20 May 2024 Market Close & Major Financial Headlines: Markets Opened Sharply Higher, Dow And Nasdaq Set New Historic Highs, Then Markets Trended Down To Close Mixed

May 20, 2024Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 196 points or 0.49%, (Closed at 39,808, New Historic high 40.076)
  • Nasdaq closed up 0.65%, ( New Historic high 16.824)
  • S&P 500 closed up 0.09%,
  • Gold $2,433 up $15.50,
  • WTI crude oil settled at $80 down $0.32,
  • 10-year U.S. Treasury 4.443 up 0.023 points,
  • USD index $104.61 up $0.160,
  • Bitcoin $70,186 up $3,962 (5.88%), – Historic high 73,798.25

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

Click here to read our current Economic Forecast – May 2024 Economic Forecast: No Real Change So Expect The Economy To Continue To Plod Along

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

No releases today

Here is a summary of headlines we are reading today:

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17 May 2024 Market Close & Major Financial Headlines: Markets Opened Higher, Traded Sideways For Most Of The Session, Then Closed Mixed. However, Dow closes at record high above 40,000.

May 17, 2024Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 165 points or 0.34%,
  • Nasdaq closed down 0.07%,
  • S&P 500 closed up 0.12%,
  • Gold $2,419 up $33.90,
  • WTI crude oil settled at $80 up $0.77,
  • 10-year U.S. Treasury 4.422 up 0.045 points,
  • EUR/USD index $1.084 up $0.001,
  • Bitcoin $66,905 up $1,620 (2.49%),
  • Baker Hughes Rig Count: U.S. +1 to 604 Canada -2 to 114

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

Click here to read our current Economic Forecast – May 2024 Economic Forecast: No Real Change So Expect The Economy To Continue To Plod Along

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

The Conference Board Leading Economic Index® (LEI) for the U.S. decreased by 0.6 percent in April 2024 to 101.8 (2016=100), after decreasing by 0.3 percent in March. Over the six-month period between October 2023 and April 2024, the LEI contracted by 1.9 percent—a smaller decrease than its 3.5 percent decline over the previous six months. The problem with this index is that it has been saying that the economy was falling into the toilet for over one year – I think they have been crying wolf for too long. Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board stated:

Another decline in the U.S. LEI confirms that softer economic conditions lay ahead. Deterioration in consumers’ outlook on business conditions, weaker new orders, a negative yield spread, and a drop in new building permits fueled April’s decline. In addition, stock prices contributed negatively for the first time since October of last year. While the LEI’s six-month and annual growth rates no longer signal a forthcoming recession, they still point to serious headwinds to growth ahead. Indeed, elevated inflation, high interest rates, rising household debt, and depleted pandemic savings are all expected to continue weighing on the US economy in 2024. As a result, we project that real GDP growth will slow to under 1 percent over the Q2 to Q3 2024 period.

Here is a summary of headlines we are reading today:

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16May2024 Market Close & Major Financial Headlines: A Modest Down Day For The Markets. Industrial Production Down.

May 16, 2024Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 38 points or 0.10%,
  • Nasdaq closed down 0.26%,
  • S&P 500 closed down 0.21%,
  • Gold $2,384 down $10.80,
  • WTI crude oil settled at $79 up $0.66,
  • 10-year U.S. Treasury 4.377% down 0.021 points,
  • USD index $104.51 up $0.17,
  • Bitcoin $63,127 up $1,675,

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

Click here to read our current Economic Forecast – May 2024 Economic Forecast: No Real Change So Expect The Economy To Continue To Plod Along

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

Job seekers’ relocating for new jobs fell to 1.5% in the final quarter of 2023, the lowest level on record as interest rates remained high and housing inventory low. However, in the first quarter of 2024, 2.4% of all job seekers relocated for new positions, and \ 3.7% of job seekers making over $200,000 moved for new jobs. Andrew Challenger, Senior Vice President and economic expert for Challenger, Gray & Christmas stated:
Currently, companies are in cost-savings mode and conducting layoffs, particularly of higher wage-earners. We’re also seeing several employers recalling workers to the office. The combination of these factors is resulting in a higher rate of workers moving for jobs.
JOB SEEKER RELOCATION RATES
Quarterly, 2018-2024

Industrial production was little changed in April 2024 with total industrial production 0.4 percentage point lower than its year-earlier level. Capacity utilization moved down to 78.4 percent in April, a rate that is 1.2 percentage points below its long-run (1972–2023) average. Industrial production component manufacturing was down 0.5% year-over-year, mining was down 1.3%, and utilities were up 2.3%. Manufacturing remains in a recession and is a drag on economic growth.

