Summary Of the Markets Today:

• The Dow closed down 199 points or 0.57%,
• Nasdaq closed down 1.06%,
• S&P 500 closed down 0.70%,
• Gold $1,942 down $10.90,
• WTI crude oil settled at $88 up $0.95,
• 10-year U.S. Treasury 4.298% up 0.030 points,
• USD Index $104.84 up $0.040,
• Bitcoin $25,656 down $29,

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

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Click here to read our Economic Forecast for September 2023

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

The July 2023 increase in the U.S. International Trade in Goods and Services Deficit increased 2.0% to $65 billion. Inflation-adjusted imports were down 0.3% year-over-year with exports growing 4.4% year-over-year. Declines in imports normally signal a weak to recessionary U.S. economy.

In August, the ISM Services PMI registered 54.5 percent, 1.8 percentage points higher than July’s reading of 52.7 percent. The Business Activity sub-index registered 57.3 percent, a 0.2-percentage point increase compared to the reading of 57.1 percent in July. The New Orders sub-index expanded in August for the eighth consecutive month after contracting in December for the first time since May 2020; the figure of 57.5 percent is 2.5 percentage points higher than the July reading of 55 percent. These numbers are normally indicative of an economy transitioning from weak to normal growth.

According to the 06 September 2023 Beige Book:

Contacts from most Districts indicated economic growth was modest during July and August. Consumer spending on tourism was stronger than expected, surging during what most contacts considered the last stage of pent-up demand for leisure travel from the pandemic era. But other retail spending continued to slow, especially on non-essential items. Some Districts highlighted reports suggesting consumers may have exhausted their savings and are relying more on borrowing to support spending. New auto sales did expand in many Districts, but contacts noted this had more to do with better availability of inventory rather than increased consumer demand. Manufacturing contacts in several Districts also noted that supply chain delays improved, and that they were better able to meet existing orders. New orders were stable or declined in most Districts, and backlogs shortened as demand for manufactured goods waned. One sector where supply did not become more available was single-family housing. Nearly all Districts reported the inventory of homes for sale remained constrained. Accordingly, new construction activity picked up for single-family housing. But multiple Districts noted that construction of affordable housing units was increasingly challenged by higher financing costs and rising insurance premiums. Bankers from different Districts had mixed experiences with growth in loan demand. Most indicated that consumer loan balances rose, and some Districts reported higher delinquencies on consumer credit lines. Agriculture conditions were somewhat mixed, but reports of drought and higher input costs were widespread. Energy activity was mostly unchanged during the final months of the summer.

Here is a summary of headlines we are reading today:

• Soaring Fuel Costs Trigger Airline Warnings
• Cybersecurity In Focus Ahead Of Berlin NATO Conference
• New Report Reveals Costly Shift In Green Energy Landscape
• G7 Price Cap Limits Russian Oil Revenue, But Moscow Has No Shortage Of Buyers
• Data Centers Are Poaching Texas Oil Workers
• Dow tumbles nearly 200 points, Nasdaq falls a third straight day as Fed rate hike fears return: Live updates
• Ukraine drone supplier AeroVironment soars more than 20%, heads for best day in more than 2 years
• Nasdaq just posted its worst month since December. How the smart money played it
• Apple buying Disney would be a storybook ending for Iger, but fairy tales aren’t real
• Ryanair boss calls air traffic chaos report rubbish
• Bond Report: 2-year Treasury yield ends at one-week high after ISM services-sector report
• In One Chart: A recession could be nine months away, according to this telltale gauge

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 196 points or 0.56%,
• Nasdaq closed down 0.08%,
• S&P 500 closed up 0.42%,
• Gold $1,952 down $15.40,
• WTI crude oil settled at $87 up $1.14,
• 10-year U.S. Treasury 4.262% up 0.089 points,
• USD Index $104.81 up $0.580,
• Bitcoin $25,674 down $220,

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

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Click here to read our Economic Forecast for September 2023

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

No economic releases today

Here is a summary of headlines we are reading today:

• Puerto Rico’s Solar Rooftop Revolution
• Iraq-Turkey See More Delays In Resuming Oil Flows
• From Boom To Gloom: China’s Economic Momentum Dips
• Oil Prices Jump As Russia And Saudi Arabia Extend Cuts
• Australia Considers Extending The Life Of Its Biggest Coal Plant
• Can you use expired Covid tests? What to know as cases rise, new variants emerge
• Apple, Google, Nvidia and other tech giants are considering buying Arm shares
• Mortgage rate tipping point: Homeowners say roughly 5% is the magic number to move
• Peter Schiff: Government Spending Has Bankrupted The US
• Is Subprime Credit-Card Crisis Looming?
• IPO Report: Arm IPO: 5 things to know about the chip designer central to the AI transition

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

The stock markets are closed today for Labor Day but there is still news. Click on the “Read More” below to read all the headlines we are following today.

