10 Aug 2023 Market Close & Major Financial Headlines: Morning Trading Saw the Dow Rise 454 Points, Afternoon Trading fell Sharply Erasing Early Gains, S&P 500 Closing Flat

August 10, 2023Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 53 points or 0.15%,
  • Nasdaq closed up 0.12%,
  • S&P 500 closed up 0.03%,
  • Gold $1,946 down $4.70,
  • WTI crude oil settled at $83 down $1.51,
  • 10-year U.S. Treasury 4.104% up 0.095 points,
  • USD Index $102.64 up $0.15,
  • Bitcoin $29,395 down $12,

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

Click here to read our Economic Forecast for August 2023

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

The Consumer Price Index for All Urban Consumers (CPI-U) over the last 12 months increased by 3.3% – up from last month’s 3.1% (blue line on the graph below). The index for shelter was by far the largest contributor to the increase. The CPI for all items less food and energy is up 4.7% year-over-year – down from last month’s 4.9% (red line on the graph below). The effective federal funds rate (which is being used to control inflation) is now 5.1% (green line on the graph below. With the current increases in energy prices, expect the CPI to continue to increase over the coming months.

In the week ending August 5, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 231,000, an increase of 2,750 from the previous week’s unrevised average of 228,250.

Here is a summary of headlines we are reading today:

  • U.S. To Unfreeze Iran’s Oil Money In Exchange For Prisoner Release
  • Fossil Fuels Still Account For 82% Of Primary Global Energy Consumption
  • The Inflation Reduction Act Is Fueling A Green Energy Manufacturing Boom
  • Iraq’s Oil Exports To The U.S. Jump By 30.5%
  • Here’s the inflation breakdown for July, in one chart
  • Amazon axes some private label brands as part of wider cost cuts
  • X CEO Linda Yaccarino explains reason for getting rid of Twitter name
  • Wegovy weight-loss drugmaker sees profits soar
  • The Tell: Can the stock-market rally survive rising Treasury yields? Here’s what history says.
  • Bond Report: 2-, 10-year Treasury yields end at one-week highs after July CPI, Treasury auction

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

Tonight, Tomorrow, Next Day, Five Days, and Intermediate-Term Outlooks for the U.S. and a Six-Day Forecast for the World: posted August 10, 2023

August 10, 2023Posted inweatherNo Comments

Here is what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term outlooks and a five-day World weather outlook.

We start with the U.S. Information. You can update this section here but these are 48 to 72-hour forecasts so if I have not been able to update this area twice daily, what is shown is still valid and the images in the body of the article update automatically but sometimes they are a bit slow to update.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
Thu Aug 10 2023

Valid 12Z Thu Aug 10 2023 – 12Z Sat Aug 12 2023

…Dangerous heat will persist across much of the southern tier of the
U.S…

…Severe thunderstorms possible today across the Carolinas while heavy
rain could impact southern New England tonight…

…Rounds of strong to severe thunderstorms expected for the upper Midwest
to the Great Lakes from late Thursday through early Saturday…

 

09 Aug 2023 Market Close & Major Financial Headlines: Morning Trading Saw the Dow Fall Over 310 Points, Afternoon Trading Saw Green Before Slipping Sharply Into The Red Again Closing Down 191 points

August 9, 2023Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 191 points or 0.54%,
  • Nasdaq closed down 1.17%,
  • S&P 500 closed down 0.70%,
  • Gold $1,950 down $9.90,
  • WTI crude oil settled at $84 up $1.27,
  • 10-year U.S. Treasury 4.008% down 0.016 points,
  • USD Index $102.50 down $0.03,
  • Bitcoin $29,389 down $491,

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

Click here to read our Economic Forecast for August 2023

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

No economic releases today.

Here is a summary of headlines we are reading today:

  • GasBuddy Sees U.S. Gasoline Demand Rising
  • European Gas Prices Surge 30% On Australian Supply Fears
  • Germany Looks To Gold To Help Weather Financial Storm
  • Oil Ticks Higher On Fuel Inventory Draws
  • U.S. Power Sector Criticizes Biden’s Emissions Reduction Plan
  • Thursday’s inflation data may be low, but don’t expect the Fed to declare ‘mission accomplished’ yet
  • ‘This is going to get worse before it gets better’: Panama Canal pileup due to drought reaches 154 vessels
  • Yields Slide After Impressive 10Y Auction Sees Most Foreign Buying Since February
  • The Ratings Game: Lyft’s second and third quarters look fine — but analysts are worried about the fourth

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

Looking Back at July 2023 in the U.S. August 9, 2023

August 9, 2023Posted inweatherNo Comments

As I often do I reproduced John Bateman’s article in its entirety when I provide a review of the prior month.  I really did not have a link for his article but similar information was available at NCEI but John provides a good summary of the information so I tend to use it.

