Summary Of the Markets Today:

• The Dow closed down 110 points or 0.33%,
• Nasdaq closed down 0.80%,
• S&P 500 closed down 0.60%,
• Gold $2,015 up $7.40,
• WTI crude oil settled at $77 down $1.87,
• 10-year U.S. Treasury 3.539% down 0.063 points,
• USD $101.86 down $0.11,
• Bitcoin $28,144 down $1,110,

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

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Click here to read our Economic Forecast for April 2023

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Today’s Economic Releases:

The Philadelphia Federal Reserve Bank’s April 2023 Manufacturing Business Outlook Survey (MBOS) showed that manufacturing activity in the Philadelphia Fed’s Third District contracted in April. The headline MBOSS index fell to -31.3 in April from 1.3 in March, its lowest level since May 2020. The index’s decline was driven by a sharp drop in new orders and a slowdown in production. The decline in the Philadelphia Fed’s MBOSS index in April suggests that manufacturing activity in the Third District contracted in April. The decline in new orders suggests that demand for manufactured goods is weakening. The slowdown in production suggests that manufacturers are producing less output. The decline in the Philadelphia Fed’s MBOSS index in April is consistent with other recent data that suggests that the U.S. economy is slowing.

The number of people filing for unemployment benefits in the United States rose by 27,457 to 234,577 in the week ending April 8, 2023, the U.S. Labor Department reported Thursday. The four-week moving average for new claims, which smooths out week-to-week volatility, rose by 7,500 to 215,000 (blue line on the graph below), the highest level since November 13, 2021.

The Conference Board Leading Economic Index® (LEI) for the United States decreased by 0.7% in March 2023 to 110.2 (2016=100), after also falling 0.3% in February. The LEI is now down 0.8% over the six-month period between September 2022 and March 2023—slightly lower than the 1.0% growth it recorded over the previous six months. The LEI is a composite index of 10 economic indicators that are believed to forecast economic activity. The index is designed to anticipate turning points in the economy, typically three to six months in advance. The decline in the LEI in March was led by a decline in stock prices and a slowdown in consumer expectations. Stock prices fell sharply in March, as investors became more concerned about inflation and the potential for a recession. Consumer expectations also fell in March, as consumers became more concerned about the rising cost of living. The decline in the LEI in March suggests that the U.S. economy is slowing.

A summary of headlines we are reading today:

• Marco Rubio Under Fire For Florida Gasoline Shortage
• Oil Sheds 2% Amid Indications Of Fragile Demand
• Ukraine’s Grain Flows Shift To Europe
• China’s Coal Use Set To Rise With Growing EV Demand
• SpaceX Starship rocket launches in historic test but explodes mid-flight
• Nasdaq closes lower Thursday, dragged by Tesla shares: Live updates
• Nuclear fusion will not be regulated the same way nuclear fission is — a big win for the fusion industry
• Futures Movers: U.S. oil benchmark settles at nearly a 3-week low, below $80 on recession fears

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 80 points or 0.23%,
• Nasdaq closed up 0.03%,
• S&P 500 closed down 0.01%,
• Gold $2,007 down $12.50,
• WTI crude oil settled at $79 down $1.70,
• 10-year U.S. Treasury 3.602% up 0.028 points,
• USD $101.96 up $0.21,
• Bitcoin $29,256 down $984,

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

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Click here to read our Economic Forecast for April 2023

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Today’s Economic Releases:

The Beige Book for April 19, 2023, reported that economic activity continued to expand in all 12 Federal Reserve districts. However, the pace of growth slowed in some districts, as businesses reported rising costs and labor shortages. The report noted that

• Manufacturing activity expanded in all 12 districts, but the pace of growth slowed in some districts. Businesses reported rising input costs, including energy, raw materials, and labor. Some businesses also reported difficulty finding qualified workers.
• Retail sales expanded in all 12 districts, but the pace of growth slowed in some districts. Businesses reported rising sales, but they also reported rising costs and labor shortages.
• Residential real estate activity expanded in all 12 districts, but the pace of growth slowed in some districts. Businesses reported rising home prices and demand, but they also reported rising construction costs and labor shortages.
• Nonresidential real estate activity expanded in all 12 districts, but the pace of growth slowed in some districts. Businesses reported rising demand for commercial and industrial space, but they also reported rising construction costs and labor shortages.
• The Beige Book also reported that labor markets remained tight in all 12 districts. Businesses reported difficulty finding qualified workers, and they were raising wages to attract and retain workers.

Overall, the Beige Book reported that economic activity continued to expand in all 12 Federal Reserve districts, but the pace of growth slowed in some districts. Businesses reported rising costs and labor shortages, which were weighing on growth.

A summary of headlines we are reading today:

• Wind Power Has A Profitability Problem
• Investors Turn To Precious Metals Amid Recessionary Fears
• MIT Study: Nuclear Power Shutdown Could Lead To Increased Deaths
• Oil Prices Fall Despite Crude Inventory Draw
• Baker Hughes Q1 Earnings Beat Expectations
• DeSantis and allies ramp up Disney’s fight as more Republicans criticize his tactics
• Sell-off hits bitcoin, and SEC Chair Gensler grilled on crypto in House hearing: CNBC Crypto World
• Earnings Outlook: Derailments, and paid sick leave loom over railroad earnings reports

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 11 points or 0.03%,
• Nasdaq closed down 0.04%,
• S&P 500 closed up 0.09%,
• Gold $2,018 up $10.40,
• WTI crude oil settled at $81 down $0.09,
• 10-year U.S. Treasury 3.579% down 0.014 points,
• USD $101.75 down $0.35,
• Bitcoin $30,216 up $713,

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

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Click here to read our Economic Forecast for April 2023

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Today’s Economic Releases:

The number of CEO changes at U.S. companies fell 17% from the 167 in February to 139 last month. March’s total is up 18% from the 119 CEOs who left their posts in the same month one year prior. March’s total is the highest total for that month since Challenger began tracking CEO exits in 2002. In the first quarter, 418 CEOs left their posts, up 6% from the 395 who left their posts in the first quarter of 2022. It is up 57% from the 266 CEO exits tracked in the last quarter of 2022.

