27Dec2022 Market Close & Major Financial Headlines: Wall Street Opened Sharply Down, Recovered Trading Along The Unchanged Line, And Finally Closed Mixed

Summary Of the Markets Today:

  • The Dow closed up 38 points or 0.11%,
  • Nasdaq closed down 1.38%,
  • S&P 500 down 0.40%,
  • WTI crude oil settled at $80 down $0.04,
  • USD $104.19 down $0.12,
  • Gold $1822 up $18.60,
  • Bitcoin $16,656 down 1.08% – Session Low 16,607,
  • 10-year U.S. Treasury 3.849% up 0.105%

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


Click here to read our Economic Forecast for December 2022


Today’s Economic Releases:

S&P Dow Jones Indices (S&P DJI) shows the 20-City Composite posted a 8.6% year-over-year gain, down from 10.4% in the previous month. CoreLogic Deputy Chief Economist Selma Hepp stated:

As the year wrapped up, housing market indicators continued to weaken. In October, the CoreLogic S&P Case-Shiller Index annual gains slowed to single digits, posting a 9.2% year-over-year increase, the first single-digit increase since November 2020. And while home prices declined for the fourth consecutive month, the rate of monthly slowing eased some in October, down 0.5% compared to September, from 1% drops recorded in the two prior months. With price declines since the spring, home prices are now 3% lower nationally compared to their 2022 peaks — while San Francisco and Seattle continue to lead the 20 metros with 13% and 12% declines, respectively. By spring of next year, home prices in some of the declining markets will also start posting annual decreases.

A summary of headlines we are reading today:

  • The U.S. And China Are Rushing To Secure Resources In DR Congo
  • GasBuddy: $4 Gasoline Could Return In May
  • Christmas Grid Chaos Paves The Way For Transportable Nuclear Plants
  • Chinese EV maker Nio cuts delivery guidance for fourth quarter, citing Covid disruptions
  • ‘It’s massively welcome.’ What to know about the latest 1099-K tax reporting change for Venmo, PayPal
  • Bankman-Fried Criminal Case Assigned To Judge In bin Laden, Epstein-Linked Cases
  • DOJ Employed ‘Reverse Spying’ In Attempt To Shut Down Investigation Into Russia Collusion Hoax: Devin Nunes
  • Big Spending Bill Is A Big Problem For The Fed’s Inflation Fight
  • Futures Movers: U.S. oil ends near unchanged as refineries restart after winter storm
  • Market Snapshot: Dow wavers as bond yields rise after investors return from Christmas and look ahead to 2023

These and other headlines and news summaries moving the markets today are included below.

23Dec2022 Market Close & Major Financial Headlines: Wall Street’s Three Main Indexes Traded Along The Unchanged Line And Closed Fractionally Higher

Summary Of the Markets Today:

  • The Dow closed up 176 points or 0.53%,
  • Nasdaq closed up 0.21%,
  • S&P 500 up 0.59%,
  • WTI crude oil settled at $80 up $2.60,
  • USD $104.30 down $0.14,
  • Gold $1804 up $10.20,
  • Bitcoin $16,806 up 0.10% – Session Low 16,775,
  • 10-year U.S. Treasury 3.751% up 0.08%

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


Click here to read our Economic Forecast for December 2022


Today’s Economic Releases:

New orders for manufactured durable goods in November 2022, down following three consecutive monthly increases, decreased by 2.1%. However, inflation-adjusted new orders for durable goods declined to 1% year-over-year from 4.5% the previous month. This could be a sign that the economy is slowing.

Sales of new single‐family houses in November 2022 were 15.3% below November 2021. The median sales price of new houses sold in November 2022 was $471,200. The average sales price was $543,600.

Real Disposable Personal income in November 2022 declined 2.5% year-over-year (improved from last month’s -3.0%). Real personal consumption expenditures (PCE) is 2.0% year-over-year (improved from last month’s 1.9%). The PCE price index increased 5.5% year-over-year moderating from 6,1% in the previous month. Moderation of the price index is a positive sign.