But I also like to add after John Bateman’s article, a few additional graphics namely the state ranking maps. These show how temperature and precipitation for each state ranks relative to the 139 years of what is considered to be the most reliable data we have.    

Tonight, Tomorrow, Next Day, Five Days, and Intermediate-Term Outlooks for the U.S. and a Six-Day Forecast for the World: posted August 9, 2023

August 9, 2023Posted inweatherNo Comments

Here is what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term outlooks and a five-day World weather outlook.

We start with the U.S. Information. You can update this section here but these are 48 to 72-hour forecasts so if I have not been able to update this area twice daily, what is shown is still valid and the images in the body of the article update automatically but sometimes they are a bit slow to update.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
Wed Aug 09 2023
Valid 12Z Wed Aug 09 2023 - 12Z Fri Aug 11 2023

...Dangerous heat will persist across much of the southern tier of the
U.S....

...Severe storms expected today from eastern Kansas and Oklahoma to the
lower Ohio and Tennessee valleys...

...Elevated to critical fire weather conditions expected today across from
parts of South Texas to far southern Oklahoma..

 

08 Aug 2023 Market Close & Major Financial Headlines: The Dow Fell More Than 470 Points In Early morning Trading, Recovering To A Loss of 159 points With Other Indexes Closing Moderately Down

August 8, 2023Posted inmarketsNo Comments

Summary Of the Markets Today:

  1. The Dow closed down 159 points or 0.45%,
  2. Nasdaq closed down 0.79%,
  3. S&P 500 closed down 0.42%,
  4. Gold $1,960 down $10.00,
  5. WTI crude oil settled at $83 up $0.93,
  6. 10-year U.S. Treasury 4.022% down 0.056 points,
  7. USD Index $102.54 up $0.49,
  8. Bitcoin $29,904 up $774,

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

Click here to read our Economic Forecast for August 2023

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

The NFIB Small Business Optimism Index increased 0.9 of a point in July to 91.9, marking the 19th consecutive month below the 49-year average of 98. Twenty-one percent of owners reported that inflation was their single most important problem in operating their business, down three points from June. NFIB Chief Economist Bill Dunkelberg stated:

With small business owners’ views about future sales growth and business conditions dismal, owners want to hire and make money now from solid consumer spending. Inflation has eased slightly on Main Street, but difficulty hiring remains a top business concern.

June 2023 inflation-adjusted exports were up 7.7% year-over-year, imports were down 1.7% year-over-year, and the trade deficit continues to improve. The decrease in imports was widespread as was the increase in exports.

June 2023 sales of merchant wholesalers are down 6.7% from June 2022 (green line on the graph below). While sales are falling, inventories grew 1.3% year-over-year – so the inventory-to-sales ratio worsened from 1.30 a year ago to 1.41 (blue line on the graph below). Normally this is a sign of a slowing economy but there are many factors in play that clouds the interpretation of this data set.

 

Here is a summary of headlines we are reading today:

  • EIA Raises Brent Spot Price Forecast
  • U.S. And China Locked In Underwater Tug-of-War
  • Will The Steel Price Slide Help Drive The Auto Industry Forward?
  • America’s Credit Downgrade: A Sign Of The Times Or Tip Of The Iceberg?
  • Cloud stocks falter as Datadog trims 2023 revenue expectations
  • Credit card balances jumped in the second quarter and are above $1 trillion for the first time
  • Moody’s cuts ratings of 10 U.S. banks and puts some big names on downgrade watch
  • Electric Cadillac Escalade to test GM’s EV strategy, cash machine
  • Mortgage credit availability sinks to decade low
  • Market Snapshot: Dow falls 150 points after weak China data, Moody’s downgrade on regional banks
  • Financial Face-Off: Cats vs. dogs: Which pet makes better financial sense?

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

Tonight, Tomorrow, Next Day, Five Days, and Intermediate-Term Outlooks for the U.S. and a Six-Day Forecast for the World: posted August 8, 2023

August 8, 2023Posted inweatherNo Comments

Here is what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term outlooks and a five-day World weather outlook.

