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.