Summary Of the Markets Today:
- The Dow closed up 27 points or 0.08%,
- Nasdaq closed up 0.61%,
- S&P 500 closed up 0.28%,
- Gold $1,966 up $3.80,
- WTI crude oil settled at $80 up $0.85,
- 10-year U.S. Treasury 3.896% up 0.037 points,
- USD Index $101.30 down $0.04,
- Bitcoin $29,216 up $107,
*Stock data, cryptocurrency, and commodity prices at the market closing.
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
The S&P CoreLogic Case-Shiller 20-City Home Price Composite Index in May 2023 posted a -1.7% year-over-year loss, the same as in the previous month. Chief Economist Dr. Selma Hepp explained:
In May, the CoreLogic S&P Case-Shiller Index decline indicates the second month of year-over-year losses. However, while the annual decline reflects price drops that occurred in 2022, recent above-average price gains indicate an inflection ahead. And while home sales activity still continues to tell a tale of two markets: one of the West, which is constrained by a lack of existing inventory, and the other of the Southeast and South, where the availability of new homes for sale is creating sales opportunities; home prices are not necessarily following the trend anymore. Price gains have been strongest in Mid-West pandemic-laggers, Cleveland, Chicago, Detroit, which are now the hottest housing markets. In addition, 11 metros saw reacceleration in annual prices. Prices in many of the previously declining West Coast markets are rebounding and showing some renewed vigor, particularly as those are also most constrained with a lack of homes for sale. Heating of competition among buyers is also reflected in an increasing share of home selling over the asking price again, 39%, compared to an average of 25% pre-pandemic. As a result, median price premium (ratio of sale price to list price) is back to positive, at 1%, after declining since last September.
Richmond Fed manufacturing activity remained sluggish in July 2023. The composite manufacturing index edged down from −8 in June to −9 in July. Two of its three component indexes — shipments and new orders — also fell slightly. Manufacturing remains in a recession.
The Conference Board Consumer Confidence Index® rose again in July to 117.0 (1985=100), up from 110.1 in June. Expectations climbed well above 80—the level that historically signals a recession within the next year. Despite rising interest rates, consumers are more upbeat, likely reflecting lower inflation and a tight labor market. Although consumers are less convinced of a recession ahead, we still anticipate one likely before yearend. Dana Peterson, Chief Economist at The Conference Board stated:
Consumer confidence rose in July 2023 to its highest level since July 2021, reflecting pops in both current conditions and expectations. Headline confidence appears to have broken out of the sideways trend that prevailed for much of the last year. Greater confidence was evident across all age groups, and among both consumers earning incomes less than $50,000 and those making more than $100,000.
Here is a summary of headlines we are reading today:
- Is China’s Economic Miracle Fading? A Look At The Hurdles Ahead
- Low Gasoline Inventories Push Up Prices For U.S. Consumers
- Oil Prices Tick Higher On Optimistic Economic Forecasts
- Russian Crude Oil Exports Continue To Plunge
- GM Raises Earnings Guidance For Second Time This Year
- Oil Bulls Are Cautiously Optimistic As Brent Holds Above $82
- Dow closes higher for 12th straight day, registers longest rally since February 2017: Live updates
- Home prices continue to climb with ‘striking’ regional differences, says S&P Case-Shiller
- Musk explains why he’s rebranding Twitter to X: It’s not just a name change
- Airline Stocks Hit Turbulence After Alaska Air Signals Slowing Demand
Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.