We start with the U.S. Information. You can update this section here but these are 48 to 72-hour forecasts so if I have not been able to update this area twice daily, what is shown is still valid and the images in the body of the article update automatically but sometimes they are a bit slow to update.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
Valid 00Z Tue Aug 08 2023 – 00Z Thu Aug 10 2023

…Very active east coast weather late afternoon into early evening Monday
with severe weather, heavy rains and flash flooding possible from the
Mid-Atlantic into the Southeast…

…Heavy rains and a flash flood threat for eastern New York State into
New England Monday evening into Tuesday…

…Heavy rains and a flash flooding threat also from Monday night into
Wednesday across portions of the Central to Southern Plains, Middle to
Lower Mississippi Valley, Lower Ohio and Lower Tennessee Valleys…

…Record heat to continue from the Southern Plains, along the Gulf Coast
and into Florida…

…Elevated fire weather risks to continue for portions of the Great
Basin, Southwest and Southern Plains…

…Cooler than average temperatures expected from the Northern Rockies,
through portions of the Plains, Mid Mississippi Valley, Ohio Valley and
Northeast…

 

07 Aug 2023 Market Close & Major Financial Headlines: Wall Street Opened Higher To Continue Trending Upward To Close Significantly Higher In The Green

August 7, 2023Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 408 points or 1.16%,
  • Nasdaq closed up 0.61%,
  • S&P 500 closed up 0.90%,
  • Gold $1,971 down $4.70,
  • WTI crude oil settled at $82 down $0.34,
  • 10-year U.S. Treasury 4.095% up 0.028 points,
  • USD Index $102.07 down $0.05,
  • Bitcoin $28,101 up $53,

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

Click here to read our Economic Forecast for August 2023

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

In June 2023, consumer credit increased at an annual rate of 4.3 percent. However, if one looks at year-over-year growth – consumer credit increased 5.8%. The growth of consumer credit is moderating. If you borrow money, yah gotta have the money to pay it back. To me, it looks like the consumer is running out of gas.

Here is a summary of headlines we are reading today:

  • Reducing Consumption: The Unpopular Answer To Global Crises
  • From Mongolia To Mexico: America’s Global Pursuit Of Critical Minerals
  • Oil Price Rally Ends Along With Peak Of Summer Driving Season
  • The U.S. Has Just 22 EV Charging Points Per 1,000 Road Miles
  • Saudi Aramco’s Q2 Earnings Drop 38% On Lower Oil Prices
  • Dow jumps more than 400 points, S&P 500 and Nasdaq snap four-day losing streaks as stocks rebound: Live updates
  • Trump counterclaim against E. Jean Carroll dismissed, DA can get deposition
  • Amazon switches rockets for first test satellites to expedite launch
  • Consumers Finally Crack: Shocking Drop In June Credit Card Debt Marks End Of Spending Binge
  • Higher food prices may be here to stay, says Bank economist
  • As Yellow files for Chapter 11, $700 million pandemic bailout in the spotlight
  • Futures Movers: Oil prices end lower, pulling back after 6th straight weekly rise

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

Tonight, Tomorrow, Next Day, Five Days, and Intermediate-Term Outlooks for the U.S. and a Six-Day Forecast for the World: posted August 7, 2023

August 7, 2023Posted inweatherNo Comments

Here is what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term outlooks and a five-day World weather outlook.

We start with the U.S. Information. You can update this section here but these are 48 to 72-hour forecasts so if I have not been able to update this area twice daily, what is shown is still valid and the images in the body of the article update automatically but sometimes they are a bit slow to update.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
Mon Aug 07 2023

Valid 00Z Tue Aug 08 2023 – 00Z Thu Aug 10 2023

…Very active east coast weather late afternoon into early evening Monday
with severe weather, heavy rains and flash flooding possible from the
Mid-Atlantic into the Southeast…

…Heavy rains and a flash flood threat for eastern New York State into
New England Monday evening into Tuesday…

…Heavy rains and a flash flooding threat also from Monday night into
Wednesday across portions of the Central to Southern Plains, Middle to
Lower Mississippi Valley, Lower Ohio and Lower Tennessee Valleys…

…Record heat to continue from the Southern Plains, along the Gulf Coast
and into Florida…

…Elevated fire weather risks to continue for portions of the Great
Basin, Southwest and Southern Plains…

…Cooler than average temperatures expected from the Northern Rockies,
through portions of the Plains, Mid Mississippi Valley, Ohio Valley and
Northeast…

 

Tonight, Tomorrow, Next Day, Five Days, and Intermediate-Term Outlooks for the U.S. and a Six-Day Forecast for the World: posted August 6, 2023

August 6, 2023Posted inweatherNo Comments

Here is what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term outlooks and a five-day World weather outlook.

We start with the U.S. Information. You can update this section here but these are 48 to 72-hour forecasts so if I have not been able to update this area twice daily, what is shown is still valid and the images in the body of the article update automatically but sometimes they are a bit slow to update.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
Sat Aug 05 2023

Valid 12Z Sat Aug 05 2023 – 12Z Mon Aug 07 2023

…Dangerous heat will continue for the Desert Southwest, Southern Plains
and Lower Mississippi Valley but relief for some is coming beginning on
Sunday…

…Potential for severe thunderstorms and/or flash flooding from the
central/northern Plains into parts of the Midwest…