Molly Boesel from CoreLogic discussed the increasing consumer debt and how it might impact housing foreclosures:

Mortgage debt is larger, but the delinquencies on mortgages are very low right now, and they’ve remained low. But as consumers are building other debt, the delinquencies on that other debt are starting to go up. So, specifically, credit card debt and auto loan debt has been increasing.

Privately‐owned housing units authorized by building permits in April 2024 were 2.0% below April 2023. Privately‐owned housing starts were 0.6% below April 2023. Privately‐owned housing completions were 14.6% above April 2023. Housing completions are near record highs. Housing construction is a bright spot in the economy. The reason permits and starts are so low is that there is a huge backlog of housing units under construction which are tied for all time highs of 1975.

Import prices increased 1.1% year-over-year in April 2024 whilst export prices decreased 1.0% year-over-year. This is well within the 2% inflation target set by the Federal Reserve but the trend lines are upward. Following the current trend lines, within one year inflation would exceed 6% in this sector.

The Philly Fed Manufacturing Business Outlook Survey weakened overall. The diffusion index for current general activity remained positive but declined 11 points to 4.5 in May, mostly undoing its increase from last month. The survey’s indicators for new orders, and shipments all declined, with the latter two turning negative. The employment index suggests declines in employment overall. Both price indexes indicate overall increases in prices but remain below their long-run averages.

In the week ending May 11, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 217,750, an increase of 2,500 from the previous week’s revised average. The previous week’s average was revised up by 250 from 215,000 to 215,250.

 

Here is a summary of headlines we are reading today:

  • U.S. Fast-Tracks $2 Billion Military Aid for Ukraine
  • Putin Meets With Xi Jinping As Sanctions Weigh on Russian Economy
  • Russia’s Shadow Oil Tanker Fleet Causes 50 Maritime Accidents
  • Existing Foreign Oil Producers in Venezuela May Get Licenses Despite Sanctions
  • Are High Commodity Prices Becoming a Problem for the Fed?
  • Refinery Repairs Drag Down Russia’s Oil Product Exports in April
  • Walmart surges to all-time high as earnings beat on high-income shopper, e-commerce gains
  • Walmart says more diners are buying its groceries as fast food gets pricey
  • US Spy Balloon Crashes In Northeast Syria

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15 May 2024 Market Close & Major Financial Headlines: Markets Gapped Up At The Opening Bell Recording New Historic Highs For The Three Major Indexes, All Closing At Session Highs

May 15, 2024Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 350 points or 0.88%, ( New high 39,935)
  • Nasdaq closed up 1.49%, ( New high 16.750)
  • S&P 500 closed up 1.17%, ( New high 5,312)
  • Gold $2,393 up $32.70,
  • WTI crude oil settled at $79 up $0.84,
  • 10-year U.S. Treasury 4.346 down 0.099 points,
  • USD index $104.32 down $0.69,
  • Bitcoin $65,813 up $4,252 (6.91%), – Historic high 73,798.25

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

Click here to read our current Economic Forecast – May 2024 Economic Forecast: No Real Change So Expect The Economy To Continue To Plod Along

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

Advance estimates of U.S. retail and food services sales for April 2024 was up 3.0% above April 2023 – 1.8% year-over-year inflation adjusted. This shows the economy is muddling along – and retail sales is not driving a stronger economy. Growth this month is average for the past 12 months.

The Consumer Price Index for All Urban Consumers (CPI-U) over the last 12 month increased 3.4% – down from last month’s 3.5% year-over-year growth. The index for shelter rose in April, as did the index for gasoline. Combined, these two indexes contributed heavily to inflation. The all items less food and energy index rose 3.6% over the last 12 months. The energy index increased 2.6% for the 12 months ending April. The food index increased 2.2% over the last year. The Federal Reserve prefers to use the inflation index associated with the BEA’s consumer spending.

The May 2024 Empire State Manufacturing Survey shows the headline general business conditions index was little changed at -15.6. New orders declined significantly, while shipments held steady. Unfilled orders continued to decline. Delivery times shortened, and inventories were little changed. Labor market conditions remained weak, with employment and hours worked continuing to move lower. The pace of input and selling price increases moderated slightly. Though firms expect conditions to improve over the next six months, optimism was subdued.

