13June2022 Market Close & Major Financial Headlines: Wall Street Gaps Down For A Second Session, Major Indexes Close At Session Lows, NASDAQ Tumbles Almost 5%, S&P Slips Almost 4%, Bear Market Territory Now A Reality, Cryptos Crash

June 13, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 876 points or 2.79%,
  • Nasdaq closed down 4.60%,
  • S&P 500 closed down 3.88%,
  • WTI crude oil settled at 120, up 0.29%,
  • USD $105.07 up 0.77%,
  • Gold 1823 down 2.52%,
  • Bitcoin $23184 down 5.90%,
  • 10-year U.S. Treasury up 0.214% / 3.371%

Today’s Economic Releases:

Today a recession red flag waved as the yield curve inverted – and many believe a recession follows in one to two years. The last time the yield curve inverted was in early April, and it quickly recovered. At that time, Morgan Stanley predicted that the yield curve would soon invert again and should remain inverted for the rest of 2022. Note that every recession is different, and an inverted yield curve alone usually does not result in a recession. We are currently seeing a modest slowing of employment growth and real income – but industrial production and retail sales remain relatively strong. According to Bloomberg, the current inversion was caused by “investors dumping short-term debt on concerns that aggressive rate hikes will lead to an economic slowdown.”

A summary of headlines we are reading today:

  • American Shale Drillers Set To Boost Production In July
  • Biden Claims Visit To Saudi Arabia Is About Israel, Not Oil Prices
  • American Airlines regional carriers hike pilot pay more than 50% as shortage persists
  • Astra’s stock drops 25% after rocket failed to deliver NASA mission to orbit
  • “Panic”: Yields Soar After WSJ “Fed Leaker” Says Odds Rising Of 75bps Rate Hike
  • Outside the Box: ‘Liquidation panic’ has taken over the stock, bond and crypto markets — and this may be the beginning of the end

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

10June2022 Market Close & Major Financial Headlines: Wall Street Gaps Down At The Opening Bell, Equities Have Traded In A Sideways Narrow Zone On Fractionally Low Volume And Closed At Session Lows, Inflation Rate YoY MAY Rose To 8.6% From 8.3% – 40 Year High, Michigan Consumer Sentiment Prel JUN Plummets To 50.2 From 58.4, Bitcoin Down 35% Since Beginning Of April, And Now The Good News – NOT!

June 10, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 880 points or 2.73%,
  • Nasdaq closed down 3.52%,
  • S&P 500 closed down 2.91%,
  • WTI crude oil settled at 121, down 0.88%,
  • USD $104.17 up 0.86%,
  • Gold 1871 up 2.01%,
  • Bitcoin $29053 down 3.43%,
  • 10-year U.S. Treasury up 0.115% / 3.157%
  • Baker Hughes Rig Count: U.S. +6 to 733 Canada +24 to 141

Today’s Economic Releases:

The market expected the Consumer Price Index (CPI) to moderate – but instead, the May 2022 CPI reverted back to the previous March peak of 8.6% year-over-year. Recent increases by the Federal Reserve to the federal funds rate are yet to have the desired effect igniting market fears of more aggressive actions by the Federal Reserve to drive down inflation.

The biggest drivers of inflation continue to be energy (automotive fuels, fuel oil, and natural gas). This month all sectors EXCEPT medical experienced high inflation.

The NFIB Vice President of Federal Government Relations Kevin Kuhlman issued the following statement:

With inflation reaching a near 40-year high, small businesses continue to be plagued by rising prices with little hope for relief on the horizon. As recent data shows, inflation remains the top problem for one-third of small business owners, has a direct impact on small business optimism, which is at a near 50-year low, and continues to harm the small business recovery. With the detriment of inflation, worker shortages, and supply chain disruptions, the Biden administration and Congress must adopt a do no harm approach and rule out any tax increases and mandates on small businesses, and specifically promote policies that would strengthen the small business recovery.

