28June2022 Market Close & Major Financial Headlines: Wall Street Main Indexes Trend Sharply Lower After Opening In The Green

June 28, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 491 points or 1.56%,
  • Nasdaq closed down 2.98%,
  • S&P 500 closed down 2.01%,
  • WTI crude oil settled at 112, up 1.62%,
  • USD $104.50 up 0.53%,
  • Gold $1819 up 0.00%,
  • Bitcoin $20244 down 3.01% – Session Low 20223,
  • 10-year U.S. Treasury 3.196% up 0.002%

Today’s Economic Releases:

Home prices are still surging in April 2022 according to the S&P CoreLogic Case-Shiller National Home Price Index. CoreLogic Deputy Chief Economist Selma Hepp stated:

While still surging at a 20.4% pace in April, the S&P CoreLogic Case-Shiller Index finally took a turn again in April and slowed from March’s peak increase of 20.6%. The slowing of monthly gains, which were up 2.1%, also suggest further deceleration ahead. Signs of a tipping point toward a greater balance between buyers and sellers are increasing, albeit only compared to some of the most competitive conditions since the early 2000s. In particular, there is a buildup in overall active inventory as fewer buyers are rushing to make offers, resulting in an increase in the share of homes that have reduced their prices from the original list price. Also, there is a notable deceleration of monthly gains in the Western markets where a rush to lock in favorable mortgage rates pushed home price growth higher in prior months.

The Richmond Fed (Fifth District) manufacturing declined again in June 2022. Manufacturing across the U.S. is slowing.

A summary of headlines we are reading today:

  • The Catastrophic Environmental Consequences Of Russias Invasion Of Ukraine
  • Tensions Are Rising Ahead Of Xi-Biden Meeting
  • NASA begins its return to the moon with a low-cost CAPSTONE mission, launched by Rocket Lab
  • JetBlue ups offer for Spirit Airlines as shareholder vote on Frontier bid nears
  • Home price increases slowed in April for the first time in months, S&P Case-Shiller says
  • ‘Bad News’ Is Bad News Again: Stocks Slammed On Macro Meltdown, Bonds Shrug
  • Oil Tanker Halted By US Authorities In Transit From Russia To New Orleans
  • Crypto: Crypto exchange CoinFlex says one of the most prominent names in the industry defaulted on $47 million USDC debt

These and other headlines and news summaries moving the markets today are included below.

27June2022 Market Close & Major Financial Headlines: Wall Street’s Major Indexes See-Sawed Across The Unchanged Line Ultimately Ending Moderately Down In The Red As Rebound Fails

June 27, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 642 points or 0.20%,
  • Nasdaq closed down 0.72%,
  • S&P 500 closed down 0.30%,
  • WTI crude oil settled at 110, up 2.09%,
  • USD $103.92 down 0.12%,
  • Gold 1823 up 0.01%,
  • Bitcoin $20894 up 1.90% – Session Low 20558,
  • 10-year U.S. Treasury 3.205% up 0.081%

Today’s Economic Releases:

The National Association of Realtors announced that their May 2022 pending home sales index declined 13.6% year-over-year – although there was a modest increase month-over-month. According to NAR Chief Economist Lawrence Yun:

Despite the small gain in pending sales from the prior month, the housing market is clearly undergoing a transition. Contract signings are down sizably from a year ago because of much higher mortgage rates.

New orders for May 2022 durable goods increased according to US Census – and is up 10.9% year-over-year, Unfortunately, inflation in durable goods is running at 8.5% which reduces the growth substantially. Still, there are no signs of slowing in durable goods.

