Summary Of the Markets Today:

• The Dow closed down 222 points or 0.66%,
• Nasdaq closed up 0.18%,
• S&P 500 closed down 0.17%,
• Gold $2,020 down $16.60,
• WTI crude oil settled at $71 down $1.12,
• 10-year U.S. Treasury 3.319% down 0.046 points,
• USD Index $102.07 up $0.6,
• Bitcoin $26,862 down $849,

Click here to read our Economic Forecast for May 2023

Today’s Economic Releases:

The Producer Price Index for final demand on an unadjusted basis declined to 2.3% for the 12 months ended in April. This pricing index. The Producer Price Index (PPI) is a measure of the average change over time in selling prices received by domestic producers for their output. It measures inflation at the wholesale level. The PPI is a broad measure of inflation, and it is used by economists and policymakers to track the pace of inflation and to make decisions about monetary policy. This index is saying that the goods-producing and wholesale sectors have gotten inflation under control.

The initial unemployment claims 4-week moving average for the week ending May 6 was 245,250, an increase of 6,000 from the previous week’s unrevised average of 239,250. This is the highest level for this average since November 20, 2021, when it was 249,250. An increase in the initial unemployment claims 4-week moving average can be a sign that the labor market is weakening.

A summary of headlines we are reading today:

• The Growing Importance Of Robots In The Oil And Gas Industry
• OPEC: World Oil Demand To Rise By 2.33 Million Bpd In 2023
• Shale Steals The Show As Oil & Gas Spending Surges
• Canadian Operators Restart Oil And Gas Production As Wildfires Subside
• PacWest shares tumble 20% after regional bank says deposits fell 9.5% last week
• Dow closes more than 200 points lower for fourth straight day of losses, dragged down by Disney: Live updates
• Washington is at an impasse on the debt ceiling. Here’s what that might mean for your portfolio
• Alphabet trading at highest since August as Wall Street cheers Google’s A.I. plans
• Market Extra: Here’s where investors may turn to ‘hide’ as U.S. debt-ceiling deadline looms based on 2011 market reaction

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 31 points or 0.09%,
• Nasdaq closed up 1.04%,
• S&P 500 closed up 0.45%,
• Gold $2,037 down $5.50,
• WTI crude oil settled at $73 down $0.99,
• 10-year U.S. Treasury 3.437% down 0.085 points,
• USD Index $101.44 down $0.017,
• Bitcoin $27,683 down $53,

Click here to read our Economic Forecast for May 2023

Today’s Economic Releases:

I have been very pessimistic about the ability of monetary policy to beat inflation – as fiscal policy which is controlled by Congress is spending money like a drunken sailor. For monetary policy to work alone, the Fed must tighten until a recession occurs. Today’s Consumer Price Index (CPI) shows that little headway has been achieved in the first four months of 2023. The Consumer Price Index for all urban consumers increased 0.4 percent in April 2023, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all-items index increased 4.9 percent before seasonal adjustment. The increase in the all-items index in April primarily reflected broad increases in the prices of shelter, food, and energy. The index for all items less food and energy rose 0.4 percent in April.

 

A summary of headlines we are reading today:

• U.S. Inflation Slips Below 5% But Still Higher Than Fed’s Target
• WTI Crude Sheds 2% As Global Demand Concerns Weigh
• Wind Generates More Power Than Gas In The UK For 3 Straight Months
• Pakistan Wants To Pay In Chinese Yuan For Russia’s Crude Oil
• Here’s everything Google just announced: A $1,799 folding phone, A.I. in Search and more
• Nasdaq closes 1% higher Wednesday after inflation data is cooler than anticipated: Live updates
• Here’s why sodium-ion batteries are shaping up to be a big technology breakthrough
• Market Extra: Wall Street cheers latest inflation report, but some say it could spell trouble for stocks down the road
• Grocery prices are rising more slowly, but food insecurity is surging among low-income Americans

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 57 points or 0.17%,
• Nasdaq closed down 0.63%,
• S&P 500 closed down 0.46%,
• Gold $2042 up $8.40,
• WTI crude oil settled at $73 up $0.33,
• 10-year U.S. Treasury 3.528% down 0.009 points,
• USD index $101.64 up $0.26,
• Bitcoin $27,722 up $46

---

Click here to read our Economic Forecast for May 2023

---

Today’s Economic Releases:

The National Federation of Independent Business (NFIB) released its Small Business Optimism Index for April 2023 on May 9, 2023. The index fell 1.1 points to 89.0, the lowest level since January 2013. This marks the 16th consecutive month that the index has been below the 49-year average of 98. The decline in the index was driven by a number of factors, including:

• Labor quality: The top business problem reported by small business owners was labor quality, with 45% of owners reporting job openings that they could not fill. This is up from 43% in March.
• Inflation: Inflation was the second top business problem, with 24% of owners reporting that inflation was their single most important business problem. This is down from 28% in March.
• Economic outlook: Small business owners are increasingly pessimistic about the near-term economic outlook. The share of owners expecting better business conditions over the next six months fell two points to a net negative 49%. This is the lowest level since April 2020, at the start of the COVID-19 pandemic.

A summary of headlines we are reading today:

• Iran Ramps Up Trade With BRICS Nations
• TotalEnergies Set To Start Drilling In Lebanon Later This Year
• The U.S. Needs To Double The Size Of Its Energy Grid
• Australia Looks To Become World’s Leading Green Hydrogen Producer
• Supertanker Rates Crash 75% After OPEC+ Cuts Oil Supply To Markets
• Jury says Trump must pay E. Jean Carroll $5 million for sexual abuse and defamation
• Fed’s John Williams says rates could be increased if inflation doesn’t come down

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 56 points or 0.17%,
• Nasdaq closed up 0.18%,
• S&P 500 closed up 0.05%,
• Gold $2028 up $3.40,
• WTI crude oil settled at $73 up $1.49,
• 10-year U.S. Treasury 3.519% up 0.074 points,
• USD index $101.41 up $0.19,
• Bitcoin $27,355 down $1,115

---

Click here to read our Economic Forecast for May 2023

---

Today’s Economic Releases:

Sales of merchant wholesalers in March 2023 decreased by 2.9% from March 2022. If one inflation adjusts, the decline was 5.9%. The inventory-to-sales ratio (which requires no inflation adjustment) worsened to 1.40 indicating a slowing economy.

A summary of headlines we are reading today:

• U.S. Gasoline Prices Dip Again
• Oil Gains Nearly 2% After ‘Overblown’ Selloff
• Central Banks All Over The World Are Scrambling To Buy Gold
• Warren Buffett Sees Uncertainty In The EV Market
• NY Fed Finds Inflation Expectations Mixed, As Spending Growth Outlook Tumbles To Two Year Low
• Biden proposes cash compensation from airlines for flight cancellations or major delays
• Treasury yields extend advance after Fed survey shows banks reported tighter lending standards, inflation data looms

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