Summary Of the Markets Today:

• The Dow closed up 177 points or 0.46%,
• Nasdaq closed up 1.19%,
• S&P 500 closed up 1.03%,
• Gold $2,333 up $24.00,
• WTI crude oil settled at $79 up $0.45,
• 10-year U.S. Treasury 4.494% down 0.006 points,
• USD index $105.12 up $0.090,
• Bitcoin $62,151 down $741 (1.20%)

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

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

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

No releases today

Here is a summary of headlines we are reading today:

• New EPA Regulations on Fossil Fuel Emissions Could Lead to Power Shortages
• Shell To Exit Downstream South Africa Assets
• U.S. Continues to Tighten Grip on Russia’s Military and Industrial Sectors
• Belgium’s Ports Are Brimming With Unsold Chinese EVs
• Biden Administration Bans Fossil Fuels in Federal Buildings
• China’s Nuclear Capacity Continues to Surge
• Dow climbs more than 170 points to post 4th straight winning day, propelled by rate cut hopes: Live updates
• Social Security now expected to run short on funds in 2035, one year later than previously projected, Treasury says
• Hartford Total Return Bond ETF yields nearly 5% and prides itself on finding value across the market
• Trump trial: Porn star hush money reimbursements were made pursuant to agreement with Trump sons
• ‘Squeezey’ Stock Market Extends Gains; Bonds & Bullion Bid
• Social Security’s insolvency is expected in 2035, one year later than projected, amid higher labor productivity

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

Summary Of the Markets Today:

• The Dow closed up 450 points or 1.18%,
• Nasdaq closed up 1.99%,
• S&P 500 closed up 1.26%,
• Gold $2,309 down $0.40,
• WTI crude oil settled at $78 down $0.86,
• 10-year U.S. Treasury 4.500% down 0.071 points,
• USD index $105.05 down $0.250,
• Bitcoin $62,117 up $2,956 (4.94%),
• Baker Hughes Rig Count: U.S. -8 to 605 Canada +2 to 120

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

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

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

Total nonfarm payroll employment increased by 175,000 (establishment survey) in April 2024, and the unemployment rate changed little at 3.9 % (household survey). The majority of job gains occurred in health care, in social assistance, and in transportation and warehousing. There was a major discrepancy this month with the household survey only showing 25,000 jobs added (red bar in graph below) against the headlined 175,000 from the establishment survey (blue bar in graph below). Before the pandemic, it was estimated that the US economy needed to add 60,000–100,000 jobs each month to keep up with population growth and retirements. Chicago Federal Reserve President Austan Goolsbee views April’s 175,000 job gains as “very solid.” It’s a sign the economy is shifting back toward pre-Covid “conventional times.

In April 2024, the ISM Services PMI^® registered 49.4%, 2 percentage points lower than March’s reading of 51.4%. The composite index indicated contraction in April after 15 consecutive months of growth since a reading of 49 percent in December 2022, the first contraction since May 2020 (45.4 percent). The Business Activity Index registered 50.9 percent in April, which is 6.5 percentage points lower than the 57.4 percent recorded in March. This low reading is a warning that the services side of the economy is stalling.

Here is a summary of headlines we are reading today:

• Automotive Industry Grapples with Plummeting Resale Values of EVs
• UK Awards 31 New North Sea Oil and Gas Exploration Licenses
• U.S. Oil, Gas Drillers See Continued Slowdown
• Oil Prices Under Pressure as Bearish Sentiment Builds
• G7 Acknowledges Russian Asset Seizure Not on the Table
• Oil Prices Fall to 7-Week Low as Market Pressures Mount
• Dow closes higher by more than 400 points as April jobs report bolsters Fed rate cut hopes: Live updates
• Apple on pace for best day since 2022 after earnings beat, $110 billion stock buyback
• Bitcoin tops $61,000 after weaker-than-expected April jobs report: CNBC Crypto World
• Interest rates and the AI-fueled rally remain top of mind for stock investors in the week ahead
• “Irrevocably Shaken”: Columbia Law Review Editors Ask For Cancellation Of Exams Due To Protests
• Slowdown in US job growth revives rate cut talk
• Treasury yields see biggest weekly drops in months as tepid April jobs report raises rate-cut hopes

