27 June 2023 Market Close & Major Financial Headlines: May Durable Goods Data And Consumer Confidence Improved – Home Sales Showed Unexpected Strength. Markets Close Higher

June 27, 2023Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 212 points or 0.63%,
  • Nasdaq closed up 1.65%,
  • S&P 500 closed up 1.15%,
  • Gold $1,924 down $10.00,
  • WTI crude oil settled at $68 down $1.71,
  • 10-year U.S. Treasury 3.762% up 0.041 points,
  • USD Index $102.47 down $0.22,
  • Bitcoin $30,673 up $394,

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

Click here to read our Economic Forecast for June 2023

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

The CoreLogic S&P Case-Shiller 20-city composite index was down 1.7% year-over-year. Compared with the 2006 peak, the 20-city composite is up by 49%. Adjusted for inflation, which continues to remain concerningly elevated, the 20-city index showed a 3% increase compared with its 2006 high point. The latest CoreLogic’s latest Home Price Index projects that home prices nationally will average a 4% increase in 2023 compared with the previous year.

The Richmond Fed manufacturing activity remained relatively flat in June, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index rose from −15 in May to −7 in June. Two of its three component indexes — shipments and new orders — also improved but remained below zero. Manufacturing in the US remains in a recession.

New orders for manufactured durable goods in May were up 5.4% year-over-year (3.6% inflation-adjusted). Before one thinks this is a strong report – this monthly increase was almost totally due to Boeing’s new orders – and does not show a broad-based improvement in this sector.

US Consumer Confidence Improved Substantially in June to 109.7, up from 102.5 in May. Dana Peterson, Chief Economist at The Conference Board stated:

Consumer confidence improved in June to its highest level since January 2022, reflecting improved current conditions and a pop in expectations. Greater confidence was most evident among consumers under age 35, and consumers earning incomes over $35,000. Nonetheless, the expectations gauge continued to signal consumers anticipating a recession at some point over the next 6 to 12 months.

Sales of new single‐family houses in May 2023 were 25.9% above May 2022. The median sales price of new houses sold in May 2023 was $416,300 – down 7.6% year-over-year. The average sales price was $487,300. Not a surprise that when you sell a cheaper house – the sales volumes increase.

Here is a summary of headlines we are reading today:

  • Fuel From Thin Air: A Technological Feat Or Economic Folly?
  • Copper Can Go Up 10 Times, Warns Billionaire Mine-Owner
  • Russia Asks For Same Oil Deal Chevron Has In Venezuela
  • The Hidden Costs Of The IEA’s Net Zero Vision
  • Russia’s Crude Oil Exports Dip By Nearly 1 Million Bpd
  • S&P 500, Nasdaq rally more than 1% as tech leads turnaround, Dow closes 200 points higher: Live updates
  • Morgan Stanley Sees First Negative Payroll Print In August Or September
  • Banking: UBS cutting half of Credit Suisse staff and about 35,000 or 30% of combined staff after merger: Bloomberg
  • ‘This is a game-changer’: Ahead of Amazon Prime Day, a new law makes it harder for online sellers to hawk fake or stolen products

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

Weather: Tonight, Tomorrow, Next Day, Five Days, and Intermediate-Term Outlooks for the U.S. and a Six-Day Forecast for the World: posted June 27, 2023

June 27, 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 forecast.

We start with the U.S. Information.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
Tue Jun 27 2023

Valid 12Z Tue Jun 27 2023 – 12Z Thu Jun 29 2023

…There is a Slight Risk of excessive rainfall over parts of the Northern
Mid-Atlantic…

…There is an Enhanced Risk of severe thunderstorms over parts of the
Central/Southern Plains on Tuesday and two areas of Slight Risk on
Wednesday over parts of Upper Mississippi Valley and Lower Mississippi
Valley…

…Excessive Heat Warnings and Advisories over parts of the Southwest,
Southern Plains, Lower Mississippi Valley, Central/Western Gulf Coast…

…Air Quality alerts over parts of the Upper Mississippi Valley, Great
Lakes, and Ohio Valley…

26 June 2023 Market Close & Major Financial Headlines: Markets Close Down On Final Week Of June, Nasdaq Off 1%, While The Dow Closed Flat

June 26, 2023Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 13 points or 0.04%,
  • Nasdaq closed down 1.16%,
  • S&P 500 closed down 0.45%,
  • Gold $1,933 up $3.20,
  • WTI crude oil settled at $69 up $0.29,
  • 10-year U.S. Treasury 3.713% down 0.026 points,
  • USD Index $102.75 down $0.16,
  • Bitcoin $30,264 down $196,

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

Click here to read our Economic Forecast for June 2023

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

Dallas Fed’s Texas Manufacturing Outlook Survey’s production index fell three points to -4.2, a reading indicative of a slight contraction in output. The new orders sub-index has been in negative territory for more than a year and remained at -16.6.

 

Here is a summary of headlines we are reading today:

  • Investors Wary As Beijing’s Stimulus Strategy Falls Short
  • Middle East Defies Weakening Asian Market To Lift Prices
  • Putin Scrambles To Reassure Allies Following Mercenary Mutiny
  • Global Floating Oil Storage Hits Highest Level Since October 2020
  • Natural Gas And Wheat Prices Jump On Russia Turmoil
  • Nasdaq sheds 1% on Monday as investors dump tech names to start final week of June: Live updates
  • Bitcoin drops below $31,000, and Binance prohibited from operating in Belgium: CNBC Crypto World
  • Americans think they will need nearly $1.3 million to retire comfortably, study says. How to calculate your own ‘magic number’
  • Banks being slow to pass on savings rates – Hunt
  • IPO Report: IPO market readies for six-deal week, with four expected to raise more than $100 million
  • The Ratings Game: Banks face yet another risk, this time from faster payments, Moody’s says

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

Weather: Tonight, Tomorrow, Next Day, Five Days, and Intermediate-Term Outlooks for the U.S. and a Six-Day Forecast for the World: posted June 26, 2023

June 26, 2023Posted inweatherNo Comments

Updated at 6:06 p.m. Monday June 26, 2023

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 forecast.

