: Dow turns positive in afternoon trade with earnings season set to pick up steam

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