A summary of headlines we are reading today:

  • Secret Talks, Chinas Covid Crisis, And Bidens SPR Buyback Wrap Up A Wild Year
  • Oil Prices Jump After Russia Says It May Cut Production
  • Oil Prices Climb Despite Fears Of An Economic Slowdown
  • FedEx and UPS warn the storm could delay holiday packages, airlines cancel another 4,000 flights
  • Most supply chain managers expect problems to continue at least through 2024
  • Of Course, The Feds Were All Over Twitter
  • November Home Sales Suffer Biggest Crash In History
  • TaxWatch: IRS pauses rule requiring people to report PayPal, Venmo transactions over $600. Here’s what went wrong.

These and other headlines and news summaries moving the markets today are included below.

22Dec2022 Market Close & Major Financial Headlines: Wall Street Opened Sharply Lower, Don’t Expect A Santa Claus Rally This Week

Summary Of the Markets Today:

  • The Dow closed down 349 points or 1.05%,
  • Nasdaq closed down 2.18%,
  • S&P 500 down 1.45%,
  • WTI crude oil settled at $78 down $0.20,
  • USD $104.38 up $0.22,
  • Gold $1800 down $25.30,
  • Bitcoin $16,782 flat 0.00% – Session Low 16,573,
  • 10-year U.S. Treasury 3.679% down 0.004%
  • Baker Hughes Rig Count: U.S. +3 to 779 Canada -103 to 96

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


Click here to read our Economic Forecast for December 2022


Today’s Economic Releases:

The year-end bonus is a tradition for many employers, but this year, companies are taking a more cautious approach, according to survey results released Thursday.  In the Challenger Holiday Survey, 27% of employers are not awarding a bonus this year, up from 23% who reported this in 2021. Meanwhile, 81% of companies

The third estimate of real gross domestic product (GDP) for 3Q2022 increased at an annual rate of 3.2 percent in the third quarter of 2022. I prefer to look at growth from the same quarter one year ago which shows GPP increased by 1.9%. In the second quarter, real GDP decreased 0.6 percent. In the second estimate 0f 3Q2022 GDP, the increase in real GDP was 2.9 percent. The updated estimates primarily reflected upward revisions to consumer spending and nonresidential fixed investment that were partly offset by a downward revision to private inventory investment.

In the week ending December 17, the advance figure for unemployment insurance initial claims 4-week moving average was 221,750, a decrease of 6,250 from the previous week’s revised average. The previous week’s average was revised up by 750 from 227,250 to 228,000.

 

A summary of headlines we are reading today:

  • U.S. Consumers Get Cheap Gasoline For Christmas
  • Deflating The Bubble: Teslas Market Cap Is Silently Imploding
  • NFL ‘Sunday Ticket’ goes to YouTube in seven-year, $2 billion annual deal
  • AMC plunges after theater company announces capital raise, proposes a reverse stock split
  • Under Armour picks Marriott exec Stephanie Linnartz to be new CEO after a seven-month search
  • The $52 billion plan to save New York’s low-lying areas from sea level rise and storm surges
  • ICE Prepares To Release Illegal Immigrants In Tennessee
  • $1.7 Trillion Omnibus Spending Package Passed By Senate
  • US stocks open lower as economic data renew rate hike worries
  • Market Snapshot: Dow falls 500 points, stocks off session lows in the final hour of trade after strong economic data, bearish comments by David Tepper

These and other headlines and news summaries moving the markets today are included below.

