06 Mar 2023 Market Close & Major Financial Headlines: Wall Street Market’s Gap Upward At The opening Bell, Roller Coaster Sideways, Then Closed About Where It Started This Morning
Summary Of the Markets Today:
- The Dow closed up 76 points or 0.20%,
- Nasdaq closed up 0.58%,
- S&P 500 closed up 0.51%,
- Gold $2,155 up $13.10,
- WTI crude oil settled at $79 up $0.92,
- 10-year U.S. Treasury 4.108% down 0.029 points,
- USD index $103.36 down $0.440,
- Bitcoin $66,930 up $4,805 (7.73%), All time high 68,990.90
*Stock data, cryptocurrency, and commodity prices at the market closing.
Click here to read our current Economic Forecast – March 2024 Economic Forecast: A Modest Improvement In Our Index Predicting Little Change In Main Street Growth
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
Private employers added 140,000 jobs in February according to ADP. While employment growth remained steady, pay gains for job-changers accelerated for the first time in more than a year, rising to 7.6 percent from 7.2 percent. 140,000 job gain is not outstanding but is high enough to cover population growth. Nela Richardson, hief Economist at ADP stated:
Job gains remain solid. Pay gains are trending lower but are still above inflation. In short, the labor market is dynamic, but doesn’t tip the scales in terms of a Fed rate decision this year.
January 2024 sales of merchant wholesalers were down 1.5% from January 2023. Total inventories were down 2.5% year-over-year. The January inventories/sales ratio for merchant wholesalers was 1.36. The January 2023 ratio was 1.38. This translates to little growth or inventory level change year-over-year.
The number of job openings changed little at 8.9 million on the last business day of January 2024. Over the month, the number of hires and total separations were little changed at 5.7 million and 5.3 million, respectively. This JOLTS report suggests future jobs growth should be little changed over the growth seen in the last year.
Fed Chair Jerome Powell today provided limited guidance for the future of monetary policy in 2024. He said it is “likely” that rates are at their current peak. He continued, “If the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year. But the economic outlook is uncertain, and ongoing progress toward our 2 percent inflation objective is not assured. Reducing policy restraint too soon or too much could result in a reversal of progress we have seen in inflation and ultimately require even tighter policy to get inflation back to 2 percent. At the same time, reducing policy restraint too late or too little could unduly weaken economic activity and employment. In considering any adjustments to the target range for the policy rate, we will carefully assess the incoming data, the evolving outlook, and the balance of risks.
According to the Federal Reserve’s Beige Book for February 2024:
Economic activity increased slightly, on balance, since early January, with eight Districts reporting slight to modest growth in activity, three others reporting no change, and one District noting a slight softening. Consumer spending, particularly on retail goods, inched down in recent weeks. Several reports cited heightened price sensitivity by consumers and noted that households continued to trade down and to shift spending away from discretionary goods. Activity in the leisure and hospitality sector varied by District and segment; while air travel was robust overall, demand for restaurants, hotels, and other establishments softened due to elevated prices, as well as to unusual weather conditions in certain regions. Manufacturing activity was largely unchanged, and supply bottlenecks normalized further. Nevertheless, delivery delays for electrical components continued. Ongoing shipping disruptions in the Red Sea and Panama Canal did not generally have a notable impact on businesses during the reporting period, although some contacts reported rising pressures on international shipping costs. Several reports highlighted a pickup in demand for residential real estate in recent weeks, largely owing to some moderation in mortgage rates, but noted that limited inventories hindered actual home sales. Commercial real estate activity was weak, particularly for office space, although there were reports of robust demand for new data centers, industrial and manufacturing spaces, and large infrastructure projects. Loan demand was stable to down, and credit quality was generally healthy despite a few reports of rising delinquencies. The outlook for future economic growth remained generally positive, with contacts noting expectations for stronger demand and less restrictive financial conditions over the next 6 to 12 months.
Here is a summary of headlines we are reading today:
- Tesla Faces Production Disruption at German Factory After Eco-Terrorist Attack
- Russia, Iran, and Turkey Forge New Economic Alliance in South Caucasus
- Cutting-Edge AI Identifies New Catalysts for Hydrogen Electrolysis
- WTI Crude Gains 3% on Tight Supply
- Oil Inches Higher on Fuel Inventory Draws
- NYCB shares rebound after troubled regional bank announces $1 billion capital raise
- Powell reinforces position that the Fed is not ready to start cutting interest rates
- S&P 500, Nasdaq close higher Wednesday, regaining some ground from recent sell-off: Live updates
- Foot Locker shares plunge 30% as retailer posts holiday loss, delays key financial target
- Bitcoin prices recover after retreating from new record: CNBC Crypto World
Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.