Here is a summary of headlines we are reading today:

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14 May 2024 Market Close & Major Financial Headlines: Markets Opened Fractionally Higher, But Searched For Direction Before Finally Trending Upward In The Green Where The Three Major Indexes Close Near Session Highs

May 14, 2024Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 127 points or 0.32%,
  • Nasdaq closed up 0.75%,
  • S&P 500 closed up 0.48%,
  • Gold $2,362 up $18.90,
  • WTI crude oil settled at $78 down $0.99,
  • 10-year U.S. Treasury 4.449 down 0.032 points,
  • USD index $105.02 down $0.20,
  • Bitcoin $61,547 down $1,500 (2.38%)

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

Click here to read our current Economic Forecast – May 2024 Economic Forecast: No Real Change So Expect The Economy To Continue To Plod Along

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

NFIB’s Small Business Optimism Index rose by 1.2 points in April to 89.7, marking the first increase of this year but the 28th consecutive month below the 50-year average of 98. Twenty-two percent of owners reported that inflation was their single most important problem in their business, down three points from March but still the number one problem for small business owners. Bill Dunkelberg, NFIB Chief Economist stated:

Cost pressures remain the top issue for small business owners, including historically high levels of owners raising compensation to keep and attract employees. Overall, small business owners remain historically very pessimistic as they continue to navigate these challenges. Owners are dealing with a rising level of uncertainty but will continue to do what they do best – serve their customers.

Inflation continued in the Producer Price Index which was 2.2% year-over-year in April 2024 – up from 1.8% in March. Growth continued in both services and goods in the PPI. Tomorrow, the Consumer Price Index for April will be released with our estimate being 3.6% year-over-year (and the market consensus is 3.4% year-over-year.

Here is a summary of headlines we are reading today:

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13May2024 Market Close & Major Financial Headlines: DOW Has First Loss In A Week Which Pundits Attribute To Increasing Inflation Fears

May 13, 2024Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 81 points or 0.21%,
  • Nasdaq closed up 0.29%,
  • S&P 500 closed down 0.02%,
  • Gold $2,343 down $32.10,
  • WTI crude oil settled at $79 up $0.92,
  • 10-year U.S. Treasury 4.485% down 0.019 points,
  • USD index $105.23 down $0.07,
  • Bitcoin $63,127 up $1,675,

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

Click here to read our current Economic Forecast – May 2024 Economic Forecast: No Real Change So Expect The Economy To Continue To Plod Along

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

No releases today

Here is a summary of headlines we are reading today:

  • $7.5 Billion Bipartisan Investment Nets Only 7 EV Charging Stations
  • Oil Prices Rise as Market Anticipates OPEC Monthly Report
  • EU Unleashes Sweeping Sanctions Against Moscow and Minsk
  • Nigeria to Boost Oil Production by 40,000 Bpd as New Field Starts Up
  • Chevy Malibu Discontinued as Company Transitions to EVs
  • Memorial Day Travel Expected to Near Record High
  • China Hikes Natural Gas and Coal Imports as Prices Halve From 2023
  • Google and Apple partner to fight location tracker stalking
  • Turkey Treating Over 1,000 Wounded Hamas Members In Hospitals: Erdogan

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

10May2024 Market Close & Major Financial Headlines: Dow Posts Its 8th Winning Day In A Row

May 10, 2024Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 125 points or 0.32%,
  • Nasdaq closed down 0.03%,
  • S&P 500 closed up 0.16%,
  • Gold $2,369 up $29.50,
  • WTI crude oil settled at $78 down $0.91,
  • 10-year U.S. Treasury 4.500% up 0.051 points,
  • USD index $105.30 up $0.07,
  • Bitcoin $60,663 down $2400,
  • Baker Hughes Rig Count: U.S. -2 to 603

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

Click here to read our current Economic Forecast – May 2024 Economic Forecast: No Real Change So Expect The Economy To Continue To Plod Along

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

The near-term outlook for the U.S. economy looks better now than it did three months ago, according to 34 forecasters responding to the Second Quarter Survey of Professional Forecasters. On an annual-average over annual-average basis, the forecasters expect real GDP to grow at an annual rate of 2.5 percent in 2024 and 1.9 percent in 2025. These annual projections are 0.1 percentage point higher than the previous estimates of three months ago. The projections for the unemployment rate are nearly unchanged from those of the previous survey. On an annual-average basis, the forecasters predict the unemployment rate will increase from 3.9 percent in 2024 to 4.1 percent in 2027. On the employment front, the forecasters see job gains in the current quarter at a rate of 200,000 per month. The employment projections for the current quarter and the following three quarters show upward revisions from those of the previous survey.