21Dec2022 Market Close & Major Financial Headlines: Wall Street Opened Higher And Closed Near Session Highs

Summary Of the Markets Today:

  • The Dow closed up 527 points or 1.60%,
  • Nasdaq closed up 1.54%,
  • S&P 500 up 1.49%,
  • WTI crude oil settled at $78 up $2.22,
  • USD $104.03 down $0.69,
  • Gold $1824 down $1.10,
  • Bitcoin $16,780 down 0.54% – Session Low 16,744,
  • 10-year U.S. Treasury 3.365% down 0.009%

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


Click here to read our Economic Forecast for December 2022


Today’s Economic Releases:

Existing-home sales fell for the tenth consecutive month to a seasonally adjusted annual rate of 4.09 million. Sales slipped 7.7% from October and 35.4% from the previous year. The median existing-home sales price rose to $370,700, an increase of 3.5% from one year ago. The inventory of unsold existing homes retreated for the fourth straight month to 1.14 million at the end of November or the equivalent of 3.3 months’ supply at the current monthly sales pace. Home sales continue to decline due to the increase in mortgage rates.

U.S. financial executives are generally pessimistic about next year’s economy, saying they expect price growth to subside some in 2023 but still remain high. They also report that wages at their firms have not kept pace with inflation.

A summary of headlines we are reading today:

  • $100 Oil To Return In 2023
  • Looming Deep Freeze Sends U.S. Natural Gas Prices Higher
  • Home sales tumbled more than 7% in November, the 10th straight month of declines
  • AMC says it’s no longer in talks to acquire theaters from bankrupt Cineworld
  • Mortgage refinance demand surged 6%, as rates dropped to the lowest level since September
  • Taliban Bans All Education For Afghan Girls, Ironically As Huge Pallets Of Cash ‘Humanitarian’ Aid Flown In
  • Metals Stocks: Gold settles flat after a powerful advance as consumer confidence rises to its highest since April

These and other headlines and news summaries moving the markets today are included below.

20Dec2022 Market Close & Major Financial Headlines: Wall Street Three Main Indexes Traded Along The Unchanged Line And Closed Fractionally Higher, Snapping Four-Day Losing Streak

Summary Of the Markets Today:

  • The Dow closed up 92 points or 0.28%,
  • Nasdaq closed up and flat 0.01%,
  • S&P 500 up 0.11%,
  • WTI crude oil settled at $76 up $0.83,
  • USD $104.03 down $0.69,
  • Gold $1828 up $30.30,
  • Bitcoin $16,862 up 2.54% – Session Low 16,375,
  • 10-year U.S. Treasury 3.694% up 0.111%

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


Click here to read our Economic Forecast for December 2022


Today’s Economic Releases:

Privately‐owned housing units authorized by building permits in November 2022 are 22.4% below November 2021 (blue line on the graph below). Privately‐owned housing starts in November were 16.4% below November 2021 (red line on the graph below). Housing Completions Privately‐owned housing completions in November were 6.0% above November 2021 (green line on the graph below). The housing market continues to slow due to the higher mortgage.

Nationwide, rent prices were up by 8.8% year over year in October, the lowest rate of growth recorded since June 2021. Three of four tracked price tiers posted lower rental cost increases than in October 2021, with only the lowest tier seeing a 1.3 percentage point acceleration in growth.

A summary of headlines we are reading today:

  • Long Term Outlook For Precious Metals Looks Blurred Despite Strong End Of 2022
  • Exxon Steers Clear Of Russia-Linked Oil Tankers
  • Deadly Blast Destroys Russia-Ukraine Gas Export Pipeline
  • Bill Gross says markets are headed for ‘potential chaos’ if interest rates keep going up
  • Biden unveils stricter emissions rules for heavy-duty trucks
  • U.S. Postal Service to transform delivery fleet with 66,000 electric vehicles by 2028
  • Earnings Outlook: Micron earnings: Memory-chip slowdown appears to be far from over

These and other headlines and news summaries moving the markets today are included below.

