Summary Of the Markets Today:

• The Dow closed up 224 points or 0.59%,
• Nasdaq closed up 1.12%,
• S&P 500 closed up 0.76%,
• Gold $2,032 up $13.10,
• WTI crude oil settled at $77 down $1.06,
• 10-year U.S. Treasury 4.080% down 0.008 points,
• USD index $103.50 up $0.06,
• Bitcoin $43,090 up $1,135 (2.70%),

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

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Click here to read our current Economic Forecast – February 2024 Economic Forecast: Index Again Modestly Declined But Remains Well Above Levels Associated With Recession

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

Dallas Fed Manufacturing activity contracted in January 2023 after stabilizing in December, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, dropped 17 points to -15.4—its lowest reading since mid-2020. Manufacturing remains in a recession in the U.S. – and most Fed regional surveys show contraction in January.

Here is a summary of headlines we are reading today:

• New Sanctions on Venezuela Oil Likely As Maduro Bans Opposition
• Russia Throws Caution to the Wind to Boost Oil Exports
• U.S. Prices At the Pump Climb After Cold Spell Shutdowns
• Shale Boom Fuels Third Year of Record U.S. Gas Output
• Spending on Natural Gas to Top $1 Trillion Over the Next Decade
• etail return fraud is rising as key holiday deadline approaches
• S&P 500 rises to close at fresh record Monday as Big Tech earnings loom: Live updates
• Reed Hastings sells $1.1 billion in Netflix shares
• Bitcoin reclaims $43,000 as the cryptocurrency extends recent gains: CNBC Crypto World
• The 15 most expensive U.S. neighborhoods per square foot—No. 1 is 2,000% higher than average
• Ryanair cuts profit forecast after online travel agent row
• Dow scores 6th record close of 2024, bolstered by Treasury funding update in pivotal week for markets

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 60 points or 0.16%,
• Nasdaq closed down 0.36%,
• S&P 500 closed down 0.07%,
• Gold $2018 up $1.00,
• WTI crude oil settled at $78 up $0.63,
• 10-year U.S. Treasury 4.145% up 0.013 points,
• USD index $101.46 down $0.13,
• Bitcoin $41,900 up $1,954,
• Baker Hughes rig count up 1 to 621

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Click here to read our current Economic Forecast – January 2024 Economic Forecast: Our Index Turns Slightly Negative

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

Real personal income (PCE) grew 4.2% year-over-year in December 2023 – down from 4.4% the previous month. Real personal consumption expenditures improved to 3.2% year-over-year from 2.99% last month. The PCE price index was little changed at 2.6% year-over-year.  Excluding food and energy, the PCE price index was 2.9% year-over-year. These are relatively good numbers.

The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – increased to 77.3 in December. Year over year, pending transactions were up 1.3%. An index of 100 is equal to the level of contract activity in 2001. Lawrence Yun, NAR chief economist stated:

The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices. Job additions and income growth will further help with housing affordability, but increased supply will be essential to satisfying all potential demand.

Here is a summary of headlines we are reading today:

• US Oil, Gas Drillers Add 1 More Rig As Production Plummets
• China’s Record Solar Additions in 2023 Top Entire U.S. Solar Capacity
• Oil Tanker and Container Shipping Rates Hit Record Highs
• Russia Sees Alternative Gas Routes if Ukraine Transit Deal Isn’t Extended
• Biden Administration Halts Approvals of New LNG Export Projects
• Rising Electricity Demand Will Keep Fossil Fuels Around
• Tech layoffs balloon in January as Wall Street rally lifts Alphabet, Meta, Microsoft to records
• Crypto prices effort a comeback as bitcoin soars 5% to close out the week: CNBC Crypto World
• Microsoft Teams suffers outage affecting thousands, sparking user frustration

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 60 points or 0.16%,
• Nasdaq closed down 0.36%,
• S&P 500 closed down 0.07%,
• Gold $2,018 up $0.60,
• WTI crude oil settled at $78 up $0.81,
• 10-year U.S. Treasury 4.143% up 0.011 points,
• USD index $103.45 down $0.12,
• Bitcoin $41,933 up $2,241 (5.65%),
• Baker Hughes Rig Count: U.S. +1 to 621 Canada +7 to 230

