31 July 2023 Market Close & Major Financial Headlines: Wall Street Opened Higher, Trended Down But Closed Fractionally Higher At Session Highs

July 31, 2023Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 100 points or 0.28%,
  • Nasdaq closed up 0.21%,
  • S&P 500 closed up 0.15%,
  • Gold $2,004 up $3.80,
  • WTI crude oil settled at $82 up $1.30,
  • 10-year U.S. Treasury 3.963% down 0.008 points,
  • USD Index $101.89 up $0.27,
  • Bitcoin $29,191 up $21,

*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:

Texas Manufacturing Outlook Survey‘s production index held fairly steady at -4.8, a reading indicative of a modest contraction in output. The new orders index has been in negative territory for more than a year and edged down to -18.1. Manufacturing remains in a recession in the US.

Here is a summary of headlines we are reading today:

  • China Is Leading The Global Battery Electric Vehicle Race
  • Explaining The Heat Wave: Separating Weather From Climate Change
  • American Gasoline Prices Suddenly Soar On Heat Wave
  • Ford Suffers $4.5 Billion Setback Amid Tesla’s Aggressive Pricing
  • S&P 500, Nasdaq notch modest gains Monday, rise for the fifth straight month: Live updates
  • Elon Musk’s X Corp. seen taking down giant glowing sign in San Francisco
  • America’s first new nuclear reactor in nearly seven years starts operations
  • Quest Diagnostics launches first at-home blood test to assess risk of developing Alzheimer’s disease
  • Market Extra: Regional bank ETF’s massive July jump puts it on pace for strongest month since 2016 after rough ride in 2023

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

August 2023 Economic Forecast: Modest Slowing Of Our Forecast But It Continues To Suggest No Recession Is In The Works

July 31, 2023Posted ineconomics, economy, macroeconomicsNo Comments

Authored by Steven Hansen

EconCurrent‘s Economic Index modestly declined but remains in positive territory. We do not see a recession baked in but there are three major indicators signaling a recession (no change from last month)  Read on to understand the currents affecting our economic growth.

Tonight, Tomorrow, Next Day, Five Days, and Intermediate-Term Outlooks for the U.S. and a Six-Day Forecast for the World: posted July 31, 2023

July 31, 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 Jul 31 2023

Valid 12Z Mon Jul 31 2023 – 12Z Wed Aug 02 2023

…There is a Slight Risk of excessive rainfall over parts of the Central
High Plains…

…Excessive Heat Warnings and Advisories from parts of Central/Southern
Plains and the Lower Mississippi Valley/Central Gulf Coast…

 

Government Spending and Inflation. Part 13B – Addendum

July 30, 2023Posted inmacroeconomicsNo Comments

This is a continuation of the analysis of each significant period of rising inflation since 1914.  The first part1 covered the years up to the start of World War II.  The second part2 covered the inflationary periods following World War II through 2022.  This is an addendum to the second part.


From a photo by Colton Sturgeon on Unsplash

Tonight, Tomorrow, Next Day, Five Days, and Intermediate-Term Outlooks for the U.S. and a Six-Day Forecast for the World: posted July 30, 2023

July 30, 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
400 PM EDT Sun Jul 30 2023

Valid 00Z Mon Jul 31 2023 – 00Z Wed Aug 02 2023

…Cool and fair weather will persist across the northeastern quadrant of
the country as triple-digit heat continues across the southern half of the
Plains to the eastern Gulf Coast…

…Strong to severe thunderstorms are possible over the northern High
Plains into tonight as scattered showers and thunderstorms stretch across
the north-central Plains toward the Midwest…

…Monsoonal rainfall will become more widespread across the Desert
Southwest and into the Four Corners region while dry conditions persist
over the Pacific Northwest..

 

Crop Report July 29, 2023 – Crop Condition has Stabilized and May be Improving Somewhat -Where did the Cattle go?

July 29, 2023Posted inagriculture, weatherNo Comments

This article is based primarily on the July 25, 2023, USDA Crop Bulletin which covers the July 17 to 23 period of time. The USDA report usually becomes available on Tuesdays and I was not able to publish my article which is based on that report until now. I have omitted a number of graphics but they are available in the full USDA Crop Bulletin and the link to that is at the end of the article.

It now seems more like an average crop but it has not gotten worse which is a relief and it seems that some of the crops are doing better.

There is a recent Executive Briefing focusing on Cattle and I have published it in its entirety but with a minimum of comments. I was curious as to why beef prices were so high at the food stores and I think the presentation explains at least one of the reasons for this.

The article includes a short international review of agricultural conditions.

We begin with the National Agriculture Summary.  The Tables below the summary have additional data. The boxes with my comments may be incomplete so for crops of interest check the data out yourself to be sure.