Summary Of the Markets Today:

• The Dow n/a,
• Nasdaq n/a,
• S&P 500 n/a,
• Gold n/a,
• WTI crude oil n/a,
• 10-year U.S. Treasury n/a,
• USD index n/a,
• Bitcoin $25,900 down $70

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Click here to read our Economic Forecast for September 2023

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

No economic releases today

Here is a summary of headlines we are reading today:

• Alaska Air Force Base Home To Mini-Nuclear Reactor Pilot Project
• Putin’s Natural Gas Leverage Over The EU Is Not Entirely Gone
• UK Fuel Prices See One Of The Largest Monthly Increases In 23 Years
• Venezuela’s Oil Exports Plunge By 38% From Three-Year High
• Biden gets low marks on economy and major concerns about his age as he looks to Trump rematch, new poll shows
• BMW: Gasoline Car Ban Poses “Imminent Risk” To European Automakers
• Putin and Erdogan discuss grain deal; Kyiv replaces defense minister
• Germany is the ‘sick man of Europe’ — and it’s causing a shift to the right, top economist says
• Zuckerberg’s “Twitter Killer” App Struggles For Traction
• “Exodus Begins”: Thousands Attempt To Flee Burning Man

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 116 points or 0.33%,
• Nasdaq closed down 0.02%,
• S&P 500 closed up 0.18%,
• Gold $1,967 up $1.10,
• WTI crude oil settled at $86 up $2.25,
• 10-year U.S. Treasury 4.179% up 0.088 points,
• USD Index $104.26 up $0.640,
• Bitcoin $25,618 down $482,
• Baker Hughes Rig Count: U.S. -1 to 631 Canada -3 to 187

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

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Click here to read our Economic Forecast for September 2023

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

Total nonfarm payroll employment increased by 187,000 in August 2023 and the unemployment rate rose to 3.8 percent. Employment continued to trend up in health care, leisure and hospitality, social assistance, and construction. Employment in transportation and warehousing declined. There were a massive 736,000 people added to the workforce this month which fully explains the increase in the unemployment rate (this is from the household survey portion of the jobs report which extrapolates data from 50,000 households). Comparing the gains, the household survey increased employment by 222,000 whilst the establishment survey increased 187,000 which reasonably correlates. Average weekly earnings grew from $1,119 in August 2022 to $1,163 in August 2023. The bottom line is that employment gains have been growing for the last 2 months and remains relatively strong. The decline in transport jobs this month is an idiosyncrasy caused by several factors facing this sector.

Construction spending grew in July 2019 by 5.5% year-over-year (red line on the graph below). Inflation-adjusted, construction spending grew 1.7% year-over-year (blue line on the graph below).

The August 2023 Manufacturing PMI registered 47.6 percent, 1.2 percentage points higher than the 46.4 percent recorded in July. This figure indicates a ninth month of contraction after a 30-month period of expansion. The New Orders Index remained in contraction territory at 46.8 percent, 0.5 percentage points lower than the figure of 47.3 percent recorded in July. No question that the manufacturing sector remains in a recession.

• Drilling Continues To Disappoint As Oil Prices Climb
• Oil Reaches New 2023 High
• Massive Copper Theft Scandal Sends Shockwaves Through Metal Market
• The Largest Threat To The Solar Industry
• Oil Prices Climb As Traders Refocus On Fundamentals
• Hollywood sheds 17,000 jobs in August amid ongoing strikes
• Dow closes more than 100 points higher to kick off September, notches best week since July: Live updates
• Home prices may be on the verge of cooling off
• Dell has best day on stock market since its relisting in 2018 after earnings sail past estimates
• Russia Puts Its Longest Range Nuke-Capable Missile On Combat Duty, Nicknamed ‘Satan II’
• Market Snapshot: S&P 500 heads for weekly gain as U.S. stocks trade mixed after jobs 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 168 points or 0.48%,
• Nasdaq closed up 0.11%,
• S&P 500 closed down 0.16%,
• Gold $1,967 down $6.10,
• WTI crude oil settled at $84 up $1.87,
• 10-year U.S. Treasury 4.100% down 0.018 points,
• USD Index $103.62 up $0.460,
• Bitcoin $26,100 down $1,102,