Because of the high inflation, real average hourly earnings for all employees decreased 0.6 percent from April to May, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today.

Preliminary June 2022 Michigan Consumer Sentiment declined 14% from May (down 41.3% year-over-year) and reached a value comparable to the trough reached in the middle of the 1980 recession.

A summary of headlines we are reading today:

  • U.S. Oil Rig Count Jumps As Crude Holds At $120
  • U.S. drops Covid testing requirement for international travelers
  • GM and Lockheed are taking their lunar rover project to the commercial space market
  • Jan. 6 Committee: An Exercise In Brainwashing The American People
  • Energy and food drive US inflation to highest for 40 years
  • Metals Stocks: Gold ends higher Friday, books strong weekly gain as investors head for havens after hot U.S. inflation report

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

09June2022 Market Close & Major Financial Headlines: Wall Street Dumps During The Last Half-Hour, Investors Spooked By Inflation Data, Initial Jobless Claims A Disaster, Down During Last Four Weeks, Tech Stocks Lead Equities Slide, Major Indexes Close At Session Lows

June 9, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 638 points or 1.94%,
  • Nasdaq closed down 2.75%,
  • S&P 500 closed down 12.38%,
  • WTI crude oil settled at 121, down 1.118%,
  • USD $103.20 up 0.66%,
  • Gold 1847 down 0.69%,
  • Bitcoin $30091 down 0.89%,
  • 10-year U.S. Treasury up 0.18% / 3.047%

Today’s Economic Releases:

Without adjusting for inflation, household net worth marginally declined in 1Q2022 according to the Federal Reserve’s Z.1 Financial Accounts.

The four-week moving average for unemployment for initial unemployment claims continues its worsening trend for the week ending 04 June 2022.

According to Challenger, Gray & Christmas, Inc., May gains are 30% lower than the 219,000 teen jobs added in the same month last year. It is the lowest number of teen job gains in May since 2018 when 130,000 jobs were added. Employment in Retail, a major employer for teens, fell by 61,000 jobs in May, according to the monthly employment situation from the BLS. Over half of the losses occurred in general merchandising stores.

A summary of headlines we are reading today:

  • White House Ups Anti-Oil Company Rhetoric
  • Europe Announces First Interest Rate Hike In A Decade To Combat Inflation
  • Travel industry calls on White House to end Covid-19 testing requirement for travelers from overseas
  • Stocks Slump, Dollar Jumps Ahead Of CPI ‘Event Risk’
  • For The First Time Ever, The National Average Gas Price Is $5
  • Distributed Ledger: Ethereum close to its major upgrade, but why has it fallen more than bitcoin?

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

08June2022 Market Close & Major Financial Headlines: Wall Street Has Trading Sideways For The last Seven Sessions And Is Range-Bound, Trading Volume Tapering Off As Investors Mull Thoughts Of An Economic Slowdown And Rising Inflation: Stagflation

June 8, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 269 points or 0.73%,
  • Nasdaq closed down 0.73%,
  • S&P 500 closed down 1.08%,
  • WTI crude oil settled at 122, up 2.690%,
  • USD $102.33 flat 0.00%,
  • Gold 1853 up 0.17%,
  • Bitcoin $30205 down 1.05%,
  • 10-year U.S. Treasury up 0.59% / 3.029%

Today’s Economic Releases:

The federal budget deficit was $423 billion in the first eight months of fiscal year 2022, CBO estimates. That amount is about one-fifth of the $2.1 trillion shortfall recorded during the same period in 2021.

Inventories for wholesalers were up 24% year-over-year from April 2021. However, when one looks at inventories-to-sales ratios – this sector looks healthy.