 

A summary of headlines we are reading today:

  • The Steel Market Is In Chaos As Demand Uncertainty Grows
  • Pending home sales post a surprise increase in May, likely due to a brief pullback in mortgage rates
  • Airlines, FAA spar over flight delays as crucial Fourth of July weekend approaches
  • ‘Good News’ Sends Stocks & Bonds Lower; Oil & Gas Prices Soar
  • Amtrak Train Packed With 243 Passengers Derails In Missouri
  • “F**k Clarence Thomas!” Shouts Chicago Mayor Lori Lightfoot During Pride Parade
  • Corporate America was becoming more partisan even before Roe’s reversal —and that’s ‘likely not in the interest of shareholders,’ research says
  • Bond Report: Treasury yields bounce across the board after breaking a string of 3 consecutive weekly rises

These and other headlines and news summaries moving the markets today are included below.

24June2022 Market Close & Major Financial Headlines: Wall Street Sees Highest Dead Cat Bounce In Twenty Years, Major Indexes Rally Making A Big Comeback Closing At Session Highs, Bear Market Over?

June 24, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 823 points or 2.68%,
  • Nasdaq closed up 3.34%,
  • S&P 500 closed up 3.06%,
  • WTI crude oil settled at 107, up 3.36%,
  • USD $104.18 down 0.22%,
  • Gold 1825 up 0.07%,
  • Bitcoin $21210 up 1.89% – Session Low 20690,
  • 10-year U.S. Treasury 3.134% up 0.064%
  • Baker Hughes Rig Count: U.S. +13 to 753 Canada -2 to 154

Today’s Economic Releases:

The headline numbers for New Single Family homes sold in May 2022 show a 10.7% rise over last month which is good news. But in perspective, new home sales have been declining year-over-year for a year now – but in a historical sense, the volume of new homes sold monthly is on the high end of volumes since the Great Recession.

A summary of headlines we are reading today:

  • U.S. Drillers Add 10 Oil Rigs As Permian Takes The Lead
  • United Airlines pilots to get raises of more than 14%, 8 weeks of maternity leave in new contract
  • Disney tells employees it will provide ‘comprehensive access’ for reproductive care
  • Stocks Emerge From Bear Market As End Of Fed Rate Hikes Priced In With Recession Looming
  • Cost of living: People cut back on food shopping as price rises bite
  • Market Snapshot: Dow climbs 700 points as U.S. stocks on track to snap three weeks of losses
  • Futures Movers: Oil ends higher on tight supplies, but U.S. prices hold on to a weekly loss on recession worries

These and other headlines and news summaries moving the markets today are included below.

23June2022 Market Close & Major Financial Headlines: The Dead Cat Hasn’t Stopped Bouncing, Wall Street Closed Higher In An Eyebrow Raising Late Session Rally – However, High Fuel And Food Prices Haven’t Gone Away

June 23, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 194 points or 0.64%,
  • Nasdaq closed up 1.62%,
  • S&P 500 closed up 0.95%,
  • WTI crude oil settled at 104, down 0.11%,
  • USD $104.34 up 0.15%,
  • Gold $1825 down 0.49%,
  • Bitcoin $21003 up 4.14% – Session Low 19802,
  • 10-year U.S. Treasury 3.087% down 0.069%

Today’s Economic Releases:

The four-week moving average for initial unemployment claims continues to modestly climb.

The Kansas City Tenth District Manufacturing Survey for June 2022 showed manufacturing slowed but remained in expansion.

A summary of headlines we are reading today:

  • The EV Revolution Is Transforming Rental Companies
  • Dallas Fed: Surging Costs Hamper U.S. Shale Growth
  • A Strong Dollar Is Weighing On Precious Metals
  • The retail industry is facing a potential wave of bankruptcies – here’s why
  • Stocks & Bonds Surge As Recession Fears Tank Rate-Hike Odds
  • “Chicago Is Like Afghanistan”: Ken Griffin Is Moving Citadel To Miami, Leaving Chicago Crime Cesspool Behind

These and other headlines and news summaries moving the markets today are included below.

