Summary Of the Markets Today:

• The Dow closed up 184 points or 0.54%,
• Nasdaq closed up 1.59%,
• S&P 500 closed up 1.10%,
• Gold $1,946 up $20.00,
• WTI crude oil settled at $79 down $1.07,
• 10-year U.S. Treasury 4.188% down 0.014 points,
• USD Index $103.40 down $0.160,
• Bitcoin $26,553 up $754,

*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:

Sales of new single‐family houses in July 2023 were 31.5 percent above July 2022. The median sales price of new houses sold in July 2023 was $436,700. The average sales price was $513,000. The seasonally‐adjusted estimate of new houses for sale at the end of July represents a supply of 7.3 months at the current sales rate.

It appears that imports into the US continue to worsen – this is usually a signal that the economy is slowing – but in this case, with so many varying dynamics, I would not be in a position to interpret the effect. Anyway. trade in general seems to be in a recession. Sea containers are a timely proxy for trade with the ports of Los Angeles and Long Beach moving 40% of all US container imports / exports. In July 2023, imports are down 26% year-over-year whilst exports are down 6%.

 

• Innovative Electrolyzer Paves Way For Sustainable Propane Production
• Iran Oil Exports Surge above 2 Million Bpd
• Money Manager Sees $120 Oil Surprising Bears
• Nasdaq extends 3-day streak, S&P closes up 1% ahead of Nvidia earnings: Live updates
• Wagner boss Prigozhin listed as a passenger on crashed jet which killed 10 people
• Hollywood producers take heated negotiations with writers union public, revealing latest offer
• Binance.US turns to crypto startup MoonPay after U.S. banks sever ties: CNBC Crypto World
• Tucker And Trump Team Up To Upstage Fox’s GOP Debate
• Bond Report: 10-, 30-year Treasury yields end at one-week lows after batch of weak PMI data
• Market Snapshot: Nasdaq on pace for its best day in nearly a month ahead of Nvidia results

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 175 points or 0.51%,
• Nasdaq closed up 0.06%,
• S&P 500 closed down 0.28%,
• Gold $1,926 up $3.30,
• WTI crude oil settled at $80 down $0.47,
• 10-year U.S. Treasury 4.326% down 0.014 points,
• USD Index $103.61 up $0.310,
• Bitcoin $25,831 down $282,

*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:

Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums, and co-ops – waned 2.2% from June to a seasonally adjusted annual rate of 4.07 million in July. Year-over-year, sales slumped 16.6% (down from 4.88 million in July 2022). The median existing-home price for all housing types in July was $406,700, an increase of 1.9% from July 2022 ($399,000).  NAR Chief Economist Lawrence Yun stated:

Two factors are driving current sales activity – inventory availability and mortgage rates. Unfortunately, both have been unfavorable to buyers.

The Richmond Fed manufacturing index edged up from −9 in July to −7 in August 2023. Two of its three component indexes — shipments and new orders — also increased. The new orders index rose from −20 to −11. Manufacturing continues in a recession in the US.

• Global Oil Consumption Nears All-Time Highs
• South America Struggles To Balance Oil Economy And Environment
• Seaborne Coal Volumes Hit Record Highs In 2023
• Oil Prices Subdued But Bearish Catalysts Loom
• S&P 500 closes lower, weighed by declines in bank and retail shares: Live updates
• Amazon AI scammers blew millions on Lake Como wedding and cars, FTC alleges
• Home sales fall again in July, as supply drops to near quarter-century low
• AMC shares crater as investors brace for stock conversion
• Dick’s shares fall 24% as retailer slashes outlook over theft concerns
• Coinbase just took a stake in stablecoin issuer Circle. Here’s what it could mean for the crypto exchange
• S&P Joins Downgrade Party Of US Banks Due To “Tough” Climate
• Older Americans will spend 12 years living with disability or disease — why are we so unhealthy?

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 37 points or 0.11%,
• Nasdaq closed up 1.56%,
• S&P 500 closed up 0.69%,
• Gold $1,924 up $7.20,
• WTI crude oil settled at $81 down $0.44,
• 10-year U.S. Treasury 4.340% up 0.089 points,
• USD Index $103.33 down $0.050,
• Bitcoin $26,096 down $38,

*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:

No releases today.

• An Increasing Number Of Americans Want Nuclear Power
• Ruble Plunge Sends Waves Across Central Asia’s Economies
• Kinder Morgan Unit Declares Force Majeure At Tennessee Gas Pipeline
• Russia Retains Position As China’s Top Oil Supplier
• Nasdaq snaps 4-day losing streak, tech shares rise despite higher yields: Live updates
• Mortgage rates hit their highest point since 2000
• American workers are demanding almost $80,000 a year to take a new job
• Tilray is buying beverage brands from Molson Coors, Anheuser-Busch as cannabis industry struggles
• Altcoins slide to begin the week while bitcoin and ether stabilize
• Treasury Yields Soar To 16 Year High As 30Y Mortgage Rates Near 21st Century High
• The Fed: Jackson Hole meeting: When is Jerome Powell’s speech? What investors need to know.
• Market Extra: Treasury yields are surging as investors see no likely return to historically low interest rates

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