30Dec2022 Market Close & Major Financial Headlines: Markets End 2022 On A Down Note

December 30, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 74 points or 0.22%,
  • Nasdaq closed down 0.11%,
  • S&P 500 closed down 0.25%,
  • Gold $1830 up $3.70,
  • WTI crude oil settled at $80 up $2.01,
  • 10-year U.S. Treasury 3.879% down 0.044 points,
  • USD index $103.49 down $0.34,
  • Bitcoin $16,604 up $29.10

Click here to read our Economic Forecast for January 2023

Today’s Economic Releases:

The Chicago Business Barometer increased by 7.7 points to 44.9 in December. This month’s “recovery” broke a three-month streak of falls – but the index remained contractive for a fourth consecutive month. The markets look to this index as a window into the national PMI index which will be released next week.

The Federal Reserve Bank of Philadelphia has released the coincident indices for all 50 states in November 2022. Over the past three months, the indices increased in 35 states, decreased in 11 states, and remained little changed in 4 states. Their index for all 50 states increased 0.8% river the past three months.

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A summary of headlines we are reading today:

  • Chevron Sending Tanker To Venezuela To Load Oil
  • U.S. Oil, Gas Rigs Up 193 This Year
  • Putin: Russia Is Now One Of Chinas Leading Oil & Gas Suppliers
  • Southwest Airlines says holiday meltdown will ‘certainly’ hit fourth-quarter results
  • Cramer’s final thoughts for the year: Making sense of multiples amid a looming recession
  • Pledging Deepened Military Ties With Putin, Xi To Visit Russia In Spring Against Backdrop Of War
  • Housing Supply Jumps Most On Record As Market Freezes

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

29Dec2022 Market Close & Major Financial Headlines: Wall Street Opened higher, Trading Trended Sideways, And Closed Near Session Highs

December 29, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 345 points or 1.05%,
  • Nasdaq closed up 2.59%,
  • S&P 500 up 1.75%,
  • WTI crude oil settled at $78 down $0.47,
  • USD $103.91 down $0.55,
  • Gold $1822 up $6.10,
  • Bitcoin $16,593 up 0. 05% – Session Low 16,478,
  • 10-year U.S. Treasury 3.826% down 0.06 points

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

Click here to read our Economic Forecast for December 2022

Today’s Economic Releases:

None

A summary of headlines we are reading today:

  • China Sets The Tone In Oil Markets At Year’s End
  • Another High-ranked Russian Military Officer Dies Unexpectedly
  • Southwest Airlines says it expects normal operations on Friday after thousands of cancellations
  • 2022 was tough for media stocks like Netflix and Disney, and 2023 doesn’t look good, either
  • 2023 could be another difficult year for the auto industry – here’s why
  • JPMorgan Sued By Virgin Islands Over Jeffrey Epstein’s Alleged Sex-Trafficking Operation
  • Tesla’s worst-ever year brings $17 billion windfall for shorts
  • Distributed Ledger: Mark Cuban says gold buyers are ‘dumb as f—,’ sparking a gold vs. bitcoin spat with Peter Schiff
  • Market Extra: Did 2022 break Wall Street’s ‘fear gauge’? Why the VIX no longer reflects the sorry state of the stock market

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

28Dec2022 Market Close & Major Financial Headlines: Wall Street Opened In The Green, Trading Trended Down, And Finally Closed Lower Near Session Bottom

December 28, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 366 points or 1.10%,
  • Nasdaq closed down 1.35%,
  • S&P 500 down 1.21%,
  • WTI crude oil settled at $79 down $0.90,
  • USD $104.53 up $0.35,
  • Gold $1812 down $10.90,
  • Bitcoin $16,596 down 0.34% – Session Low 16,569,
  • 10-year U.S. Treasury 3.883% up 0.025 points

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

Click here to read our Economic Forecast for December 2022

Today’s Economic Releases:

Pending home sales in November 2022 recorded the second-lowest monthly reading in 20 years as interest rates climbed, drastically cutting into the number of contract signings to buy a home.

Richmond Fed Manufacturing Survey in December 2022 showed the composite manufacturing index climbed into positive territory, increasing from −9 in November to 1 in December. The graph below shows the 3-month moving average which smooths out the monthly fluctuations – and it remains in negative territory. Each of its three component indexes — shipments, new orders and employment — improved, with the index for shipments seeing the most notable increase from −8 in November to 5 in December.

A summary of headlines we are reading today:

  • Seven Oil Cap-Compliant Tankers Sail From Russia
  • Credit Suisse Predicts $63 Oil
  • AMC shares hit a 52-week low as recent moves and gimmicks failed to win over investors
  • 2023 could be another difficult year for the auto industry – here’s why
  • SpaceX Launches Next-Gen Starlink Satellites Into Low Earth Orbit
  • Can top housing finance companies bounce back after a tepid year?

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

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

December 27, 2022Posted inmarketsNo Comments

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

December 23, 2022Posted inmarketsNo Comments

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

December 22, 2022Posted inmarketsNo Comments

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

December 21, 2022Posted inmarketsNo Comments

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

December 20, 2022Posted inmarketsNo Comments

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

December 19, 2022Posted inmarketsNo Comments

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

December 16, 2022Posted inmarketsNo Comments

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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