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19Dec2022 Market Close & Major Financial Headlines: Wall Street Equities Attempt To Remain In The Green Failed And Finally Closed Fractionally Down

Summary Of the Markets Today:

  • The Dow closed down 163 points or 0.49%,
  • Nasdaq closed down 1.49%,
  • S&P 500 down 0.90%,
  • WTI crude oil settled at $76 up $1.36,
  • USD $104.78 up $0.22,
  • Gold $1797 down $3.60,
  • Bitcoin $16,607 down 0.96% – Session Low 16,547,
  • 10-year U.S. Treasury 3.588% up 0.108%

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


Click here to read our Economic Forecast for December 2022


Today’s Economic Releases:

The Federal Reserve Bank of New York’s November 2022 SCE Labor Market Survey shows the proportion of individuals who reported searching for a job in the past four weeks decreased to 18.8% from 24.7% in July 2022. The decline was broad-based across income, education, and age groups. Satisfaction with wage compensation, non-wage benefits and promotion opportunities all improved in November. Conditional on expecting an offer, the average expected annual salary of job offers in the next four months increased from $60,310 in July to $61,187 in November, reaching a new series high. The average reservation wage—the lowest wage respondents would be willing to accept for a new job—increased from $72,873 in July to $73,667 in November, the highest reading of the series. The increase was most pronounced for respondents below age 45.

 

A summary of headlines we are reading today:

  • Are Copper Prices Poised To Climb Higher In 2023?
  • Atlantic Freight Rates Could Collapse As Carriers Ramp Up Trade Lane Capacity
  • Disney shares fall following softer-than-expected ‘Avatar’ opening weekend
  • Homebuilder sentiment drops for the 12th straight month, but a bottom may be near
  • Millionaire investors haven’t been this bearish since 2008
  • Global coal use is on course to hit an all-time high this year, IEA says
  • The Era Of Cheap Oil Has Come To An End
  • TWITTER FILES: How The FBI Moved To Quash Hunter Laptop Story Before, And After, NY Post Bombshell
  • Market Snapshot: Dow drops over 300 points as recession fears keep pressure on stocks

These and other headlines and news summaries moving the markets today are included below.

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16Dec2022 Market Close & Major Financial Headlines: Wall Street Major Indexes Opened Lower And Dow Falls 282 Points Friday, Second Straight Weekly Loss

Summary Of the Markets Today:

  • The Dow closed down 282 points or 0.85%,
  • Nasdaq closed down 0.97%,
  • S&P 500 down 1.11%,
  • WTI crude oil settled at $74 down $1.78,
  • USD $104.78 up $0.22,
  • Gold $1802 up $14,60,
  • Bitcoin $16,895 down 2.99% – Session Low 16,781,
  • 10-year U.S. Treasury 3.488% up 0.004%
  • Baker Hughes Rig Count: U.S. -4 to 776 Canada -3 to 199

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


Click here to read our Economic Forecast for December 2022


Today’s Economic Releases:

The Livingston Survey for December 2022 project decreasing real GDP growth, increasing unemployment, higher inflation, higher short term interest rates, and lower expectations for stock market pricing.

Container movements through the Ports of Los Angeles and Long Beach are a bellwether for economic growth. Imports in December 2022 are down 74% year-over-year and exports are up 111% year-over-year. Although there are many factors in play, this suggests a slowing of the U.S. economy.

A summary of headlines we are reading today:

  • U.S. Begins SPR Repurchase Program As Oil Prices Crash
  • Fords Electric Pickup Is $15,000 More Expensive Than Its Original Listing Price
  • U.S. Oil Rig Count Slips Along With Crude Prices
  • Tyson Foods stock slips to lowest levels since November 2020 in a three-day losing streak
  • U.S. safety regulators investigating GM’s Cruise robotaxis blocking traffic, causing collisions
  • US Lawmakers Negotiating Over 7,500 ‘Pork-Barrel Spending’ Earmarks Totaling $16 Billion For Spending Bill
  • Most IT stocks could fall 10-30% as slowdown starts to bite: Sandip Sabharwal

These and other headlines and news summaries moving the markets today are included below.