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

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Click here to read our Economic Forecast for September 2023

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

According to NFIB’s monthly jobs report, 40% (seasonally adjusted) of small business owners reported job openings they could not fill in the current period, down two points from last month and the lowest level since February 2021. Seasonally adjusted, a net 36% of owners reported raising compensation in August, tying June’s reading, and marking the lowest reading since May 2021. A net 26% of owners plan to raise compensation in the next three months, up five points from July. Bill Dunkelberg, NFIB Chief Economist stated:

More small business owners are planning to increase compensation in the next three months as unfilled job openings slipped in August. Even as openings fell on Main Street, owners are actively working to retain current employees and attract qualified applicants.

U.S.-based employers announced 75,151 cuts in August, a 217% increase from the 23,697 cuts announced one month prior. It is 267% higher than the 20,485 cuts announced in the same month in 2022, According to Challenger: “Job openings are falling, and American workers are more reluctant to leave their positions right now. The job market is resetting after the pandemic and post-pandemic hiring frenzy. Job openings are falling, and American workers are more reluctant to leave their positions right now. The job market is resetting after the pandemic and post-pandemic hiring frenzy.”

Real Disposable personal income (DPI) for July 2023 declined to 3.8% increase year-over-year (blue line on the graph below) and real personal consumption expenditures (PCE) moved up to 3.0% increase year-over-year (red line on the graph below). The price index which measures inflation for personal consumption expenditures INCREASED to 3.3% growth year-over-year (green line on the graph below. The price index for personal consumption expenditures excluding food and energy likewise grew to 4.1% year-over-year. Like I have been predicting, inflation is no longer falling but will be rising in the coming months.

CoreLogic reports that for the month of June, 2.6% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 0.3 percentage point decrease compared with 2.9% in June 2022 and unchanged from May 2023.

• Early-Stage Delinquencies (30 to 59 days past due): 1.3%, up from 1.2% in June 2022
• Adverse Delinquency (60 to 89 days past due): 0.4%, up from 0.3% in June 2022.
• Serious Delinquency (90 days or more past due, including loans in foreclosure): 1%, down from 1.3% in June 2022 and a high of 4.3% in August 2020.
• Foreclosure Inventory Rate (the share of mortgages in some stage of the foreclosure process): 0.3%, unchanged from June 2022.
• Transition Rate (the share of mortgages that transitioned from current to 30 days past due): 0.6%, down from 0.7% in June 2022.

In the week ending August 26, the advance figure for seasonally adjusted unemployment initial claims 4-week moving average was 237,500, an increase of 250 from the previous week’s revised average. The previous week’s average was revised up by 500 from 236,750 to 237,250.

The Chicago Business Barometer rose to 48.7 in August of 2023 from 42.8 in July. The reading marked the 12th consecutive month of contraction in business activity in the Chicago region but the smallest in the current sequence that began in September 2022.

 

• Analyst: BRICS Currency Unlikely To Undermine Dollar Dominance
• Fluorinated Aniliniums Lead To A Breakthrough In Perovskite Solar Cells
• Tesla Faces New Competition As European Auto Sales Soar
• Refiners Are Raking It In Amid Surge In Diesel Margins
• U.S. Gasoline Prices Rise Ahead Of Labor Day Weekend
• U.S. health officials want to loosen marijuana restrictions. Here’s what it means
• Shopify stock pops after company strikes ‘Buy with Prime’ deal with Amazon
• Here’s why some economists are concerned student loans may cause the next big bubble
• Philly Fed GDPplus Measure Sure Looks Like Recession Started In Q4 2022
• Ex-CIA Agent Who Signed Propaganda Letter About Hunter Biden Laptop Tried To Conceal Twitter Job

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 38 points or 0.11%,
• Nasdaq closed up 0.54%,
• S&P 500 closed up 0.38%,
• Gold $1,972 up $6.60,
• WTI crude oil settled at $82 up $0.44,
• 10-year U.S. Treasury 4.118% down 0.004 points,
• USD Index $103.02 down $0.330,
• Bitcoin $27,255 down $606,

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

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Click here to read our Economic Forecast for September 2023

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

Private sector employment increased by 177,000 jobs in August and annual pay was up 5.9 percent year-over-year, according to the August ADP National Employment Report. 177,000 job growth is higher than normal new workers entering the workforce – but continues to slow. Nela Richardson, ADP chief economist stated:

This month’s numbers are consistent with the pace of job creation before the pandemic, After two years of exceptional gains tied to the recovery, we’re moving toward more sustainable growth in pay and employment as the economic effects of the pandemic recede.

