Summary Of the Markets Today:

• The Dow closed up 316 points or 0.98%,
• Nasdaq closed up 1.58%,
• S&P 500 closed up 1.30%,
• Gold $1943 down $39.30,
• WTI crude oil settled at $70 up $1.86,
• 10-year U.S. Treasury 3.596% up 0.119 points,
• USD $103.22 down $0.06,
• Bitcoin $28,182 – 24H Change up $279.08 – Session Low $27,473

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

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Click here to read our Economic Forecast for March 2023

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Today’s Economic Releases:

CoreLogic released its latest Single-Family Rent Index (SFRI) showing that single-family rent price growth was up by 5.7% year over year in January 2023, the lowest rate of appreciation since the spring of 2021. Orlando, Florida continued to lead the country for year-over-year rent price gains at 8.9%, but that increase has slowed significantly since the peak 25% annual growth recorded in April 2022. All 20 tracked metro areas posted single-digit annual rent price gains, with Phoenix at less than 1%.

Existing-home sales jumped 14.5% in February snapping a 12-month slide and representing the largest monthly percentage increase since July 2020 (+22.4%). Compared to one year ago, however, sales retreated 22.6% – blue line on graph below. The median existing-home sales price decreased 0.2% from the previous year to $363,000 – red line on graph below. The inventory of unsold existing homes was unchanged from the prior month at 980,000 at the end of February, or the equivalent of 2.6 months’ supply at the current monthly sales pace.

 

A summary of headlines we are reading today:

• U.S. Gasoline Demand Soars To Highest In Months
• Lithium Prices Hit Hard As EV Sales Stumble
• Goldman Sachs Sees Commodities Supercycle On The Horizon
• Oil Market Fundamentals Push Oil Prices Higher
• Jet Fuel Is Set To Be A Major Driver Of Oil Demand This Year
• The Fed is likely to hike rates by a quarter point but it must also reassure it can contain a banking crisis
• Stocks close higher Tuesday, S&P 500 adds more than 1% as regional banks pop: Live updates
• Home sales spike 14.5% in February as the median price drops for the first time in over a decade
• Bitcoin, ether build on recent gains as investors await Fed rate hike decision
• For The Fed, This Is No Time For Surprises
• Outside the Box: Biden’s rebuke of a bold, reform-minded crime law makes all Americans less safe

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

It is obvious that the markets today shrugged off the banking crisis.

Summary Of the Markets Today:

• The Dow closed up 383 points or 1.20%,
• Nasdaq closed up 0.39%,
• S&P 500 closed up 0.89%,
• Gold $1984 up $10.60,
• WTI crude oil settled at $68 up $0.83,
• 10-year U.S. Treasury 3.492% up 0.095 points,
• USD $103.31 down $0.39,
• Bitcoin $27,954 – 24H Change down $457.65 – Session Low $27,276

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

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Click here to read our Economic Forecast for March 2023

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Today’s Economic Releases:

The Conference Board Leading Economic Index (LEI) fell again by 0.3 percent in February 2023 to 110.0 (2016=100), after also declining by 0.3 percent in January. The LEI is down 3.6 percent over the six-month period between August 2022 and February 2023—a steeper rate of decline than its 3.0 percent contraction over the previous six months (February–August 2022). Interesting that the Conference Board this month is not stating that their index looks recessionary (as they did last month). Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board stated:

The LEI for the US fell again in February, marking its eleventh consecutive monthly decline. Negative or flat contributions from eight of the index’s ten components more than offset improving stock prices and a better-than-expected reading for residential building permits. While the rate of month-over-month declines in the LEI has moderated in recent months, the leading economic index still points to the risk of recession in the US economy. The most recent financial turmoil in the US banking sector is not reflected in the LEI data but could have a negative impact on the outlook if it persists. Overall, The Conference Board forecasts rising interest rates paired with declining consumer spending will most likely push the US economy into recession in the near term.

A summary of headlines we are reading today:

• Economic Worries Weigh On Nickel Prices
• More Strikes: European Diesel Markets Could Tighten, Crude Market Weakens
• Gasoline Prices Buck The Trend Ahead Of Driving Season
• King Of Saudi Arabia Invites Iranian President For Historic Visit
• Oil Prices Head Lower As Credit Suisse Shares Plunge By 60%
• JPMorgan advising First Republic on strategic alternatives, including a capital raise, sources say
• Stocks close higher on Monday as banking crisis fears ease: Live updates
• Bitcoin soars to a nine-month high as investors weigh bank risks and interest rates: CNBC Crypto World
• Biden Kills Bill To Reverse ESG Investing Rule
• Outside the Box: Amazon didn’t make money for a decade, but those losses weren’t even close to what startup companies and their investors face now.
• Market Snapshot: Dow rallies more than 300 points, even as bank woes muddle outlook for Fed decision

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 385 points or 1.19%,
• Nasdaq closed down 0.74%,
• S&P 500 closed down 1.10%,
• Gold $1981 up $58.00,
• WTI crude oil settled at $66 down $2.05,
• 10-year U.S. Treasury 3.414% down 0.168 points,
• USD $103.89 down $0.53,
• Bitcoin $26,802 – 24H Change up $1849.41 – Session Low $24,742
• Baker Hughes Rig Count: U.S. +8 to 754 Canada -16 to 207

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

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Click here to read our Economic Forecast for March 2023

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Today’s Economic Releases:

Industrial production declined in February 2023 from 0.5% to -0.2% year-over-year (blue line in the graph below). The component manufacturing declined from 0.2% to -0.9% year-over-year (red line on the graph below). Component mining insignificantly declined from 7.2% to 7.1% year-over-year (orange line on the graph below). And component utilities improved from -8.7% to -7.7% year-over-year (green line on the graph below).

A summary of headlines we are reading today:

• Coal Is Still King In Asia, But Renewables Are On The Rise
• U.S. Drilling Makes Gains As Gas Rig Count Jumps
• Gold Nears $2,000 As Banking Turmoil Continues
• The Oil Price Collapse Continues After Brief Respite
• Crude Has Broken Out of Its Range: What’s Next?
• Dow closes nearly 400 points lower on Friday as First Republic and regional banks resume slide: Live updates
• Big changes in the S&P 500 Friday highlight the power of index providers
• Credit Suisse shares hit as investor fears reignite
• Project Syndicate: U.S. companies will rely less on China and move manufacturing closer to home as globalization splinters, El-Erian says.

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