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15Dec2022 Market Close & Major Financial Headlines: Wall Street Major Indexes Opened Sharply Lower And Close Over 2% Down, Largest Decline In 3 Months

Summary Of the Markets Today:

  • The Dow closed down 764 points or 2.25%,
  • Nasdaq closed down 3.23%,
  • S&P 500 down 2.49%,
  • WTI crude oil settled at $76 down $1.16,
  • USD $104.60 up $0.83,
  • Gold $1787 down $31.60,
  • Bitcoin $17,428 down $394 – Session Low 17,351,
  • 10-year U.S. Treasury 3.45% down 0.053%

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


Click here to read our Economic Forecast for December 2022


Today’s Economic Releases:

The Philadephia Fed’s manufacturing index remained negative in December 2022 but rose 6 points to -13.8 this month (see Chart 1). This is its fourth consecutive negative reading and sixth negative reading in the past seven months. Thirty-one percent of the firms reported declines in activity, while 17 percent reported increases. The majority (51 percent) reported no change.

Advance estimates of U.S. retail and food services sales for November 2022 are up 6.5% above November 2021 – however, inflation-adjusted growth declined 0.7% year-over-year which suggests a modest decline in economic growth.

The combined value of manufacturers’ and trade sales (business sales) for October 2022 was up 10.1% from October 2021. Manufacturers and trade inventories  (business inventories) for October were up 16.5% from October 2021. The total business inventories/sales ratio was 1.33 (blue line on the graph below) – The October 2021 ratio was 1.25. A growing ratio suggests a slowing economy.

Industrial production declined to 2.5% year-over-year (blue line in the graph below) in November 2022. Year-over-year for the components: manufacturing (declined to 1.0% – red line in the graph below), mining (declined to 3.6% – orange line in the graph below), utilities (increased to 2.6% – green line in the graph below). Capacity utilization moved down 0.2 percentage points in November to 79.7 percent, a rate that is 0.1 percentage points above its long-run (1972–2021) average.

Business activity declined in New York State, according to firms responding to the December 2022 Empire State Manufacturing Survey. The headline general business conditions index fell sixteen points to -11.2. New orders moved slightly lower, while shipments edged higher.

In the week ending December 10, the unemployment insurance initial claims 4-week moving average was 227,250, a decrease of 3,000 from the previous week’s revised average. The previous week’s average was revised up by 250 from 230,000 to 230,250.

A summary of headlines we are reading today:

  • Sydney Based Researchers Announce Lithium Ion Battery Rival
  • Germany Greenlights Purchase Of U.S. Fighter Jets
  • FuboTV hit with cyberattack during World Cup semifinal match
  • Long Covid medical costs average $9,500 in the first six months, as patients become ‘health-system wanderers’
  • Where Walmart CEO Doug McMillon expects inflation to stick around in 2023
  • Delta expects 2023 earnings to nearly double thanks to ‘robust’ travel demand
  • Vote Recount Flips Massachusetts Midterm Race From Republican To Democrat By 1 Vote
  • Bond Report: Flight-to-safety trade sends 10- and 30-year Treasury yields to one-week lows
  • Market Snapshot: Dow down over 700 points in the final hour of trade as stocks head for the biggest decline in 3 months

These and other headlines and news summaries moving the markets today are included below.

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14Dec2022 Market Close & Major Financial Headlines: Markets Decline – Federal Reserve Is Viewed As Hawkish Even With A 50 Basis Point Increase In The Federal Funds Rate

Summary Of the Markets Today:

  • The Dow closed down 143 points or 0.42%,
  • Nasdaq closed down 0.76%,
  • S&P 500 closed down 0.61%,
  • Gold $1819 down $6.30,
  • WTI crude oil settled at $77 up $1.98,
  • 10-year U.S. Treasury 3.476% down 0.026 points,
  • USD index $103.63 down $0.35,
  • Bitcoin $17,827 up $54.60

Click here to read our Economic Forecast for December 2022


Today’s Economic Releases:

U.S. import prices moderated in November 2022 to 2.7% year-over-year from 4.1% the previous month. Lower nonfuel and fuel prices contributed to the November decline in U.S. import prices. U.S. export prices also moderated to 6.3% from 7.4% the previous month. Lower nonagricultural prices in November more than offset higher agricultural prices. This is another sign that inflation is moderating.