The second estimate of real gross domestic product (GDP) in 2Q2023 increased at an annual rate of 2.1 percent – down from 2.4% in the advance estimate. This is little changed In the first quarter, real GDP increased 2.0 percent. I prefer to analyze year-over-year growth as the primary metric for GDP which increased to 2.5% (blue line in the graph below). The good news is that inflation continues to abate as the implicit price deflator moderated to 3.5% year-over-year (red line on the graph below).

The National Association of REALTORS Pending home sales fell by 14.0% year-over-year in July 2023 – but is a significant improvement over the declines seen over the past year. You should expect continued improvement as the data is being compared to the terrible data over the past year. Pending Home Sales is a forward-looking indicator of home sales based on contract signings. NAR Chief Economist Lawrence Yun stated:

The small gain in contract signings shows the potential for further increases in light of the fact that many people have lost out on multiple home buying offers. Jobs are being added and, thereby, enlarging the pool of prospective home buyers. However, rising mortgage rates and limited inventory have temporarily hindered the possibility of buying for many.

 

• Energy Storage Sector Gears Up For Explosive Growth
• Saudis Pour Money Into American Lithium
• Shipping Woes Ease As Rates Drop To Pre-Pandemic Levels
• Oil Rises After EIA Confirms Major Crude Draw
• S&P 500 rises for a fourth straight day, major averages curtail monthly losses in late August hot streak
• How China became the king of new nuclear power, and how the U.S. is trying to stage a comeback
• HHS calls for easing restrictions on marijuana, sending cannabis stocks higher
• Grayscale CEO lays out next steps after ‘huge victory’ against SEC: CNBC Crypto World
• Mitch McConnell appears to freeze again, in another health scare for Senate’s top Republican

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 293 points or 0.85%,
• Nasdaq closed up 1.74%,
• S&P 500 closed up 1.45%,
• Gold $1,966 up $19.00,
• WTI crude oil settled at $81 up $1.11,
• 10-year U.S. Treasury 4.114% down 0.098 points,
• USD Index $103.43 down $0.630,
• Bitcoin $27,853 up $1,880,

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

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Click here to read our Economic Forecast for September 2023

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

The S&P CoreLogic Case-Shiller U.S. National Home Price 20-City Composite posted a year-over-year loss of -1.2%, up from -1.7% in the previous month. According to Dr. Selma Hepp, chief economist at CoreLogic:

While home prices have shown a lot of strength so far in 2023, elevated mortgage rates are making it difficult for many potential buyers to purchase properties, which will likely keep a lid on additional gains for the rest of the year. Nevertheless, home prices are still expected to continue to reaccelerate and reach mid-single-digit growth rate by the year’s end. Across price tiers, the high tier continued to show relative weakness, -2.6% year over year, the fourth month of annual declines and similar to trends observed in CoreLogic’s Single-Family Rent Index. This trend may reflect the greater mobility of higher-income households during the pandemic, which has since slowed. In addition, the surge in demand for luxury and second homes seen in 2021 and 2022 also contracted relatively more since the increase in mortgage rates and stalling home sales

The number of job openings edged down to 8.8 million on the last business day of July, the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires and total separations changed little at 5.8 million and 5.5 million, respectively. Still, there remain many unfilled job openings which should continue to drive strong job growth in the months to come.

The Conference Board Consumer Confidence Index declined in August to 106.1 (1985=100), from a downwardly revised 114.0 in July. Expectations were a hair above 80—the level that historically signals a recession within the next year. Although consumer fears of an impending recession continued to recede, The Conference Board still anticipates one is likely before yearend. Dana Peterson, Chief Economist at The Conference Board stated:

Consumer confidence fell in August 2023, erasing back-to-back increases in June and July. August’s disappointing headline number reflected dips in both the current conditions and expectations indexes. Write-in responses showed that consumers were once again preoccupied with rising prices in general, and for groceries and gasoline in particular. The pullback in consumer confidence was evident across all age groups—and most notable among consumers with household incomes of $100,000 or more, as well as those earning less than $50,000. Confidence held relatively steady for consumers with incomes between $50,000 and $99,999.