University of Michigan Consumer sentiment retreated about 13% this May following three consecutive months of very little change. This 10 index-point decline is statistically significant and brings sentiment to its lowest reading in about six months. This month’s trend in sentiment is characterized by a broad consensus across consumers, with decreases across age, income, and education groups. Consumers in western states exhibited a particularly steep drop. While consumers had been reserving judgment for the past few months, they now perceive negative developments on a number of dimensions. They expressed worries that inflation, unemployment and interest rates may all be moving in an unfavorable direction in the year ahead.

 

Here is a summary of headlines we are reading today:

  • U.S. Unveils Ambitious Plans to Boost Domestic Lithium Production
  • Biden Admin Set to Announce Tariffs on Chinese EVs and Solar Panels
  • Biggest Solar Storm in 19 Years Could Disrupt Electric Grids
  • Europe Is Once Again Worried About Russian Spies
  • Stronger Chinese Oil Imports May Send WTI Above $80
  • McDonald’s is working to introduce a $5 value meal
  • Russia Launches Surprise Offensive In Kharkiv, Aims To Extend Border 10km Deep Into Ukraine
  • FBI Officials Told To ‘Stand Down’ The Day Before Jan. 6: Report

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09 May 2023 Market Close & Major Financial Headlines: The Dow Records The Seventh Straight Session Of Gains As Weekly Jobs Report Jumps

May 9, 2024Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 331 points or 0.85%,
  • Nasdaq closed up 0.27%,
  • S&P 500 closed up 0.51%,
  • Gold $2,348 up $25.30,
  • WTI crude oil settled at $80 up $0.57,
  • 10-year U.S. Treasury 4.457% down 0.026 points,
  • USD index $105.22 down $0.330,
  • Bitcoin $62,401 up $177 (0.28%)

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

Click here to read our current Economic Forecast – May 2024 Economic Forecast: No Real Change So Expect The Economy To Continue To Plod Along

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

In the week ending May 4, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 215,000, an increase of 4,750 from the previous week’s revised average. The previous week’s average was revised up by 250 from 210,000 to 210,250.

Here is a summary of headlines we are reading today:

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08 May 2023 Market Close & Major Financial Headlines: Sixth Up Session For The Dow, Tech Stocks Stumble On Poor Earnings, Markets Close Mixed

May 8, 2024Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 172 points or 0.44%,
  • Nasdaq closed down 0.18%,
  • S&P 500 closed flat 0.00%,
  • Gold $2,317 down $7.60,
  • WTI crude oil settled at $79 up $0.80,
  • 10-year U.S. Treasury 4.494% up 0.033 points,
  • USD index $105.55 up $0.130,
  • Bitcoin $62,171 down $914 (1.45%)

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

Click here to read our current Economic Forecast – May 2024 Economic Forecast: No Real Change So Expect The Economy To Continue To Plod Along

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

March 2024 sales of merchant wholesalers were up 1.4 percent year-over-year from the revised March 2023 level – down 3.6% year-over-year inflation adjusted. Total inventories of merchant wholesalers were down 2.3% from the revised March 2023 level. The March inventories/sales ratio for merchant wholesalers, except manufacturers’ sales branches and offices, based on seasonally adjusted data, was 1.35. The March 2023 ratio was 1.40. The inventory to sales ratio is healthy – and this sector has employment growth of 1.0% which suggests wholesale trade is healthier than the monetary sales figures suggest.

 

Here is a summary of headlines we are reading today:

 

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07 May 2023 Market Close & Major Financial Headlines: Fourth Session Opening In The Green, Then Trended Higher, But Closed Mixed

May 7, 2024Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 32 points or 0.08%,
  • Nasdaq closed down 0.10%,
  • S&P 500 closed up 0.13%,
  • Gold $2,323 down $8.60,
  • WTI crude oil settled at $78 down $0.02,
  • 10-year U.S. Treasury 4.455% down 0.034 points,
  • USD index $105.37 up $0.032,
  • Bitcoin $63,073 up $26 (0.04%)

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

Click here to read our current Economic Forecast – May 2024 Economic Forecast: No Real Change So Expect The Economy To Continue To Plod Along

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

Home prices nationwide, including distressed sales, increased year over year by 5.3% in March 2024 compared with March 2023. The CoreLogic HPI Forecast indicates that home prices will rise by 0.8% from March 2024 to April 2024 and increase by 3.7% on a year-over-year basis from March 2024 to March 2025.

Consumer credit increased 2.4% year-over-year in March 2024 – but only up 0.0% inflation-adjusted. Revolving credit portion (like credit cards) was up 8.3% year-over-year whilst non-revolving credit (like car loans or student loans) was up 0.5% year-over-year. The use of credit is definitely trending down – and credit has been a major driver of the economy.

Here is a summary of headlines we are reading today:

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