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

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Click here to read our current Economic Forecast – January 2024 Economic Forecast: Our Index Turns Slightly Negative

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

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• Shell To Convert German Refinery To Base Oil Manufacturing
• US Oil, Gas Drillers Add 1 More Rig As Production Plummets
• China’s Record Solar Additions in 2023 Top Entire U.S. Solar Capacity
• Strong Economic Data Boosts Bullish Sentiment in Oil Markets
• Rising Electricity Demand Will Keep Fossil Fuels Around
• What to Expect From Big Oil This Earnings Season
• Tech layoffs balloon in January as Wall Street rally lifts Alphabet, Meta, Microsoft to records
• Fed’s favorite inflation gauge rose 0.2% in December and was up 2.9% from a year ago
• Wall Street is barreling toward a big week ahead with megacap earnings, Fed meeting in focus
• Crypto prices effort a comeback as bitcoin soars 5% to close out the week: CNBC Crypto World
• Here are some important items for taxpayers to consider before filing their 2023 tax return
• Long-term Treasury yields end higher for 2nd straight week despite mild PCE inflation data

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 243 points or 0.64%,
• Nasdaq closed up 0.18%,
• S&P 500 closed up 0.53%,
• Gold $2,018 up $2.00,
• WTI crude oil settled at $77 up $2.18,
• 10-year U.S. Treasury 4.126% down 0.052 points,
• USD index $103.54 up $0.30,
• Bitcoin $39,686 up $46 (0.12%),

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

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Click here to read our current Economic Forecast – January 2024 Economic Forecast: Our Index Turns Slightly Negative

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

The CoreLogic Loan Performance Insights report on mortgage performance analysis through November 2023 shows 2.9% of mortgages were delinquent by at least 30 days or more including those in foreclosure. Molly Boesel, Principal Economist for CoreLogic stated:

U.S. job growth continued at a steady pace in the final quarter of 2023, and the unemployment rate ended the year just slightly higher than its 50-year low. The robust labor market is contributing to small mortgage delinquency numbers, with the overall delinquency rate remaining low and the serious delinquency rate at a record low. Mortgage performance should remain strong in 2024, as the job market is expected to remain healthy.

Real gross domestic product (GDP) increased 3.1% year-over-year for the advance estimate in fourth quarter of 2023. In the third quarter, real GDP increased 2.9% year-over-year. This GDP growth was stronger than expected with the consumer accounting for 58% of this GDP growth. For me, the surprise was the GDP implicit price indicator falling to 2.6% growth year-over-year which is just a touch over the Fed’s 2.0% inflation target.

New orders for manufactured durable goods in December 2023 was up 4.8% year-over-year – -0.8% inflation-adjusted. There was little change in dollar values from the previous month.

Sales of new single‐family houses in December 2023 4.4% pver December 2022. The median sales price of new houses sold in December 2023 was $413,200. The seasonally‐adjusted estimate of new houses for sale at the end of December was 453,000. This represents a supply of 8.2 months at the current sales rate. Even with the large backlog of homes for sale, new home sales is an economic bright spot.

The Chicago Fed National Activity Index (CFNAI)  three-month moving average, CFNAI-MA3, moved down to –0.28 in December from –0.24 in November. The CFNAI is the most consistent of all coincident indicators. Periods of economic expansion have historically been associated with values of the CFNAI-MA3 above –0.70 (red line on the graph below). However, this value is below zero which means the economy is expanding below the average rate of growth.

In the week ending January 20, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 202,250, a decrease of 1,500 from the previous week’s revised average. The previous week’s average was revised up by 500 from 203,250 to 203,750.

The Kansas City Fed manufacturing index declined moderately with the month-over-month composite index of -9 in January 2024, down from -1 in December and -2 in November. Manufacturing continues in a recession in the U.S.