A summary of headlines we are reading today:

  • What Is Fueling The Surge In Gasoline Prices?
  • U.S. Natural Gas Prices Drop After Explosion At Freeport [Tx] LNG Terminal
  • Spirit Airlines postpones shareholder vote on Frontier deal days after JetBlue sweetens competing offer
  • “The Summer Of Starvation”: Soaring Fertilizer Prices Unleash Chaos, Hunger Worldwide
  • Market Extra: This hedge fund manager called inflation early. He now says consumer prices will finish 2022 at a level that `screams failure by the Fed’

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

07June2022 Market Close & Major Financial Headlines: Wall Street Major Indexes Gap Down On The Opening Bell To See-Saw Higher Closing Near The Last Session Highs, Investors Shake Off Target Profit Warning Followed By Choppy Trading

June 7, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 264 points or 0.80%,
  • Nasdaq closed up 0.89%,
  • S&P 500 closed up 0.95%,
  • WTI crude oil settled at 120, up 0.602%,
  • USD $102.53 up 0.12%,
  • Gold 1854 up 0.18%,
  • Bitcoin $30950 up 4.77%,
  • 10-year U.S. Treasury down 0.52% / 2.988%

Today’s Economic Releases:

According to an analysis by Calculated Risk, May 2022 rail carloads are down year-over-year. In normal economic times, contraction in the transport sector is a recession flag. But this contraction may be a sign of the supply chain catching up with demand combined with a modest economic slowing.

Consumer Credit expanded in April 2022 according to Federal Reserve headlines for G.19 data. However, consumer debt payments are about mid-range for the period since 1980 – this will worsen as interest rates rise.

CoreLogic says home price growth continues its record-breaking streak growing by 20.9% year-over-year in April 2022. However, this growth is forecast to slow to 5.6% in the period April 2022 to April 2023.

The BEA reports that the trade deficit was $87.1 billion in April 2022 – down $20.6 billion from $107.7 billion in March. Interestingly, imports declined which is a usual recession flag.

A summary of headlines we are reading today:

  • Upward Pressure On Oil Prices Is Only Going To Increase
  • Target expects squeezed profits from an aggressive plan to get rid of unwanted inventory
  • Stocks making the biggest moves midday: Target, Kohl’s, Peloton, and more
  • Stocks & Bonds Spike As Growth/Stagflation Scares Soar
  • Bond Report: 10- and 30-year Treasury yields drop by most in 2 weeks as investors await Friday’s U.S. inflation data

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

06June2022 Market Close & Major Financial Headlines: Major Wall Street Indexes Gap Up To Last Thursday’s Closing High At The Opening Bell, Then Fall Sharply To Friday’s Support, Last Half-Hour Pushes Equities Solidly Into The Green

June 6, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 15 points or 0.04%,
  • Nasdaq closed up 0.40%,
  • S&P 500 closed up 0.31%,
  • WTI crude oil settled at 118, down 2.21%,
  • USD $102.42 up 0.29%,
  • Gold 1842 up 1.05%,
  • Bitcoin $31444 up 6.30%,
  • 10-year U.S. Treasury up 0.87% / 3.042%

Today’s Economic Releases:

None

A summary of headlines we are reading today:

  • Russias Oil Export Earnings Set To Decline On Heavily Discounted Urals
  • LNG Tanker Rates Soar To Highest Level In 10 Years
  • Solid Power, backed by Ford and BMW, begins pilot production of innovative EV battery with longer range and quicker recharging
  • Bitcoin & Bond Yields Soar As Stocks Puke Payrolls-Gains
  • Texas AG Launches Investigation Into Twitter; Alleges Company Lied About Number Of Bots
  • Bond Report: 10-year Treasury yield tops 3% ahead of this week’s CPI reading

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

03June2022 Market Close & Major Financial Headlines: May Employment Report Shows 46K Fewer New Jobs Than Last Month, Unemployment Rate Remains The Same At 3.6%, Equities Gap Down At The Opening Bell, Remain In The Red At Closing

June 3, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 349 points or 1.05%,
  • Nasdaq closed down 2.47%,
  • S&P 500 closed down 1.64%,
  • WTI crude oil settled at 120, up 2.96%,
  • USD $102.17 up 0.42%,
  • Gold 1851 down 0.01%,
  • Bitcoin $29547 down 3.05%,
  • 10-year U.S. Treasury up 0.29% / 2.944%

Today’s Economic Releases:

BLS employment data for May 2022 shows a rise in payroll employment by 390,000 and the unemployment rate remaining at 3.6%. The big gains this month were in transportation/warehousing, leisure/hospitality, government, education, and health care. On the surface, this was a very good employment report. HOWEVER, the retail sector lost over 60,000 jobs with most retail sectors (even non-store retailers) adding to the decline.