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

Summary Of the Markets Today:

• The Dow closed up 322 points or 0.85%,
• Nasdaq closed up 1.51%,
• S&P 500 closed up 0.91%,
• Gold $2,314 up $2.70,
• WTI crude oil settled at $79 up $0.01,
• 10-year U.S. Treasury 4.583% down 0.008 points,
• USD index $105.34 down $0.410,
• Bitcoin $59,329 up $1,843 (3.20%)

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

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

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

U.S.-based employers announced 64,789 job cuts in April 2024, a 28% decrease from the 90,309 cuts announced one month prior. It is also down 3.3% from the 66,995 cuts announced in the same month in 2023. So far this year, companies have announced 322,043 job cuts, down 4.6% from the 337,411 announced through April last year.

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was up 16.4% year-over-year in March 2024 – the deficit is worsening. Imports are up  2.7% year-over-year while exports are up 1.4% year-over-year. A worsening trade deficit moderates GDP.

New orders for manufactured goods in March 2024 are down 0.9% year-over-year – down 1.3% inflation adjusted.  This is directly opposite to the Federal Reserves manufacturing index which is up 1.0% year-over-year. In any event, manufacturing is not doing well in the current economy.

In the week ending April 27, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 210,000, a decrease of 3,500 from the previous week’s revised average. The previous week’s average was revised up by 250 from 213,250 to 213,500.

Nonfarm business sector labor productivity in 1Q2024 increased 2.9% year-over-year whilst unit labor costs increased 1.8% year-over-year. As long as productivity increases faster than costs – it slows export of jobs out of the U.S.

According to NFIB’s monthly jobs report, 40% (seasonally adjusted) of all owners reported jobs openings they could not fill in the current period, up three points from March, which was the lowest reading since January 2021. The percent of small business owners reporting labor cost as their top small business operating problem increased one point from March to 11%, only two points below the highest reading of 13 percent reached in December 2021.  NFIB Chief Economist Bill Dunkelberg stated:

Hiring plans among small businesses increased once again in April, but open positions remain largely unfilled as owners struggle month after month to find employees. Overall, small businesses are not reporting net gains in employment as wage pressures and inflation keep the labor market tight.

Here is a summary of headlines we are reading today:

• Asian Oil Imports Dropped in April
• Clean Energy Sector Ignoring Growing Cybersecurity Threat, Experts Warn
• Stagflation Signals Soar as Manufacturing Surveys Show Skyrocketing Prices
• Gazprom Grapples with Historic Net Loss Amidst Gas Revenue Decline
• Exxon’s $60 Billion Pioneer Deal Set to Create Energy Supergiant
• Norway’s Cash Flow From Offshore Fields Crashes Due to Low Natural Gas Prices
• Dow closes more than 300 points higher, S&P 500 posts first winning day in three: Live updates
• Sony and Apollo send letter expressing interest in $26 billion Paramount buyout as company mulls Skydance bid
• Wall Street is confused and divided over how many times the Fed will cut rates this year
• Bitcoin climbs back to $59,000 after Fed signals it’s unlikely to raise rates: CNBC Crypto World
• IRS aims to more than double its audit rate for wealthiest taxpayers in strategic plan update
• “Sticky Inflation” Mentions On Earnings Calls Hits New High As Big Brands Warn About Buckling Consumers
• Weight loss drug wins 25,000 new US users a week
• 2-year Treasury yield ends at lowest in nearly a month after Powell suggests rate hike is unlikely

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

Summary Of the Markets Today:

• The Dow closed up 87 points or 0.23%,
• Nasdaq closed down 0.33%,
• S&P 500 closed down 0.34%,
• Gold $2,332 up $25.50,
• WTI crude oil settled at $79 down $2.82,
• 10-year U.S. Treasury 4.626% down 0.058 points,
• USD index $106.11 down $0.120,
• Bitcoin $59,921 down $2,905 (4.86%)

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

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

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

The first paragraph of the Federal Reserve’s FOMC meeting statement for 01May2024 tells the story why the federal funds rate was unchanged at 5.25 to 5.50 %:

Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have remained strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. In recent months, there has been a lack of further progress toward the Committee’s 2 percent inflation objective.