The number of CEO changes at U.S. companies rose 34% from 71 in October to 95 in November 2022. November’s total is down 3% from the 98 CEOs who left their posts in the same month last year, according to a report released Wednesday by global outplacement and business and executive coaching firm Challenger, Gray & Christmas, Inc.
So far this year, companies have announced 1,135 CEO exits, down 8% from the 1,231 CEOs who left their posts through November 2021. It is the lowest January-to-November total since 2017, when 1,065 CEO exits were announced.
The Federal Reserve’s FOMC decided to raise the target range for the federal funds rate to 4-1/4 to 4-1/2% – which is a 50 basis point increase from the former 3.75% to 4% rate. This was in line with market expectations – and this increase was a modest decline from the previous 75 basis points increases. The Fed also released their economic projections where in general inflation will be lower next year and GDP about the same as 2022.

A summary of headlines we are reading today:

  • WTO Ruling Reignites U.S.-China Trade Spat
  • Fed Raises Interest Rates By Half Percentage Point
  • Here’s what changed in the new Fed statement
  • Fed interest rate hike sends business loans to steepest cost since 2007, breaking 10% sticker shock level
  • Another Big Reversal FOMC Day: Markets Call Hawkish Fed’s Bluff
  • Powell Opens The Door To Higher Inflation Target “As Part Of A Longer-Term Project”
  • Deportations Plunge Under Biden In US Interior: Data
  • Fed hikes rates again and warns of more rises

These and other headlines and news summaries moving the markets today are included below.

13Dec2022 Market Close & Major Financial Headlines: Wall Street Major Indexes Closed In The Green Near Session Lows. CPI Continues To Moderate.

Summary Of the Markets Today:

  • The Dow closed up 104 points or 0.30%,
  • Nasdaq closed up 1.01%,
  • S&P 500 up 0.73%,
  • WTI crude oil settled at $75 up $2.25,
  • USD $104.97 up $1.10,
  • Gold $1823 up $30.40,
  • Bitcoin $17,751 up 3.86% – Session Low 17,107,
  • 10-year U.S. Treasury 3.519% down 0.095%

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


Click here to read our Economic Forecast for December 2022


Today’s Economic Releases:

Inflation Pressures Ease Slightly on Main Street but Remains the Top Business Problem according to November’s Optimism Index reading stays below 49-year average. Inflation remains the top business problem for small business owners, with 32% of owners reporting it as their single most important problem in operating their business, five points lower than July’s highest reading since the fourth quarter of 1979. The Small Business Optimism Index rose 0.6 points in November to 91.9.

The Consumer Price Index for All Urban Consumers (CPI-U) over the last 12 months increased by 7.1% (blue line in the graph below) – but has declined almost 2% from the high mark this year AND is now at the lowest level in 2022.  The index for all items less food and energy declined to 6.0% (red line in the graph below). This does take some pressure off of the Federal Reserve as it is beginning to show their policies are making progress in lowering inflation.

A summary of headlines we are reading today:

  • Can Supply Chains Keep Up With A Looming Construction Boom?
  • Supply Chain Woes Slow U.S. Solar Boom
  • Ford boosts the production of the electric F-150 Lightning pickup truck
  • Boeing airplane deliveries picked up in November
  • United Airlines is buying at least 100 Boeing Dreamliners to replace aging wide-body jets
  • Hotel prices and airfare decline as travel demand cools after a summer surge
  • Supreme Court upholds California ban on flavored tobacco
  • OPEC Production Fell In November, But 3 Members Actually Boosted Output
  • Futures Movers: Oil prices end at a more than 1-week high on cold weather forecasts, CPI reading

These and other headlines and news summaries moving the markets today are included below.