We start with the U.S. Information.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
356 PM EDT Mon Jun 26 2023

Valid 00Z Tue Jun 27 2023 – 00Z Thu Jun 29 2023

…Oppressive heatwave over the south-central U.S. begins to expand into
the Plains/Midwest and Lower Mississippi Valley mid-week…

…Showers and thunderstorms will continue into Tuesday and Wednesday for
much of the Northeast…

…Rain chances for the northern tier of the West; a Critical Risk of Fire
Weather for the Four Corners region Tuesday…

Weather: Tonight, Tomorrow, Next Day, Five Days, and Intermediate-Term Outlooks for the U.S. and a Six-Day Forecast for the World: posted June 25, 2023

June 25, 2023Posted inweatherNo Comments

Updated at 6:43 p.m. Sunday, June 25, 2023

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 forecast.

We start with the U.S. Information.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
344 PM EDT Sun Jun 25 2023

Valid 00Z Mon Jun 26 2023 – 00Z Wed Jun 28 2023

…Widespread showers and storms Monday for the East Coast with the risk
of flash flooding and severe weather in the Mid-Atlantic…

…Oppressive heat wave shows no signs of letting up across portions of
the south-central U.S….

…Locally heavy rainfall possible for northern portions of the West…

Weather: Tonight, Tomorrow, Next Day, Five Days, and Intermediate-Term Outlooks for the U.S. and a Six-Day Forecast for the World: posted June 24, 2023

June 24, 2023Posted inweatherNo Comments

Updated at 6;09 p.m. Saturday, June 24, 2023

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 forecast.

We start with the U.S. Information.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
349 PM EDT Sat Jun 24 2023

Valid 00Z Sun Jun 25 2023 – 00Z Tue Jun 27 2023

…Oppressive heat continues for portions of the south-central U.S. this
weekend, expanding into the Southwest on Monday…

…Risk of severe weather and some flash flooding moves from the
Midwest/Lower Mississippi Valley Sunday to the Mid-Atlantic Monday…

…Rain chances continue for the northern High Plains as much of the West
sees below average temperatures…

23 June 2023 Market Close & Major Financial Headlines: Wall Street Three Major Indexes Opened Sharply Lower, Traded Sideways, Finally Closing Moderately Lower

June 23, 2023Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 219 points or 0.65%,
  • Nasdaq closed down 1.01%,
  • S&P 500 closed down 0.77%,
  • Gold $1,930 up $5.80,
  • WTI crude oil settled at $69 down $0.251,
  • 10-year U.S. Treasury 3.735% down 0.064 points,
  • USD Index $102.88 up $0.50,
  • Bitcoin $30,889 up $710,
  • Baker Hughes Rig Count: U.S. down 5 to 682 rigs

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

Click here to read our Economic Forecast for June 2023

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

None

Here is a summary of headlines we are reading today:

  • U.S. Oil Drilling Slow Down Continues
  • Nigeria Owes Oil Majors $3 Billion For Crude Swaps
  • Central Bank Action Pushes Oil Prices Down Again
  • Companies without direct A.I. link try to ride the Wall Street craze
  • Market momentum wanes heading into the final week of June after monster rally in the first half
  • Bitcoin briefly rises above $31,000 to highest level in more than a year to cap the week
  • Bitcoin crosses $31,000, and Supreme Court rules in favor of Coinbase in dispute: CNBC Crypto World
  • Mortgages: Banks promise more protection as mortgage rates soar
  • Mutual Funds Weekly: These money and investing tips can fuel your portfolio if the market runs out of gasBond Report: U.S. yields slip by most in a week after a spree of central bank rate hikes

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

Supreme Court Rules Against the Navajo Nation Docket No 21-1484 June 23, 2022

June 22, 2023Posted inClimate, opinion6 Comments

On June 22nd the Supreme Court of the United States sometimes abbreviated SCOTUS decided 5 to 4 that the 1968 Treaty with the Navajo Tribe called for the U.S. to provide the land and funding for sheep, goats, cattle, and corn as well as education and some infrastructure but did not mention water. The decision of the Supreme Court was that if it did not mention water when written and agreed to, one can not just add “water” to the treaty now. The U.S. Supreme Court may not always be correct but they are last so this is likely the final legal decision on this but Congress and the Executive Branch of Government have not yet been heard from.

But then there is this part of the Court decision:

In addition, the Navajos may be able to assert the interests they claim in water rights litigation, including by seeking to intervene in cases that affect their claimed interests, and courts will then assess the Navajos’ claims and motions as appropriate. See 28 U. S. C. §1362; Arizona v. California, 460 U. S. 605, 615 (1983); see also Blatchford v. Native Village of Noatak, 501 U. S. 775, 784 (1991); Moe v. Confederated Salish and Kootenai Tribes of Flathead Reservation, 425 U. S. 463, 472–474 (1976).

So this case is over but the issue is not.

The Hopi are a different tribe than the Navajo. For more information about the Navajo Nation click HERE. BTW yá’át’ééh means hello or welcome. If you live in New Mexico you tend to learn a little Navajo and we raise Navajo Churro Sheep so we are involved with the Navajo. HERE is the official statement by the Navajo Nation on yesterday’s Supreme Court Decision.