Interestingly, they went on to say:

The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. Beginning in June, the Committee will slow the pace of decline of its securities holdings by reducing the monthly redemption cap on Treasury securities from $60 billion to $25 billion. The Committee will maintain the monthly redemption cap on agency debt and agency mortgage‑backed securities at $35 billion and will reinvest any principal payments in excess of this cap into Treasury securities. The Committee is strongly committed to returning inflation to its 2 percent objective.

The point being is that there remains significant pressure which is currently not allowing inflation to moderate – and it will not take much for inflation to accelerate.

According to ADP, private employers added 192,000 jobs in April 2024 – blue line on the graph below. The average pace of hiring has accelerated over the last three months after slowing late last year, almost matching gains made in the first half of 2023. Pay growth continues to slow. Only the information sector — telecommunications, media, and information technology — showed weakness, posting job losses and the smallest pace of pay gains since August 2021. Before the pandemic, it was estimated that the US economy needed to add 60,000–100,000 jobs each month to keep up with population growth and retirements. However, a Brookings Institution report estimates that sustainable employment growth could be between 160,000–200,000 jobs each month. Either way, employment continues to be a bright spot in the economy.

Construction spending during March 2024 was 9.6% above March 2023. During the first three months of this year, construction spending was 10.6% above the same period in 2023. Spending on private construction was up 7.3% year-over-year whilst public construction spending was up 17.9% year-over-year. Construction is another bright spot in the economy.

The Manufacturing PMI^® registered 49.2 percent in April 2024, down 1.1 percentage points from the 50.3 percent recorded in March. The ISM Manufacturing PMI® (Purchasing Managers’ Index) is a key economic indicator that gauges the health of the U.S. manufacturing sector. It’s published monthly by the ISM Manufacturing and Services business survey committees and is considered one of the most reliable economic barometers of the U.S. economy. Manufacturing continues its weak role in the economy.

The number of job openings changed little at 8.5 million on the last business day of March according to the JOB OPENINGS AND LABOR TURNOVER report (JOLTS). Over the month, the number of hires changed little at 5.5 million while the number of total separations decreased to 5.2 million. The number of job openings somewhat correlates to employment growth – and both have been slowly moderating but remain above historical levels.

Here is a summary of headlines we are reading today:

• Tanker Traffic Resumes at Beleaguered Freeport LNG Terminal
• Logistical Hurdles Could Halve Trans Mountain Export Projections
• Shell Quits China’s Power Markets
• Russian Uranium Import Ban Sends Shockwaves Through Energy Markets
• Oil Prices Plummet 3% on US Inventory Build, Inflation
• Is Copper Heading to $15,000?
• U.S. LNG Exports Continue to Fall as Freeport Plant Struggles With Outages
• Fed meeting recap: Powell pretty much rules out a hike and stocks like it
• Long-predicted consumer pullback finally hits restaurants like Starbucks, KFC and McDonald’s
• Super Micro plummets 14% after posting revenue miss
• Bitcoin sinks to its lowest level since February to start May: CNBC Crypto World
• UnitedHealth CEO tells lawmakers the company paid hackers a $22 million ransom
• The Federal Reserve holds interest rates steady, offers no relief from high borrowing costs — what that means for your money
• Bitcoin extends its slide to start May, falling to $57,000 as Fed leaves rates unchanged
• House prices fall as lenders raise mortgage rates
• Treasury yields end at lowest levels in at least a week after Fed’s Powell sees unlikely chance of a rate hike