• Is The Shale Reinvestment Surge Just A Blip Or A Strategy Shift?
• U.S. Treasury Increases Flexibility For Energy Tax Credit Program
• Chevron Evacuates Gulf Of Mexico Oil Platforms As Hurricane Idalia Approaches
• Cartels Take Over As Ecuador’s New Power Brokers
• One-Third Of Toyota’s Global Production Frozen Due To Mysterious Glitch
• The U.S. Holds First-Ever Offshore Wind Lease Sale In Gulf Of Mexico
• Nasdaq pops more than 1% for third straight winning day as tech rebounds from August slump: Live updates
• Investors are ramping up short bets against these electric vehicle makers and small-cap health-care stocks
• 3M faces more legal headaches after $6 billion earplug settlement
• Buy the August dip in this travel stock with a deep moat and 30% upside, says Bernstein
• The 30-year mortgage rate has surpassed 7%, but some buyers are only paying 6%. Here’s how they do it.
• Bond Report: Treasury yields end at almost three-week lows after U.S. job-openings 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 213 points or 0.62%,
• Nasdaq closed up 0.84%,
• S&P 500 closed up 0.63%,
• Gold $1,948 up $7.90,
• WTI crude oil settled at $80 up $0.30,
• 10-year U.S. Treasury 4.204% down 0.035 points,
• USD Index $104.02 down $0.060,
• Bitcoin $25,984 down $134,

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

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Click here to read our Economic Forecast for August 2023

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

The Dallas Fed’s Texas factory activity contracted again in August 2023with the production index falling six points to -11.2 — its lowest level since May 2020. The new orders sub-index has been in negative territory for more than a year and posted a reading of -15.8, up slightly from July.  Manufacturing sector remains in a recession in the U.S.

 

• Russia-Ukraine War Shifts To Black Sea Oil
• Romania LNG Stations Hit By Deadly Explosions
• China’s Sinopec Chooses Aramco Gas Project Over Shell Singapore Refinery
• Suriname Oil Boom Back On Track As New Discoveries Excite Investors
• Iran Summons Swiss Diplomat Over U.S. Seizing Oil Tanker In Texas
• Dow closes 200 points higher as Wall Street aims to curtail August’s decline: Live updates
• Bitcoin trading volume is at its lowest in more than four years
• Biden signs state of emergency order for Florida as Tropical Storm Idalia approaches
• OpenAI launches ChatGPT Enterprise, the company’s biggest announcement since ChatGPT’s debut
• Hawaiian Electric points finger at Maui County over devastating wildfires, stock jumps 40%
• Commodities Corner: Citgo warns of fuel contamination at Tampa terminal as Tropical Storm Idalia looks to hit Florida’s Gulf Coast as a hurricane

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 250 points or 0.73%,
• Nasdaq closed up 0.94%,
• S&P 500 closed up 0.67%,
• Gold $1,942 down $5.20,
• WTI crude oil settled at $80 up $1.00,
• 10-year U.S. Treasury 4.239% up 0.004 points,
• USD Index $104.14 up $0.160,
• Bitcoin $25,650 down $70,
• Baker Hughes Rig Count: U.S. -10 to 632 Canada +1 to 190

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

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Click here to read our Economic Forecast for August 2023

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

According to CoreLogic, annual single-family home rent growth eased for the 14^th consecutive month in June 2023, registering a 3.3% gain, which remains in close range of the pre-pandemic growth rate. Lower-priced rentals continue to see more demand and thus greater annual gains than their higher-priced counterparts, a trend that is partially due to declining affordability and one that has been increasingly exacerbated by inflation. Molly Boesel, principal economist for CoreLogic stated:

Annual single-family rent growth has returned to its long-term, pre-pandemic rate, but increases for attached properties were one-and-a half-times that of detached properties in June; this is historically not the case, as both housing types tend to rise at the same pace. However, while rent growth for attached properties lagged that of detached properties in 2020 and 2021, it has outpaced the latter in 2022 to 2023. Rent growth for attached homes is projected to continue to exceed that of detached properties as the market balances.

From Econoday:

Fed Chair Jerome Powell’s remarks at the Jackson Hole Symposium delivered reinforcement of past comments regarding inflation and the outlook for interest rate policy. He said, “It is the Fed’s job to bring inflation down to our 2 percent goal, and we will do so. We have tightened policy significantly over the past year. Although inflation has moved down from its peak—a welcome development—it remains too high. We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.”

