05 June 2023 Market Close & Major Financial Headlines: Wall Street Opened Fractionally Higher, Trended Lower, Finally Closing Moderately Lower In The Red

June 5, 2023Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 200 points or 0.59%,
  • Nasdaq closed down 0.09%,
  • S&P 500 closed down 0.20%,
  • Gold $1,978 up $8.40,
  • WTI crude oil settled at $72 up $1.84,
  • 10-year U.S. Treasury 3.695% up 0.002 points,
  • USD Index $104.01 down $0.01,
  • Bitcoin $25,632 down $1,559,

*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:

In May 2023, the ISM Services PMI® registered 50.3%, 1.6 percentage points lower than April’s reading of 51.9%. The composite index indicated growth in May for the fifth consecutive month after a reading of 49.2% in December, which was the first contraction since May 2020 (45.4%). A reading under 55% is not only indicative of an economy barely growing but also in the recession warning zone.

New orders for manufactured goods in April, up four of the last five months, increased $2.6 billion or 0.4 percent to $577.5 billion. However, growth was down 1.1% year-over-year – and there is no question that the manufacturing sector is in a recession.

Here is a summary of headlines we are reading today:

  • Oil Majors Keen On Libya’s Untapped Potential
  • New Car Sales In UK Drive Forward For The Tenth Month
  • Blurred Battle Lines: Drone Strikes Stoke Russia-Ukraine Conflict
  • China’s Economic Rebound Reshapes Emerging Markets
  • Goldman Sachs Warns ESG Investors Against Rushing To Divest From Oil And Gas
  • S&P 500 closes slightly lower on Monday after touching highest level since August: Live updates
  • Bitcoin drops below $26,000 after SEC sues crypto exchange Binance
  • History Suggests VIX Is Poised For Sharp Reversal
  • Brett Arends’s ROI: The S&P 500 is ridiculous. Here’s why.

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 5, 2023

June 5, 2023Posted inweatherNo Comments

Updated at 8:16 p.m. EDT Monday, June 5, 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
341 PM EDT Mon Jun 05 2023

Valid 00Z Tue Jun 06 2023 - 00Z Thu Jun 08 2023

...There is a Slight Risk of excessive rainfall over parts of the Southern
High Plains through Wednesday...

...Much cooler than normal over much of California/Southwest and the
Northeast...

...Periods of smoky conditions and poor air quality around the Great
Lakes...

What is an Omega Block?

Learn more about the Omega Block and other important  Wave Patterns HERE.

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 4, 2023

June 4, 2023Posted inweatherNo Comments

Updated at 5:10 p.m. EDT Sunday June 4, 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
352 PM EDT Sun Jun 04 2023

Valid 00Z Mon Jun 05 2023 – 00Z Wed Jun 07 2023

…Areas of heavy rain and flash flooding possible across the southern
High Plains over the next few days…

…Above average temperatures remain throughout the northern Plains and
build into the Pacific Northwest by Tuesday…

Introduction to Global Warming Part 1, June 3, 2023

June 3, 2023Posted inClimate4 Comments

It is time to talk about Global Warming. I prefer the term Global Warming(GW) to Climate Change(CC) simply because it is the warming that changes the climate. But either term is fine. We are going to tackle this in small portions. It is a very complicated and a largely misunderstood topic. My major interest is the economic impacts but I think we need to start by understanding what Global Warming is and why it is happening.

In Part I,  I am going to discuss the imbalance between incoming energy and outgoing energy.  I am also going to try to explain why it is happening and the role of greenhouse gases. I believe we are at the point now where there is no doubt that this is caused almost totally by the activities of humans. But even if it was a natural phenomenon, what I am presenting in this article would apply. The only way to get warmer is to receive more energy than you send into space.  Not being in balance could be caused by humans or by something else. We will deal with the cause in a future article.  Part I of this Introduction to Global Warming is about the imbalance.