22June2022 Market Close & Major Financial Headlines: Wall Street Equities Gapped down At The Opening, Dow Slid 355 points, Most Of Session In The Green, Finally Closing Fractionally In The Red, High Gas And Food Prices Remain A Big Investor Concern

June 22, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 47 points or 0.15%,
  • Nasdaq closed down 0.15%,
  • S&P 500 closed down 0.13%,
  • WTI crude oil settled at 105, down 4.274%,
  • USD $104.19 down 0.24%,
  • Gold $1838 down 0.09%,
  • Bitcoin $21107 down 3.73% – Session Low 19903,
  • 10-year U.S. Treasury 3.141% down 0.152%

Today’s Economic Releases:

CoreLogic released today its 2022 Hurricane Report – this is a very detailed illustrated product which you can download [here] for free. Their analysis suggests a 10% chance of an above normal Atlantic hurricane season, a 25% chance of a near-normal season, and a 65% chance of a below normal season.

Yesterday, CoreLogic released their Single-Family Rent Index (SFRI) for April 2022 showing rents have increased 14% year-over-year.  Per said Molly Boesel, principal economist at CoreLogic:

Single-family rents continue to increase at record-level rates. In April, rent growth provided upward pressure on inflation, which rose at rates not seen in nearly 40 years. We expect single-family rent growth to continue to increase at a rapid pace throughout 2022.

A summary of headlines we are reading today:

  • U.S. Oil And Gas Exports Are Fueling Higher Domestic Prices
  • Raw material costs for electric vehicles have doubled during the pandemic
  • Demand for adjustable-rate mortgages surges, as interest rates make biggest jump in 13 years
  • Obama boasted about opposing federal gas tax holiday before 2008 election — Biden now wants one
  • Stocks Snore, Bonds Soar As Fed Fears Ease; There’s Just One Thing…
  • The Tell: The S&P 500 could slide another 33% in a ’70s-style inflation environment: Société Générale
  • Supply-chain problems persist heading toward the back-to-school season, and the solutions give rise to a new set of risks

These and other headlines and news summaries moving the markets today are included below.

21June2022 Market Close & Major Financial Headlines: Wall Street Equities Gapped Upwards At The Opening Bell, Recession And Inflation Fears Remain In Investors’ Minds, Some Traders Say Today’s Rally Is A Dead Cat Bounce

June 21, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 42 points or 0.14%,
  • Nasdaq closed up 1.43%,
  • S&P 500 closed up 0.21%,
  • WTI crude oil settled at 109, down 0.99%,
  • USD $104.42 down 0.26%,
  • Gold $1830 up 0.47%,
  • Bitcoin $21,150 up 5.30% – Session Low 19970,
  • 10-year U.S. Treasury up 0.068% / 3.307%

Today’s Economic Releases:

The Chicago Fed National Activity Index 3 month average slowed in May 2022 but still shows that  the national economy expanding above its historical trend (average) rate. of growth. The index is a weighted average of 85 indicators of growth in national economic activity drawn from four broad categories of data: 1) production and income; 2) employment, unemployment, and hours; 3) personal consumption and housing; and 4) sales, orders, and inventories.

Existing home sales for May 2022 declined 8.6% from one year ago – all while the median home price exceeded $400,000 for the first time. This is not economically good news.

A summary of headlines we are reading today:

  • Solar Industry Lashes Out As Biden Lifts Tariffs On Chinese Panels
  • Amazon Prime Day is coming up. Focus will be on consumer staples to counter surging inflation, experts say
  • Inflation and recession fears are squeezing some industries more than others
  • Chevron CEO Slams ‘Political Rhetoric’ In Scorching Letter To Biden
  • Bayer: US Supreme Court rejects chemical maker’s weedkiller appeal
  • Market Extra: Stock market is not fully pricing in a looming recession, warns Morgan Stanley’s Mike Wilson

These and other headlines and news summaries moving the markets today are included below.