Privately‐owned housing units authorized by building permits in March declined 24.8% below the March
2022. Privately‐owned housing starts in March were down 17.2% below March 2022. Privately‐owned housing completions in March were up 12.9% above March 2022.

 Single-Family Rent Index (SFRI) rent price growth continued its slowdown in February, dropping to 5%, with metro-level trends indicating that renters are perhaps seeking more affordable areas. For instance, St. Louis, historically one of the least-expensive 20 rental markets for which CoreLogic publishes data, was at the bottom for gains in February 2022 but topped the index for growth in February 2023.

A summary of headlines we are reading today:

• U.S. Treasury Dept. Issues Warning About Buying Russian Crude Above Price Cap
• White House Criticizes Lula’s Peace Brokering Rhetoric
• Exxon Quits Colombia Oilfield
• Volkswagen Has Ambitious Plans To Capture European EV Market Share
• Fears Of An Interest Rate Hike Keep Oil Prices Under Pressure
• Chevron Expands Footprint In East Med Natural Gas Basin
• Netflix shares sink after earnings report
• Some electric vehicles from BMW, Nissan, Hyundai and Volkswagen will no longer get federal tax credits
• S&P 500 ends Tuesday little changed as earnings season picks up steam: Live updates
• Coinbase preps for ‘years-long’ SEC battle, and celebrities want FTX suit dropped: CNBC Crypto World
• The Housing Bubble: Owners Trapped By Low-Rate Mortgages, Buyers Thwarted By High-Rate Mortgages
• Debt-ceiling standoff: Here’s what’s next as Democrats and Republicans warn about U.S. default

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 up 101 points or 0.30%,
• Nasdaq closed up 0.28%,
• S&P 500 closed up 0.33%,
• Gold $2,009 down $7.30,
• WTI crude oil settled at $81 down $1.54,
• 10-year U.S. Treasury 3.598% up 0.076 points,
• USD $102.08 up $0.53,
• Bitcoin $29,501 down $788,

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

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Click here to read our Economic Forecast for April 2023

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Today’s Economic Releases:

The Empire State Manufacturing Survey for April 2023 showed a significant increase in business activity, with the general business conditions index jumping 35.4 points to 10.8. This was the first month of expansion in five months, and the largest expansion in the last nine. The increase in activity was driven by a surge in new orders and shipments, as well as a pickup in delivery times and inventories. However, employment and hours worked declined for a third consecutive month. Despite the increase in activity, businesses continued to expect little improvement in conditions over the next six months. The index for future business conditions edged up to 6.6, suggesting that firms do not expect much improvement in activity over the next six months.

The housing market index for April 2023 rose for a fourth consecutive month, reaching 45. This was a fresh high since September 2022 and beat market expectations of 44. The gauge for current sales conditions rose to 51 from 49, sales expectations in the next six months increased to 50 from 47, and traffic of prospective buyers was unchanged at 31. Builders noted that additional declines in mortgage rates, to below 6%, will price-in further demand for housing. They also said that they are seeing more buyers coming back into the market, as affordability improves. The housing market is still facing some headwinds, such as rising inflation and interest rates. However, the overall trend is positive, and builders are optimistic about the outlook for the housing market in the coming months. Here are some additional details from the housing market index for April 2023:

• The index for current sales conditions rose to 51 from 49, indicating that more builders view sales conditions as good than poor.
• The index for sales expectations in the next six months increased to 50 from 47, indicating that builders are more optimistic about the outlook for the housing market over the next six months.
• The index for the traffic of prospective buyers was unchanged at 31, indicating that the level of buyer interest remains stable.

Overall, the housing market index for April 2023 suggests that the housing market is continuing to improve. Builders are more optimistic about the outlook for the housing market, and more buyers are coming back into the market. However, the housing market is still facing some headwinds, such as rising inflation and interest rates.

A summary of headlines we are reading today:

• Hedge Funds Dropping China Stocks For American Oil
• Exxon Faces Shareholder Scrutiny Over Unclear Decommissioning Plans
• Can Technology Really Solve Our Climate Problems?
• Russia’s Seaborne Crude Oil Exports Rebound To Above 3 Million Bpd
• Natural Gas Prices Jump 8% On Colder-Than-Expected Weather Forecast
• Electric Vehicle Market Share Continues To Grow
• Lithium Prices Could Start To Rebound Soon
• S&P 500 closes higher Monday to kick off a busy earnings week: Live updates
• Bitcoin dips below $30,000, and backlash brews as SEC moves toward DeFi oversight: CNBC Crypto World
• US Banks Lost Money On Mortgages For The First Time Since The MBA Began Keeping Records
• “Does Not Appear Sustainable”: The US Budget Deficit Is Unexpectedly Soaring Again And It’s About To Get Much Worse
• Market Snapshot: Dow turns positive in afternoon trade with earnings season set to pick up steam

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