A summary of headlines we are reading today:

  • New Drilling Stalls Out In The U.S. Oil Patch
  • Israel Warns It Will Use Right To Self-Defense To Keep Nukes Out Of Iran
  • ‘Lots of luck on his trip to the moon’: Biden shrugs off Elon Musk’s economic fears, touts Ford investments
  • Oil Pops, Stocks Drop As Hawks & ‘Hurricanes’ Killed The Dead-Cat-Bounce

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

02June2022 Market Close & Major Financial Headlines: Dow Skyrockets Past Resistance, Nasdaq Cuts Two-Day Losing Streak, Equities Scream Higher On So-So Morning Financial Reports, Investors Oblivious To Weak Microsoft Outlook, Fed hike Fears

June 2, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 435 points or 1.33%,
  • Nasdaq closed up 2.75%,
  • S&P 500 closed up 1.84%,
  • WTI crude oil settled at 117, up 2.121%,
  • USD $101.80 down 0.73%,
  • Gold $1850 up $10,
  • Bitcoin up 0.68% to $33278,
  • 10-year U.S. Treasury down 0.16% / 2.9%

Today’s Economic Releases:

The four-week rolling average of Initial Unemployment Claims modestly declined this past week and remains historically low.

ADP’s Private Employment for May 2022 declined to 128,000. Nela Richardson, chief economist of ADP wrote:

Under a backdrop of a tight labor market and elevated inflation, monthly job gains are closer to pre-pandemic levels. The job growth rate of hiring has tempered across all industries, while small businesses remain a source of concern as they struggle to keep up with larger firms that have been booming as of late.

1Q2022 Non-farm business productivity declined 0.6% year-over-year whilst labor costs increased 8.2%.

According to NFIB’s monthly jobs report, finding suitable employees for small business open positions continues to be a problem. NFIB Chief Economist Bill Dunkelberg wrote:

The labor force participation rate is slowly rising but small businesses continue to have a hard time filling their open positions. The number of job openings continues to exceed the number of unemployed workers which has produced a tight labor market and added pressure on wage levels.

A summary of headlines we are reading today:

  • U.S. Economic Officials Says Biden Considering Oil & Tax Windfall Tax
  • Walmart is using its thousands of stores to battle Amazon for e-commerce market share
  • Ford to add over 6,000 U.S. jobs as it boosts electric vehicle production and prepares for a new Mustang
  • ‘Bad News Is Good News’ – Stocks Soar As Macro-Meltdown Accelerates
  • The Sheer Stupidity Of Student Loan Forgiveness While Inflation Rages Out Of Control
  • Market Movers: MM Forgings zooms 9% on EV foray; La Opala starts new factory

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

01June2022 Market Close & Major Financial Headlines: Wall Street’s Major Indexes Turn Sharply Down During Last Half-Hour, S&P Global Manufacturing PMI Final MAY fell to 57 from 59.2, Investors Worry Over Economic Growth As Fed Sees Losing Control Of Inflation Expectations As Inflation Continues To Surge

June 1, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 177 points 0.54%,
  • Nasdaq closed down 0.72%,
  • S&P 500 closed down 0.75%,
  • WTI crude oil settled at 115, down 0.151%,
  • USD $102.50 up 0.72%,
  • Gold 1848 up 0.90%,
  • Bitcoin down 0.35% to $30187,
  • 10-year U.S. Treasury up 0.86% / 2.931%

Today’s Economic Releases:

According to the U.S. Bureau of Labor Statistics, their April 2022 JOB OPENINGS AND LABOR TURNOVER report shows a modest reduction in job openings – although job openings remain well above historical values.