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

Summary Of the Markets Today:

• The Dow closed down 570 points or 1.49%,
• Nasdaq closed down 2.04%,
• S&P 500 closed down 1.57%,
• Gold $2,305 down $53.00,
• WTI crude oil settled at $82 down $0.92,
• 10-year U.S. Treasury 4.690% up 0.080 points,
• USD index $106.28 up $0.700,
• Bitcoin $59,598 down $3,313 (5.05%)

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

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

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

The S&P CoreLogic Case-Shiller 20-City Composite posted a year-over-year increase of 7.3% in February 2024, up from a 6.6% increase in the previous month. Not good news for those who do not own a house.

The Conference Board Consumer Confidence Index® deteriorated for the third consecutive month in April 2024, retreating to 97.0 (1985=100) from a downwardly revised 103.1 in March. Despite these three months of weakness, the gauge continues to move sideways within a relatively narrow range that’s largely held steady for more than two years. Dana M. Peterson, Chief Economist at The Conference Board stated:

Confidence retreated further in April, reaching its lowest level since July 2022 as consumers became less positive about the current labor market situation, and more concerned about future business conditions, job availability, and income. Despite April’s dip in the overall index, since mid-2022, optimism about the present situation continues to more than offset concerns about the future. In the month, confidence declined among consumers of all age groups and almost all income groups except for the $25,000 to $49,999 bracket. Nonetheless, consumers under 35 continued to express greater confidence than those over 35. In April, households with incomes below $25,000 and those with incomes above $75,000 reported the largest deteriorations in confidence. However, over a six-month basis, confidence for consumers earning less than $50,000 has been stable, but confidence among consumers earning more has weakened.

The Chicago Business Barometer, also known as the Chicago PMI, dropped to 37.9 in April 2024, down from 41.4 in the prior month and below market forecasts of 45. The latest reading indicated that Chicago’s economic activity contracted for the fifth successive month in April, and at a robust pace, marking the strongest decline since November 2022. The markets look to the Chicago PMI as a forward indicator of the ISM Manufacturing Index which will be released tomorrow. The Chicago PMI is showing a terrible manufacturing picture.

 

Here is a summary of headlines we are reading today:

• Uranium Stocks Surge as White House Considers Russian Import Ban
• OPEC’s Oil Production Falls in April
• WTI Finds Support After Sell Off Suddenly Halts
• Geopolitics and Inflation Threaten to Derail Booming Stock Market
• Texas Producers Boost Flaring as Natural Gas Prices Tumble
• Marathon Petroleum Q1 Earnings and Revenue Beat Estimates
• Dow tumbles more than 550 points to wrap worst month since September 2022 as bond yields rise: Live updates
• Here’s everything to expect when the Fed wraps up its meeting Wednesday
• Cannabis stocks surge as Biden administration moves to reclassify marijuana
• Treasury yields finish April with biggest monthly jumps since 2022-2023
• Binance founder CZ sentenced to four months in federal prison

 

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

Summary Of the Markets Today:

• The Dow closed up 147 points or 0.38%,
• Nasdaq closed up 0.35%,
• S&P 500 closed up 0.32%,
• Gold $2,346 down $1.00,
• WTI crude oil settled at $83 down $1.12,
• 10-year U.S. Treasury 4.624% down 0.047 points,
• USD index $105.62 down $0.280,
• Bitcoin $62,815 down $941 (1.48%)

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

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Click here to read our current Economic Forecast – April 2024 Economic Forecast: Economy Marginally Improving But Growth Will Be Weak

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

Texas manufacturing survey‘s output strengthened slightly in April 2024. The production index, a key measure of state manufacturing conditions, rose from -4.1 to 4.8. Other measures of manufacturing activity were mixed this month. The new orders index remained negative, though it pushed up seven points to -5.3. The capacity utilization and shipments indexes turned positive this month, coming in at 4.2 and 5.0, respectively. Manufacturing is not a bright spot in the current economy.