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 3, 2023

June 3, 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
400 PM EDT Sat Jun 03 2023

Valid 00Z Sun Jun 04 2023 – 00Z Tue Jun 06 2023

…Unsettled weather to continue through the weekend across much of the
High Plains and into the Central/Northern Rockies with locally heavy
rainfall…

…Hot temperatures to continue across the Northern Plains and much of the
Midwest…

…Much colder weather with much below normal temperatures expected across
the Northeast..

02 June 2023 Market Close & Major Financial Headlines: Big Day On Wall Street As The Dow Closes Above 700 Points

June 2, 2023Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 701 points or 2.12%,
  • Nasdaq closed up 1.07%,
  • S&P 500 closed up 1.45%,
  • Gold $1,965 down $30.80,
  • WTI crude oil settled at $72 up $1.84,
  • 10-year U.S. Treasury 3.695% down 0.088 points,
  • USD Index $104.04 up $0.48,
  • Bitcoin $27,272 up $385,
  • Baker Hughes Rig Count: U.S. -15 to 696 Canada +10 to 97

*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:

Note that a new study from the CDC suggests that 96% of Americans have some degree of immunity against COVID.

The U.S. Bureau of Labor Statistics (BLS) reported today that total nonfarm payroll employment increased by 339,000 in May, and the unemployment rate rose by 0.3 percentage points to 3.7 percent. 

The largest job gains in May were in professional and business services (+113,000), government (+56,000), health care (+52,000), construction (+30,000), and transportation and warehousing (+25,000).  On the surface, the numbers appear good, however:

  • the household survey portion of the data says the workforce employment DECLINED by 310,000 versus the establishment portion (which provides the headline payroll employment numbers) says employment increased by 339,000.
  • the household portion (which provides the headline unemployment percentages) says the labor force increased by 130,000.
  • with such a discrepancy between the establishment and household surveys- I would be really slow to discuss any takeaways from the May employment report. So, let the pundits spin this piece of crap report any way they like but you should know that the spin is pure opinion.
  • in any event, hours worked is normal for periods of economic expansion.

Here is a summary of headlines we are reading today:

  • Oil Prices Climb As U.S. Rig Count Sees Another Double-Digit Decline
  • The Market Expects OPEC+ To Keep Oil Production Unchanged
  • Oil Markets On Edge Ahead Of OPEC Meeting
  • Dow leaps 700 points on hot jobs report, Nasdaq notches sixth straight winning week: Live updates
  • Here’s where the jobs are for May 2023 — in one chart
  • Telecom stocks fall on report Amazon considers launching mobile service for Prime members
  • West Coast ports shut down as union workers ‘no show’ after breakdown in wage negotiations
  • Bitcoin crosses $27,000, and lawsuit accuses Elon Musk of manipulating DOGE’s price: CNBC Crypto World
  • FBI To Finally Hand Over Biden Corruption Docs Under Threat Of Contempt
  • Verizon’s stock sinks to 12-year low while Dish’s soars after report Amazon is in talks to offer mobile plans for Prime members
  • Market Extra: S&P 500 nears bear-market exit. Will Big Tech’s rally finally spread to the broader stock market?

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

Weekly Crop Report June 2, 2023 – Almost all crops are doing well

June 2, 2023Posted inagriculture, weatherNo Comments

This article is based primarily on the May 31, 2023, USDA Crop Bulletin which covers the May 21 – 28  period of time. The USDA report usually becomes available on Tuesdays but due to the Memorial Day Weekend it was not published until Wednesday and Wednesday night I published the end-of-month update of the June weather outlook (click HERE to read) so I am publishing the crop article tonight a day late.

Almost all crops are doing well. Corn and soybeans, which are two of the major crops,  are doing very well. We will see how they handle the drought anticipated in certain areas in June.

We also include the May 2023 report on the prices received and paid by farmers in April 2023.

The article includes a short international review of agricultural conditions.