The ISM manufacturing index for May 2022 increased to 56.1% from April’s 55.4%. A value above 48.7 percent, over a period of time, generally indicates an expansion of the overall economy.

S&P Global US Manufacturing PMI™ declined from 57.0 in May – down from 59.2 in April.

The headline data from the US Census shows construction spending in April 2022 improved 0.2% month-over-month and 1.3% year-over-year. This is not inflation-adjusted – but the graph below shows inflation-adjusted values (Nov 2009 = 100), and clearly shows a decline month-over-month and year-over-year. Construction spending declines may or may not be associated with recessions.

The Federal Reserve’s Beige Book June 2022 was issued today. Their summary:

All twelve Federal Reserve Districts have reported continued economic growth since the prior Beige Book period, with a majority indicating slight or modest growth; four Districts indicated moderate growth. Four Districts explicitly noted that the pace of growth had slowed since the prior period.

A summary of headlines we are reading today:

  • Russia Holds Nuclear Drills As Biden Unveils New Aid Package For Ukraine
  • Mortgage rates rise sharply after three weeks of easing
  • Mortgage demand falls to the lowest level since the end of 2018, even as interest rates ease a bit
  • Unprecedented water restrictions begin in Southern California as drought worsens
  • Stocks, Bonds, & Bitcoin Dumped As Dimon Doubles-Down On Dour Outlook
  • Trade Setup: Imperative for the markets to open and stay above 16,500 levels

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

31May2022 Market Close & Major Financial Headlines: Wall Street Finishes Month Swinging Between Gain And Losses Finally Closing With The Three Major Indexes Down, Oil prices rose to a two-month high over the weekend, Bitcoin Rose In A Relief Rally, Average Gas Per Gal $4.62

May 31, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 517 points 1.61%,
  • Nasdaq closed up 2.68%,
  • S&P 500 closed up 1.99%,
  • WTI crude oil settled at 115, down 1.76%,
  • USD $101.87 up 0.018%,
  • Gold 1837 up 0.94%,
  • Bitcoin up 0.11% to $31666,
  • 10-year U.S. Treasury up 0.108% / 2.857%

Today’s Economic Releases:

CoreLogic Deputy Chief Economist Selma Hepp commented on the S&P CoreLogic Case-Shiller National Home Price Index for March that was released this morning:

The S&P CoreLogic Case-Shiller Index posted a 20.6% increase in March – the strongest March annual gain in the history of the data series. At 2.6%, the monthly acceleration also peaked prior to the mortgage rate jump and is likely to return to historical averages in the coming months. After 32 months of logging the strongest home price gains, Phoenix’s price growth slowed considerably more than the other metro regions and is now outpaced by Tampa, Florida. Nevertheless, the first quarter of 2022 was marked by some of the most competitive housing market conditions since the onset of the pandemic. Home-buyer frenzy reached another new high as eager buyers pursued last-ditch efforts to secure a home purchase before the mortgage rate surge.

Chicago Business Barometer lifted to 60.3 in May, following last month’s 56.4. Inventories saw a fresh near 50-year high. All main indicators increased except for supplier deliveries, which hit the lowest since November 2020.

The Dallas Fed May 2022 manufacturing index improved from 10.8 to 18.8.

A summary of headlines we are reading today:

  • Oil Prices Continue To Climb As Supply Uncertainties Mount
  • The Hamptons summer rental market is facing an unexpected chill as inventory piles up and prices come down
  • Rising gas prices and inflation top travel concerns, overtaking Covid, survey finds
  • Stocks Go Nowhere In May, USD Sinks Amid Worst Macro-Meltdown Since Lehman
  • Trade Setup: Strong chances of markets consolidating at current levels
  • The Tell: Retailers hit with ‘double-whammy’ as inventories rise, consumer sector stocks punished in May

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