 

• U.S. Drivers Waiting For Lower Gasoline Prices Instead Told To “Buckle Up”
• High Energy Prices Weigh On European Steelmakers
• The U.S. Finally Started to Crack Down on Crypto in 2023
• Red Sea Disruptions Force Saudi Aramco to Slash Prices
• India Sees Fuel Demand Rising by 2.7% in 2024-2025 Fiscal Year
• Tesla shares close down 12% for worst day since 2020 after automaker warns of slowdown
• S&P 500 closes higher for a sixth day, powered by strong GDP data: Live updates
• This is what was behind the bitcoin sell-off and why JPMorgan thinks it could be ending
• The U.S. economy grew at blistering 3.3% pace in Q4 while inflation pulled back
• The US Has The Biggest Govt In The History Of The World… By A Very Wide Margin
• 2-year Treasury yield ends at lowest in a week despite surprisingly strong GDP report

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 99 points or 0.26%,
• Nasdaq closed up 0.36%,
• S&P 500 closed up 0.08%,
• Gold $2,013 down $12.90,
• WTI crude oil settled at $75 up $0.97,
• 10-year U.S. Treasury 4.180% up 0.038 points,
• USD index $103.31 down $0.31,
• Bitcoin $39,520 up $514 (1.32%),

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

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Click here to read our current Economic Forecast – January 2024 Economic Forecast: Our Index Turns Slightly Negative

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

The Survey of Business Uncertainty continues to show a deterioration in sales revenue growth.

• IEA To Expedite 2025 Oil Demand Forecast in OPEC Competition
• Toyota Chairman Questions EV Market Future
• Increased U.S. Natural Gas Production Driving Emissions Reduction
• Russia Builds Out Arctic Oil Route As Middle East Tensions Escalate
• Oil Ticks Higher on Significant Inventory Draw
• Russia Says New Discoveries Fully Replaced Its Oil and Gas Reserves in 2023
• Japan’s LNG Imports Drop to 14-Year Low
• Nasdaq, S&P 500 close higher for fifth straight day as Netflix shares surge: Live updates
• Amazon’s Ring will stop allowing police to request doorbell video footage from users
• Thursday’s GDP report expected to show the U.S. economy at a crossroads
• Bitcoin wrestles with $40,000 as it tries to recover recent losses: CNBC Crypto World
• Treasury yields end at highest levels in at least 6 weeks after PMI data

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 96 points or 0.25%,
• Nasdaq closed up 0.43%,
• S&P 500 closed up 0.29%,
• Gold $2,030 up $7.50,
• WTI crude oil settled at $75 down $0.22,
• 10-year U.S. Treasury 4.138% up 0.044 points,
• USD index $103.57 up $0.24,
• Bitcoin $39,149 down $852 (2.13%),

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

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Click here to read our current Economic Forecast – January 2024 Economic Forecast: Our Index Turns Slightly Negative

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

Richmond Fed Manufacturing activity remained sluggish in January 2023. The composite manufacturing index decreased from −11 in December to −15 in January. Of its three component indexes, shipments edged up from −17 to −15, new orders edged down from −14 to −16, and employment fell notably, from −1 to −15. Manufacturing remains in a recession.

The union membership rate—the percent of wage and salary workers who were members of unions—was 10.0 percent in 2023, little changed from the previous year. The number of wage and salary workers belonging to unions, at 14.4 million, also showed little movement over the year. In 1983, the first year for which comparable data are available, the union membership rate was 20.1 percent and there were 17.7 million union workers.

• China’s Plunge Protection Team Mulls Trillion Yuan Bailout
• China’s Surge in EV Exports to Europe Sparks Aluminum Industry Concerns
• Oil Prices Slip as Oversupply Concerns Trump Middle East Tensions
• Denser Texas Crude Leads U.S. Oil Production Growth
• Halliburton Tops Q4 Earnings Estimates and Raises Dividend
• Dow closes nearly 100 points lower to snap 3-day win streak, dragged down by weak earnings: Live updates
• Core Scientific returns to Nasdaq as Wall Street shows renewed love for bitcoin mining
• Bitcoin briefly falls below $39,000 as post-ETF selling pressure continues: CNBC Crypto World
• Netflix’s stock jumps 6% on huge spike in new subscribers, surge in ad sales
• Dow ends lower, S&P 500 closes at third record high this year as earnings season ramps up with Netflix results