Here is a summary of headlines we are reading today:

• Rystad: Global Upstream Could See Another $150B Merger This Year
• Japanese Yen Surges in Apparent Currency Intervention
• Growing Shadow Fleet Makes Oil Price Cap Impossible to Police
• Battery Storage Is the No. 1 Energy Investment Playground
• Tesla Partners with Baidu for Full Self-Driving Rollout in China
• Saudi Arabia Is Expected to Raise Its Oil Prices to Asia to a 5-Month High
• Dow climbs more than 100 points, Tesla’s 15% pop pushes Nasdaq to close higher: Live updates
• Tesla jumps over 15% after passing key hurdle to roll out advanced driver-assistance tech in China
• Bitcoin and ether drop as investors question the U.S. economy’s strength: CNBC Crypto World
• Karen Firestone: Tech dominates the S&P 500. It’s time to ask whether it’s the best benchmark for investors
• Global Metals Markets Face Uncertainty As Russian Ban Takes Effect
• Three major lenders to raise mortgage rates
• Boeing scores $10 billion bond financing in ‘much-needed’ liquidity boost

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

Summary Of the Markets Today:

• The Dow closed up 153 points or 0.40%,
• Nasdaq closed up 2.03%,
• S&P 500 closed up 1.02%,
• Gold $2,351 up $6.00,
• WTI crude oil settled at $84 up $0.08,
• 10-year U.S. Treasury 4.669% down 0.037 points,
• USD index $106.03 up $0.440,
• Bitcoin $63,872 down $768 (1.19%),
• Baker Hughes Rig Count: U.S. -6 to 613 Canada -9 to 118

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

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Click here to read our current Economic Forecast – April 2024 Economic Forecast: Economy Marginally Improving But Growth Will Be Weak

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

Real Disposable Personal income (DPI) increased 1.4% year-over-year in March 2024 – down from 1.7% in February., according to estimates released today by the Bureau of Economic Analysis (tables 2 and 3). Real Personal consumption expenditures (PCE) increased 3.1% year-over-year (up from 2.3% in February). The PCE price index increased 2.7% year-over-year (up from 2.5% in February). Excluding food and energy, the PCE price index increased 2.8% year-over-year (little changed from February). In summary, inflation adjusted income growth is now only half of the growth in spending – and inflation is not moderating. Not sure how the Fed can cut the federal funds rate under these conditions.

Here is a summary of headlines we are reading today:

• Exxon Expects Regulator To Greenlight $60-Billion Pioneer Deal in June
• TotalEnergies Beats Q1 Profit Forecast Despite Lower Natural Gas Prices
• U.S. Drilling Activity Slips
• Washington’s Pleas Fall on Deaf Ears as Ukraine Strikes Russian Refineries
• India Ratchets Up Its Renewable Energy Installations
• Oil Prices Move Higher After a Volatile Week
• Intel used to dominate the U.S. chip industry. Now it’s struggling to stay relevant
• S&P 500 posts best week since November, Nasdaq surges 2% Friday as Alphabet soars: Live updates
• All the data so far is showing inflation isn’t going away, and is making things tough on the Fed
• Key Fed inflation measure rose 2.8% in March from a year ago, more than expected
• Bitcoin and ether dip to end the week, and crypto firm Consensys sues the SEC: CNBC Crypto World
• Alphabet soars most since 2015 on strong earnings, first dividend and $70 billion buyback
• Port Of Baltimore Partially Reopens, Allowing Trapped Cargo Ships To Exit  
• The Constitutional Abyss: Justices Signal Desire To Avoid Both Cliffs On Presidential Immunity
• Treasury yields slip from 2024 highs after Fed’s favored inflation gauge meets expectations

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

Summary Of the Markets Today:

• The Dow closed down 375 points or 0.98%,
• Nasdaq closed down 0.64%,
• S&P 500 closed down 0.46%,
• Gold $2,345 up $6.00,
• WTI crude oil settled at $84 up $0.94,
• 10-year U.S. Treasury 4.704% up 0.050 points,
• USD index $105.58 down $0.280,
• Bitcoin $64,826 up $586 (0.61%)

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

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Click here to read our current Economic Forecast – April 2024 Economic Forecast: Economy Marginally Improving But Growth Will Be Weak

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

The number of CEO changes at U.S. companies fell 27% to 180 in March 2024, from the record-high 248 in February. It is up 29% from the 139 CEO exits recorded in the same month last year. March’s total is the highest for the month since the firm began tracking CEO exits in 2002. In the first quarter, 622 CEOs have announced their departures, the highest quarterly total on record. It is up 49% from the 418 exits in the first quarter of last year, and up 27% from the 489 CEO exits which occurred in the previous quarter. Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc. added:

C-Level leaders have had an incredibly challenging few years, and are transitioning out of their roles, whether for new opportunities or to get fresh starts elsewhere.

The advance estimate of real gross domestic product (GDP) increased at an annual rate of 1.6 percent in the first quarter of 2024 – which is a fairly weak performance. However, I think this headline view is bogus as I believe year-over-year analysis provides the proper prospective. 1Q2024 growth was 3.0% year-over-year, and is only slightly lower than 4Q2024’s 3.1% and higher than 3Q2024’s 2.9%. Gross private domestic investment was very strong in 1Q2024 but was dragged down by goods purchases. As real GDP is adjusted for inflation, note that inflation price index only marginally weakened from last quarter’s 2.4% to 2.3% in 1Q2024.

The Kansas City Fed manufacturing activity fell again in April 2024, and expectations for future activity remained flat. Prices for raw materials grew at a steady pace while finished product prices stayed the same, increasing their spread. The month-over-month composite index was -8 in April, down from -7 in March and -4 in February. Manufacturing is far from a bright spot in the current economy.

The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – with year-over-year growth up 0.1%. An index of 100 is equal to the level of contract activity in 2001. NAR Chief Economist Lawrence Yun stated:

March’s Pending Home Sales Index – at 78.2 – marks the best performance in a year, but it still remains in a fairly narrow range over the last 12 months without a measurable breakout. Meaningful gains will only occur with declining mortgage rates and rising inventory.

In the week ending April 20, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 213,250, a decrease of 1,250 from the previous week’s unrevised average of 214,500.

In February 2024, 2.8% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), down year-over-year from February 2023 and unchanged month over month from January 2024. Molly Boesel, Principal Economist for CoreLogic added:

Here is a summary of headlines we are reading today:

• How Gold Became an Essential Component in Nvidia’s GPUs
• Azerbaijan is Quietly Playing a Key Role in Russia’s Economic Plans
• Hertz To Sell More EVs as Q1 Loss Exceeds Expectations
• EU Prepares to Tighten Screws on Russian LNG Imports
• The Renewable Energy Boom Has a Waste Problem
• Dow closes lower by more than 370 points as inflation, growth worries resurface: Live updates
• Alphabet earnings are out — here are the numbers
• GDP growth slowed to a 1.6% rate in the first quarter, well below expectations
• Meta tumbles 11% on weak revenue forecast and Zuckerberg’s comments on spending
• Bitcoin outperforms Nasdaq after U.S. economy grew less than projected in Q1: CNBC Crypto World
• US economic growth slows but inflation grows
• GDP report revives stagflation fears in the market, with growing risk of a Fed rate hike seen
• Treasury yields carve out new 2024 highs after first-quarter core PCE inflation comes in hot

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

Summary Of the Markets Today:

• The Dow closed down 43 points or 0.11%,
• Nasdaq closed up 0.10%,
• S&P 500 closed up 0.02%,
• Gold $2,332 down $10.20,
• WTI crude oil settled at $83 down $0.42,
• 10-year U.S. Treasury 4.646% up 0.048 points,
• USD index $105.81 up $0.130,
• Bitcoin $64,050 down $2,495 (3.78%)

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

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Click here to read our current Economic Forecast – April 2024 Economic Forecast: Economy Marginally Improving But Growth Will Be Weak

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

New orders for manufactured durable goods in March 2024 increased by 1.3% year-over-year (-1.5% inflation adjusted). Honestly, this report highlights the weakness in capital goods manufacturing in the U.S.  Durable goods new orders are weak in every category.