After rising sharply for the past several months, the University of Michigan consumer sentiment moved sideways in August with a small decline that is not statistically different from July. Sentiment reached its second highest reading in 21 months and is now about 39% above the all-time historic low reached in June of 2022. While buying conditions for durables and expectations over living conditions both improved, the long-run economic outlook fell back about 12% this month but remains higher than just two months ago. Consumers weighed a combination of positive and negative factors in the economy, which led to differing offsetting trends across demographic groups. Consumers perceive that the rapid improvements in the economy from the past three months have moderated, particularly with inflation, and they are tentative about the outlook ahead.

 

• Permian Rig Count Drops Amid Rising U.S. Crude Production
• Walmart Drones Set To Take Flight In Dallas
• Bullish Fundamentals Limit The Downside For Oil Prices
• Canada’s Oil Production Continues To Surge
• S&P, Nasdaq close higher, snapping 3-week losing streak as Wall Street shakes off rate hike fears: Live updates
• Fed Chair Powell calls inflation ‘too high’ and warns that ‘we are prepared to raise rates further’
• Stocks making the biggest moves midday: Nordstrom, Hasbro, Hawaiian Electric, Affirm and more
• Wegovy helps reduce heart failure symptoms in obese people, study says
• Tesla Investors Set For $12,000 Payout Each Over Musk’s “Funding Secured” Tweet
• US faces more interest rate rises to cool inflation
• Treasury selloff drives key 5-year yield to highest since 2008

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 373 points or 1.08%,
• Nasdaq closed down 1.87%,
• S&P 500 closed down 1.35%,
• Gold $1,945 down $2.70,
• WTI crude oil settled at $79 up $0.09,
• 10-year U.S. Treasury 4.235% up 0.037 points,
• USD Index $104.01 up $0.590,
• Bitcoin $26,024 down $659,

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

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Click here to read our Economic Forecast for August 2023

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

The number of CEO changes at U.S. companies surged in July, as 197 CEOs left their posts last month. It is the highest total since record-setting May, when 224 CEOs exited the top spot, according to a report released by Challenger, Gray & Christmas, Inc. July’s total is 67% higher than the 118 CEO exits recorded in June. It is 240% higher than the 58 CEO exits recorded in the same month in 2022. So far this year, 1,104 CEOs have left their posts, up 33% from the 832 CEO changes during the same period in 2022. It is the highest total in the first seven months of the year since the firm began tracking in 2002. Andrew Challenger, workplace expert and Senior Vice President of Challenger stated:

As layoffs slow, we’re beginning to see an increased pace of changes at the top. As staffing needs and hiring normalizes, Boards are looking for leadership with staying power.

New orders for manufactured durable goods in July decreased to 3.8% increase year-over-year in July 2023 (up 2.2% year-over-year inflation adjusted). This decline was entirely due to the civilian aircraft sector. Overall, durable goods is the only sector in manufacturing that is not in a recession.

Led by improvements in production-related indicators (orange line on the graph below), the Chicago Fed National Activity Index (CFNAI) three-month moving average, CFNAI-MA3, modestly improved to –0.13 in July from –0.15 in June (purple line on the graph below).  The CFNAI is my preferred coincident indicator – and it shows a modestly improving economy expanding below its historical trend (average) rate of growth but well above levels associated with recessions.

The Kansas City Fed’s manufacturing activity was unchanged in August 2023. The month-over-month composite index was 0 in August, up from -11 in July and -12 in June. Overall manufacturing appears in the US remains in a recession.

In the week ending August 19, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 236,750, an increase of 2,250 from the previous week’s revised average. The previous week’s average was revised up by 250 from 234,250 to 234,500.

• Nigerian Military Destroys 8 Illegal Refining Sites In Niger Delta
• India’s Slowing Oil Demand Growth To Weigh On Oil Prices
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• New Mexico’s Record Oil Output To Generate $3.5 Billion Budget Surplus
• August once again lives up to its dismal reputation for stocks
• Nvidia earnings scare away AMD, Intel investors as legacy chipmakers lose ground in AI
• Bitcoin ordinals inscriptions have been climbing steadily this summer despite lull in prices
• Lionel Messi lifts MLS to new heights, but the league needs more than ‘the GOAT’ to grow
• Elon Musk Vows To Sue Soros-Funded NGOs Over Free Speech
• Jackson Hole Preview: “Do We Receive Another Hawkish Surprise?”
• Why AMD, Marvell, Intel and other chip stocks are falling after Nvidia earnings
• Movers & Shakers: Nvidia stock jumps after blowout quarter, while Dollar Tree and Boeing fall

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