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 138 points or 0.36%,
• Nasdaq closed up 0.32%,
• S&P 500 closed up 0.22%,
• Gold $2,022 down $7.20,
• WTI crude oil settled at $75 up $1.60,
• 10-year U.S. Treasury 4.103% down 0.043 points,
• USD index $103.33 up $0.05,
• Bitcoin $40,123 down $1,504 (3.61%),

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

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Click here to read our current Economic Forecast – January 2024 Economic Forecast: Our Index Turns Slightly Negative

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

The Conference Board Leading Economic Index (LEI) for the U.S. fell by 0.1 percent in December 2023 to 103.1 (2016=100), following a 0.5 percent decline in November. The LEI contracted by 2.9 percent over the six-month period between June and December 2023, a smaller decrease than its 4.3 percent contraction over the previous six months. Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board stated:

The US LEI fell slightly in December, continuing to signal underlying weakness in the US economy. Despite the overall decline, six out of ten leading indicators made positive contributions to the LEI in December. Nonetheless, these improvements were more than offset by weak conditions in manufacturing, the high interest-rate environment, and low consumer confidence. As the magnitude of monthly declines has lessened, the LEI’s six-month and twelve-month growth rates have turned upward but remain negative, continuing to signal the risk of recession ahead. Overall, we expect GDP growth to turn negative in Q2 and Q3 of 2024 but begin to recover late in the year.

• Canada’s Uranium Is Fueling the World’s Nuclear Energy Boom
• Gasoline Shipping Day Rates Triple Under Houthi Attack
• The Strategic Implications of Iran’s Recent Missile and Drone Attacks
• WTI Oil Soars Nearly 2.6% as Geopolitics Overtakes Fundamentals
• Copper and Gold: Key Indicators for Predicting Economic Trends
• Russia And Iran Finalize 20-Year Deal That Will Change The Middle East Forever
• Sunoco to Buy NuStar Energy in $7.3 Billion Deal
• Dow rises more than 100 points to close above 38,000 for the first time ever: Live updates
• Spirit Airlines shares extend rebound after it appeals ruling blocking JetBlue merger
• Terraform Labs files for Chapter 11 bankruptcy protection in the U.S.: CNBC Crypto World
• Bitcoin was up 155% in 2023—but should you invest? Here’s what experts say
• Dow closes above 38,000 for first time as S&P 500 scores back-to-back records
• 2- and 10-year Treasury yields slip from 2024 highs as Fed’s blackout period gets under way

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 395 points or 1.05%,
• Nasdaq closed up 1.70%,
• S&P 500 closed up 1.23%,
• Gold $2,031 up $9.00,
• WTI crude oil settled at $74 down $0.18,
• 10-year U.S. Treasury 4.132% down 0.012 points,
• USD index $103.25 down $0.29,
• Bitcoin $41,620 up $693 (1.69%),
• Baker Hughes Rig Count: U.S. +1 to 620 Canada +10 to 223

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

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Click here to read our current Economic Forecast – January 2024 Economic Forecast: Our Index Turns Slightly Negative

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

Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums, and co-ops – decreased 6.2% year-over-year. Total housing inventory is up 4.2% from one year ago. Unsold inventory sits at a 3.2-month supply -up from 2.9 months in December 2022. The median existing-home price for all housing types in December was $382,600 – an increase of 4.4% from December 2022 ($366,500). NAR Chief Economist Lawrence Yun stated:

The latest month’s sales look to be the bottom before inevitably turning higher in the new year. Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in the upcoming months. Despite sluggish home sales, 85 million homeowning households enjoyed further gains in housing wealth. Obviously, the recent, rapid three-year rise in home prices is unsustainable. If price increases continue at the current pace, the country could accelerate into haves and have-nots. Creating a path towards homeownership for today’s renters is essential. It requires economic and income growth and, most importantly, a steady buildup of home construction.