17June2022 Market Close & Major Financial Headlines: Wall Street Seesaws Through Friday’s Session And Closes In The Green, We’re Off This Monday For The Juneteenth Freedom Day Holiday

June 17, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 42 points or 0.14%,
  • Nasdaq closed up 1.43%,
  • S&P 500 closed up 0.21%,
  • WTI crude oil settled at $110, down 6.33%,
  • USD $104.80 up 1.00%,
  • Gold $1838 down 2.20%,
  • Bitcoin $20475 down 2.00% – Session Low 20232,
  • 10-year U.S. Treasury down 0.07% / 3.335%
  • Baker Hughes Rig Count: U.S. +7 to 740 Canada +15 to 156

Today’s Economic Releases:

Industrial Production grew 5.8% year-over-year in May 2022 – down slightly from last month’s 6.3% year-over-year growth. The manufacturing portion of industrial production growth likewise slowed.

The Philadelphia Fed’s Livingston Survey is published twice a year, in June and December – and is the oldest survey of economists’ expectations. The June 2022 survey forecasts a much lower rate of economic growth.

A summary of headlines we are reading today:

  • U.S. Drillers Add 7 Rigs Amid Oil Price Slide
  • SpaceX fires at least 5 employees over an internal letter criticizing CEO Elon Musk
  • Hawkish Fed Sparks Dow’s Worst Streak Ever; Crypto, Crude, & Credit Crushed
  • Kemp: White House Tries To Blame US Refiners For Its Own Overheating Error
  • Housing Crash Imminent: As Mortgage Rates Explode Price Cuts Soar And Buyer Demand Collapses

These and other headlines and news summaries moving the markets today are included below.

16June2022 Market Close & Major Financial Headlines: Wall Street Gapped Down Sharply At The Opening Bell And Traded In A Range-Bound Sideways Trend; The Dow Broke Below 30K As Recession Fears Hit Investors; U.S. Inflation Expected To Keep Running Hot

June 16, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 741 points or 2.42%,
  • Nasdaq closed down 4.08%,
  • S&P 500 closed down 3.25%,
  • WTI crude oil settled at $117, up 1.04%,
  • USD $103.61 down 1.18%,
  • Gold $1854 up 2.20%,
  • Bitcoin $20970 down 3.18% – Session Low 20800,
  • 10-year U.S. Treasury down 0.156% / 3.239%

Today’s Economic Releases:

For week ending 11 June 2022, the four week moving average for weekly unemployment insurance claims continues its modest growth.

New residential building permits and construction start growth for May 2022 continued to slow year-over-year. Permits show no growth whilst starts are slightly in contraction. New residential construction is not a good predictor of recessions – except that residential construction is normally in recession when a recession hits.

The Philadelphia Fed’s manufacturing survey for Jun 2022 is now in contraction – and this is the third consecutive month of decline.

A summary of headlines we are reading today:

  • Europe Follows U.S. Fed With Record-Breaking Rate Hikes
  • Airline stocks tumble as economic concerns overshadow travel surge
  • Cosmetics giant Revlon files for Chapter 11 bankruptcy protection
  • Environmental groups sue Biden to block 3,500 oil and gas drilling permits
  • Dow Dumps Below 30k As Huge OpEx Looms; Gold Gains, Greenback Gags
  • One Bank Throws Up All Over The Fed’s Latest Laughable Forecast
  • Market Extra: U.S. inflation expected to keep running hot: Traders see 4 straight months of roughly 9% or higher CPI readings

These and other headlines and news summaries moving the markets today are included below.

15June2022 Market Close & Major Financial Headlines: Wall Street Ends In The Green After Fed announced its largest rate hike in 28 years, Dow Snaps Five-Day Slide In Volatile Trading, Crude Falls Sharply After Fed Rate Increase

June 15, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 304 points or 1.00%,
  • Nasdaq closed up 2.50%,
  • S&P 500 closed up 1.46%,
  • WTI crude oil settled at 116, down 2.73%,
  • USD $104.88 down 0.56%,
  • Gold 1831 up 0.90%,
  • Bitcoin $21676 down 2.72% – Session Low 20113,
  • 10-year U.S. Treasury down 0.167% / 3.314%

Today’s Economic Releases:

The Federal Reserve must believe inflation is overwhelming the economy as they voted today to raise the federal funds rate by 3/4% (the market expected the rate to raise 1/2%). This is the largest increase since 1994. Part of the FOMC statement:

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 1‑1/2 to 1-3/4 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve’s Balance Sheet that were issued in May. The Committee is strongly committed to returning inflation to its 2 percent objective.