Here is a summary of headlines we are reading today:

• Gas Prices Likely to Keep Falling Ahead of Peak Driving Season
• Fossil Fuels Hit All-Time Low in UK Electricity Generation
• Central Asian Economies in Limbo As China Fails To Find Its Feet
• China’s Capital Flight Could Fuel Bitcoin’s Next Rally
• U.S. Refiners Set to Report Strong Q1 Earnings
• Oil Firms Doubtful Trans Mountain Pipeline Will Start Full Service by May 1st
• Why the Fed keeping rates higher for longer may not be such a bad thing
• GDP report Thursday expected to show economy still growing at a solid pace
• Tesla surges after Elon Musk says new affordable EV models coming
• Yen Dumped, Yield-Curve Pumped, Bonds & Bitcoin Slump
• First-Time Buyers Must Earn $120,000 To Afford The Average Home
• 10-year Treasury yield ends near highest levels of 2024 as Fed’s preferred inflation gauge looms
• Transportation stocks sink, with industry ETF on track for biggest drop since October

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

Summary Of the Markets Today:

• The Dow closed up 264 points or 0.69%,
• Nasdaq closed up 1.59%,
• S&P 500 closed up 1.20%,
• Gold $2,337 down $9.70,
• WTI crude oil settled at $83 up $1.43,
• 10-year U.S. Treasury 4.602% down 0.021 points,
• USD index $105.69 down $0.390,
• Bitcoin $66,431 up $42 (0.05%)

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

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Click here to read our current Economic Forecast – April 2024 Economic Forecast: Economy Marginally Improving But Growth Will Be Weak

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

Sales of new single‐family houses in March 2024 is 8.3% above March 2023. The median sales price of new houses sold in March 2024 was $430,700. The average sales price was $524,800.
The seasonally‐adjusted estimate of new houses for sale at the end of March was 477,000. This represents a supply of 8.3 months at the current sales rate. New home sales have been a bright spot in the economy.

Richmond Fed Manufacturing activity remained slow in April 2024. The composite manufacturing index increased from −11 in March to −7 in April. Of its three component indexes, shipments increased from −14 to −10, new orders increased from −17 to −9, and employment fell from 0 to −2. Manufacturing is far from a bright spot in the current economy.

Here is a summary of headlines we are reading today:

• India Emerges as a Major Exporter of Solar Panels
• Why Biden is Unlikely to Enforce the New Iran Oil Sanctions
• Tesla Investors Brace for Worst Financial Report in 7 Years
• Oil Takes a Breather as Geopolitical Risk Eases
• Bitcoin Mining and Population Growth Are Pushing the Texas Grid to the Brink
• Halliburton Beats Earnings Forecast on High Oilfield Services Demand
• Dow closes more than 250 points higher, S&P 500 pops 1% as strong earnings propel stocks: Live updates
• Tech’s earnings bonanza this week shines spotlight on growing troubles at Tesla, Google
• ByteDance, TikTok shelled out $7 million on lobbying and ads to combat potential U.S. ban
• Google search boss warns employees of ‘new operating reality,’ urges them to move faster
• Federal Judge Appears Ready To Reimpose Jan. 6 ‘Disinformation’ Monitoring
• 2-year Treasury yield falls to lowest in over a week on signs U.S. economy is losing momentum
• Oil prices finish higher as traders weigh potential for disruptions to Middle East supplies
• Regulators probe potential use by big banks of nondisclosure agreements to discourage whistleblowers: report

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