According to the University of Michigan Survey of Consumer Confidence Director Joanne Hsu:

Consumer sentiment soared 13% in January to reach its highest level since July 2021, showing that the sharp increase in December was no fluke. Consumer views were supported by confidence that inflation has turned a corner and strengthening income expectations. Over the last two months, sentiment has climbed a cumulative 29%, the largest two-month increase since 1991 as a recession ended. For the second straight month, all five index components rose, with a 27% surge in the short-run outlook for business conditions and a 14% gain in current personal finances. Like December, there was a broad consensus of improved sentiment across age, income, education, and geography. Democrats and Republicans alike showed their most favorable readings since summer of 2021. Sentiment has now risen nearly 60% above the all-time low measured in June of 2022 and is likely to provide some positive momentum for the economy. Sentiment is now just 7% shy of the historical average since 1978.

• North Dakota Oil Output To Be Lower For Another Month: State Regulator
• Brent Backwardation Increases as Red Sea Hostilities Continue
• US Oil, Gas Drillers Add 1 Rig Despite Freezing Temps
• Precious Metal Prices Trade Sideways After Short-Lived Rally
• U.S. Oil Production Flatlines
• S&P 500 rallies 1% to all-time high, surpassing previous record set in 2022: Live updates
• This record-breaking market just keeps going higher and higher. Here’s why
• The S&P 500 tops a record high that ‘clears the charts’ of resistance ahead of a week of earnings, inflation data
• December home sales slump to close out worst year since 1995
• U.S. home sales see worst year since 1995
• Traders give up on a March rate cut by Fed as bond-market inflation expectations move higher

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 202 points or 0.54%,
• Nasdaq closed up 1.35%,
• S&P 500 closed up 0.88%,
• Gold $2,024 up $17.90,
• WTI crude oil settled at $74 up $1.51,
• 10-year U.S. Treasury 4.142% up 0.038 points,
• USD index $103.47 up $0.02,
• Bitcoin $41,083 down $1,628 (3.81%),

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

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Click here to read our current Economic Forecast – January 2024 Economic Forecast: Our Index Turns Slightly Negative

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

Philly Fed Manufacturing Business Outlook Survey in January 2024 continued to decline overall. The survey’s indicators for general activity, new orders, and shipments rose but remained negative. The survey’s broad indicators for future activity declined, suggesting less widespread expectations for overall growth over the next six months. The New York Feds manufacturing survey released earlier this week significantly declined.

The number of CEO changes in December 2023 at U.S. companies jumped 13% from 180 November CEO exits to 204 in December. This marks a 104% increase from the 100 CEOs who left their posts in the same month one year prior. Andrew Challenger, workplace expert and Senior Vice President of Challenger, Gray & Christmas, Inc stated:

Historically, we’ve seen large economic shifts preceded by a surge in CEO exits. Companies must consider the implications of younger C-level leaders to their future success. How do they get diverse talent – diverse in age, ethnicity, and ability – into their pipelines? How do they ensure those future leadership teams are successful? These is absolutely the questions companies are asking themselves in 2024,

Privately owned housing units authorized by building permits in December 2023 were 6.1% above December 2022. An estimated 1,469,800 housing units were authorized by building permits in 2023. This is 11.7 percent below the
2022 figure of 1,665,100. Privately‐owned housing starts were up 7.6% year-over-year. An estimated 1,413,100 housing units were started in 2023. This is 9.0 percent (±2.5 percent) below the 2022 figure of 1,552,600. Privately owned housing completions were up 8.4% year-over-year. An estimated 1,452,500 housing units were completed in 2023. This is 4.5 percent (±3.8 percent) above the 2022 figure of 1,390,500. Overall, 2023 was a good year for the construction of residential housing.

Accounting for 40% of containers entering and leaving the U.S., the container volumes in December 2023 through the Ports of Los Angeles and Long Beach were up 18% year-over-year for imports and up 6% for exports. The growing strength of imports suggests the U.S. economy is beginning to improve.

In the week ending January 13, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 203,250, a decrease of 4,750 from the previous week’s revised average. The previous week’s average was revised up by 250 from 207,750 to 208,000.