Advance real (inflation-adjusted) retail and food services sales declined 0.4% year-over-year in May 2022 – and remains in a contraction trend since March 2022. Much of the reason for the contraction is that the data is being compared to a surge period of retail sales following the opening of the economy after the COVID lockdown. Having said that, surges normally happen after recessions – but three months of contraction could be considered a recession flag. At a minimum, it is a signal of a weak economy.

Import prices continued to moderate year-over-year in May 2022 but remains in the range seen since May 2021.

The New York Fed’s June 2022 Empire State Manufacturing Survey remained in contraction for the second consecutive month.

Business sales-to-inventory ratios continued their modest upward trend in April 2022 – but remain within their historical range for times of economic expansion.

The number of changes of CEOs has increased 52% from May 2021. Per Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc.:

The CEO exodus continues. Economic conditions, rising inflation, and recession concerns are making boards rethink leadership and leaders rethink if they want to take on these challenges. The ready capital that was available to Tech companies the last few years is starting to slow, and job cuts are following. Generally, new leaders are brought in during a period of uncertainty. Former leaders often remain with the company for a period of time, either as a consultant or continue as a Board Member or Chair to maintain institutional knowledge and have the appearance of a seamless transition.

A summary of headlines we are reading today:

  • Oil Prices Fall On Biggest Fed Rate Hike Since 1994
  • Dr. Anthony Fauci tests positive for Covid, is having mild symptoms
  • U.S. safety agency says Tesla accounts for most driver-assist crashes, but warns data lacks context
  • Millionaires are raising cash on fears that the Fed can’t tame inflation and stave off recession
  • Stocks, Bonds, & Bullion Rally After Powell’s Perjury-Prone Presser
  • US makes biggest interest rate rise in almost 30 years
  • Bond Report: 2-year Treasury yield has biggest one-day drop in two years after Fed projections point to a pullback in interest rates in 2024

These and other headlines and news summaries moving the markets today are included below.

14June2022 Market Close & Major Financial Headlines: S&P 500 Remains In Bear Territory, Tomorrow’s Fed Rate Decision Spooks Investors

June 14, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 152 points or 0.50%,
  • Nasdaq closed up 0.18%,
  • S&P 500 closed down 0.38%,
  • WTI crude oil settled at 118, down 2.80%,
  • USD $105.59 up 0.38%,
  • Gold 1808 down 0.17%,
  • Bitcoin $22222 down 3.02%,
  • 10-year U.S. Treasury up 0.114% / 3.485%

Today’s Economic Releases:

The small business (NFIB) optimism index fell for the fifth consecutive month – and is well below the average index value of 98. Worse is that small business owners six month projection of business conditions now is at the lowest level ever recorded in the 48 years of this index.

The May 2022 Producer Price Index Final Demand has inflated 10.8% year-over-year. Of course, it was energy prices which caused the current month to surge. Note that this index’s growth has been marginally slowing for the last two months,

U.S. mortgage delinquencies hit a new low in March 2022 – and the national foreclosure rate remains the lowest in 20 years.

 

A summary of headlines we are reading today:

  • Oil Supply Fears Mount As OPEC Under-performs
  • Germany Scrambles To Take Control Of Russia-Owned Refinery
  • 30-year mortgage rate surges to 6.28%, up from 5.5% just a week ago
  • Elon Musk says SpaceX will have Starship ‘ready to fly’ in July, amid FAA work
  • Ford issues stop-sale of electric Mustang Mach-E crossovers due to potential safety defect
  • Surging Oil Prices Show Business Cycle Slowdown Is Inevitable
  • Bitcoin: Why is the largest cryptocurrency crashing?
  • The Fed: A 75-basis point Fed move is not a slam dunk, former staffer says

These and other headlines and news summaries moving the markets today are included below.