 

Dancing Queens & Kings: Call for Participation (4)

Dancing Queens & Kings: Call for Participation (4)

July 29, 2023Posted inUncategorizedNo Comments

My new book “Dancing Queens & Kings” is calling for participation. The only requirement is that you have competed at the USDC or OSB. Below is the timeline:

  • 11/30/2023: One page highlighting your compelling story in pro/am ballroom dancing.
  • 12/31/2023: 8-page full story.
  • 3/31/2024: Book review by Sam Sodano and Wayne Eng.
  • 5/31/2024: Publication at Amazon.

Tonight, Tomorrow, Next Day, Five Days, and Intermediate-Term Outlooks for the U.S. and a Six-Day Forecast for the World: posted July 29, 2023

July 29, 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 Jul 29 2023

Valid 12Z Sat Jul 29 2023 – 12Z Mon Jul 31 2023

…There is a Slight Risk of excessive rainfall over parts of the
Northeast and Ohio Valley/Central Appalachians…

…There is a Slight Risk of severe thunderstorms over parts of Southern
New England to the Mid-Atlantic/Central Appalachians and a second area
over parts of the Northern/Central High Plains…

…Excessive Heat Warnings and Advisories from parts of Central/Southern
Plains eastward to the Middle/Lower Mississippi Valley and the western
Ohio/Tennessee Valleys and a second area from Southern New England to the
Mid-Atlantic and smaller areas over portions of California and Southwest…

 

28 July 2023 Market Close & Major Financial Headlines: The Dow Didn’t Make 14 Sessions In A Row, But Headed For The Third Winning Week As Inflation Eases Again

July 28, 2023Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 177 points or 0.50%,
  • Nasdaq closed up 1.90%,
  • S&P 500 closed up 0.99%,
  • Gold $1,959 up $12.80,
  • WTI crude oil settled at $80 up $0.35,
  • 10-year U.S. Treasury 3.957% down 0.055 points,
  • USD Index $101.64 down $0.14,
  • Bitcoin $29,316 down $146,
  • Baker Hughes Rig Count: U.S. -5 to 664 Canada +6 to 193

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

Click here to read our Economic Forecast for July 2023

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

Real personal consumption expenditure growth in June 2023 was 2.4% year-over-year – up from 2.2% YoY in May 2023. Real disposable personal income growth was 4.7% – up from 4.1% in May. Inflation (as measured by the PCE Price Index) was 3.0% year-over-year – down from 3.8% in May. The bottom line is that the economy appears to be accelerating with inflation moderating going into 3Q2023 where some pundits are predicting a recession start. I have yet to see any data or trends which suggest a recession is possible.

The University of Michigan Consumer sentiment rose for the second straight month, soaring 11% above June and reaching its most favorable reading since October 2021. All components of the index improved considerably, led by a 18% surge in long-term business conditions and 14% increase in short-run business conditions. Overall, the sharp rise in sentiment was largely attributable to the continued slowdown in inflation along with stability in labor markets. However, sentiment for lower-income consumers fell. This group anticipates that inflation and their income prospects will both worsen in the year ahead, highlighting the heterogeneity of views across the population.

Here is a summary of headlines we are reading today:

  • New Catalyst Synthesis Paves The Way For Next-Gen Lithium-Air Batteries
  • Imperial Oil Earnings Plummet By 72% On Turnaround, Lower Prices
  • U.S. Drilling Dips Slightly Amid Rising Oil Prices
  • 500 EVs Among The 3000 Cars On Burning Ship Off Dutch Coast
  • Rising Gasoline Prices Boost Inflation Concerns
  • Bullish Momentum Builds As Oil Markets Tighten
  • Hopes Of A ‘Soft Landing’ Fuel Bullish Sentiment
  • S&P 500 closes nearly 1% higher on softening inflation data, nabs 3rd week of gains: Live updates
  • As Ford loses billions on EVs, the company embraces hybrids
  • Key Fed inflation rate falls to lowest annual level in nearly 2 years
  • Pentagon Approves Hazard Pay For US Troops In Ukraine, Paving Way For Possible Expanded Presence

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 July 28, 2023

July 28, 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
400 PM EDT Fri Jul 28 2023

Valid 00Z Sat Jul 29 2023 – 00Z Mon Jul 31 2023

…Excessive Heat Advisories and Warnings are in effect for portions of
the East Coast, Central/Southern Plains, and over the Southwest…

…Temperature relief expected for the Northeast and Mid-Atlantic as a
cold front descends into the northern tier…

…An Enhanced Risk of Severe Thunderstorms is in effect for portions of
the lower Great Lakes on Friday evening…