• Protecting Coasts and Powering Homes: The Tidal Range Revolution
• Climate Groups Defeat Norwegian Government In Court Battle
• Red Sea Crisis Spurs Surge in Container Ship Rates
• The World’s Coal-Fired Power Generation Hit a Record High in 2023
• Tesla’s Aggressive Pricing Strategy Hits European Auto Stocks
• Top Oil and Financial Firms Made $424 Billion in Windfall Profits in Two Years
• Fed’s Raphael Bostic expects rate cuts to happen in the third quarter
• Dow closes 200 points higher Thursday to shake off 3-day slump as Apple shares pop: Live updates
• Red Sea attacks already bigger issue for supply chain than pandemic, maritime advisory warns
• Weekly jobless claims post lowest reading since September 2022
• Ballooning Credit & Rate Cuts: A Perfect Storm For Default
• The Dow claws back earlier losses as tech rally resumes despite rate-cut uncertainty

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 94 points or 0.25%,
• Nasdaq closed down 0.59%,
• S&P 500 closed down 0.56%,
• Gold $2,009 down $21.20,
• WTI crude oil settled at $73 up $0.30,
• 10-year U.S. Treasury 4.100% up 0.034 points,
• USD index $103.36 up $0.37,
• Bitcoin $42,585 down $523 (1.271%),

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

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Click here to read our current Economic Forecast – January 2024 Economic Forecast: Our Index Turns Slightly Negative

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

U.S. import prices declined 1.6% year-over-year in December 2023, after declining 1.5 percent in November. Prices for U.S. exports fell 3.2% year-over-year in December following a 5.2% decline the previous month. For all of 2023, it was cheaper to buy an imported product.

Advance estimates of U.S. retail and food services sales for December 2023 were up 5.6% above December 2022 – 2.2% inflation-adjusted. Retail sales have been gradually improving since May 2023.

Industrial production improved 1.0% year-over-year in December with components manufacturing up 1.2% year-over-year, mining up 4.3% year-over-year, and utilities down 4.9% year-over-year. This is the first month since February 2023 that manufacturing has grown year-over-year. Is the manufacturing recession over?

According to the Federal Reserve’s January 2024 Beige Book:

A majority of the twelve Federal Reserve Districts reported little or no change in economic activity since the prior Beige Book period. Of the four Districts that differed, three reported modest growth and one reported a moderate decline. Consumers delivered some seasonal relief over the holidays by meeting expectations in most Districts and by exceeding expectations in three Districts, including in New York, which noted strong holiday spending on apparel, toys, and sporting goods. In addition, seasonal demand lifted airfreight volume from ecommerce in Richmond and credit card lending in Philadelphia. Several Districts noted increased leisure travel, and a tourism contact described New York City as bustling. Contacts from nearly all Districts reported decreases in manufacturing activity. Districts continued to note that high interest rates were limiting auto sales and real estate deals; however, the prospect of falling interest rates was cited by numerous contacts in various sectors as a source of optimism. In contrast, concerns about the office market, weakening overall demand, and the 2024 political cycle were often cited as sources of economic uncertainty. Overall, most Districts indicated that expectations of their firms for future growth were positive, had improved, or both.

• China Hits 5.2% Growth Target Despite Population Challenges
• U.S. Gasoline Prices End 2-Week Losing Streak
• Europe’s Nuclear Power Renaissance
• Tennessee Valley Authority Asks Customers To Conserve Power Amid Cold Spell
• ran’s Strike in Pakistan Adds to Middle East Tensions
• Jamie Dimon warns ‘all these very powerful forces’ will impact U.S. economy in 2024 and 2025
• Dow closes lower Wednesday, notching third straight losing session as bond yields rise: Live updates
• Samsung announces new Galaxy S24 lineup with AI-powered photo editing, search features
• Trump says ‘I would love it’ when judge threatens to kick him out of E. Jean Carroll trial
• Beige Book Finds “LIttle Or No Change” In Economic Activity But Optimism Rises On Hopes Of Lower Rates
• 10-, 30-year Treasury yields hit five-week highs after December retail sales data
• Tesla could be staring down a year of ‘growing pains,’ analyst cautions

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