09 Feb2023 Market Close & Major Financial Headlines: Crazy Wall Street Opens Moderately Higher, Trends Downward, Closes Moderately In The Red

February 9, 2023Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 249 points or 0.73%,
  • Nasdaq closed down 1.02%,
  • S&P 500 closed down 0.88%,
  • Gold $1873 down $18.15,
  • WTI crude oil settled at $78 down $0.80,
  • 10-year U.S. Treasury 3.667% up 0.031 points,
  • USD $103.26 down $0.14,
  • Bitcoin $21,950 – 24H Change down $910.28 – Session Low $21,880

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

Click here to read our Economic Forecast for February 2023

Today’s Economic Releases:

The Atlanta Fed’s Wage Growth Tracker Was 6.1 Percent in January, the same as in December. For people who changed jobs, the Tracker in January was 7.3 percent, compared to 7.7 percent in December. For those not changing jobs, the Tracker was 5.4 percent, compared to the 5.3 percent reading in December.

In the week ending February 4, the unemployment insurance weekly initial claims 4-week moving average was 189,250, a decrease of 2,500 from the previous week’s unrevised average of 191,750.

A summary of headlines we are reading today:

  • U.S. Slaps Sanctions On Firms Selling Iranian Oil Products In Asia
  • Exxon Unveils New Trading Division To Compete With Shell And BP
  • Tesla’s Huge Model 3 Discounts Lift Car Sales In China
  • Oil Prices Continue To Slide On Rising US, EU Inventories
  • Dow closes nearly 250 points lower, Nasdaq sheds 1% as Alphabet shares slide: Live updates
  • Yahoo to lay off 20% of staff by year-end, beginning this week
  • Bitcoin slips further below $23,000, and judge extends SBF’s bail restrictions: CNBC Crypto World
  • Beware: The Fed Thinks It’s Different This Time
  • Cryptos Tumble After Kraken Agrees To Shutter Crypto-Staking Ops To Settle SEC Charges
  • Market Extra: Retail investors are more bullish on stocks than at any point since the Fed started hiking rates. Here’s why that could be a problem.

These and other headlines and news summaries moving the markets today are included below.

Weather Forecast: Today, Tonight, Tomorrow, Next Day, Five Days, for the U.S. and the World with links for longer-term forecasts: posted February 9, 2023

February 9, 2023Posted inweatherNo Comments

Updated at 12:45 pm EST Thursday February 9, 2023

Here is what we are paying attention to in the next 48 to 72 hours. This article also includes World weather forecasts.

It also includes links for longer-term outlooks and sometimes (like today) we show the maps that one finds if one clicks on those links. But we can not update all of those maps each day so look at the date and the duration of the period of time involved. If you want a more up-to-date map, click on the provided link which may be located in a table of links. If the date in the title of the article is not today’s date. just go to Econcurrents.com and look for today’s weather article.

We start with the U.S. Information.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
207 PM EST Thu Feb 09 2023

Valid 00Z Fri Feb 10 2023 – 00Z Sun Feb 12 2023

…An active pattern with three well defined storms affecting the Lower
48…

…Heavy snows possible across portions of Northern New England Thursday
night into Friday…

…Record high minimum temperatures possible Friday morning across much of
the east coast from Florida to New England…

…Heavy rains possible across the Central Gulf coast into the Southeast…

08 Feb2023 Market Close & Major Financial Headlines: Wall Street Main Indexes Opened Fractionally Lower Again, Then Trended Moderately Lower To Close At Session Support

February 8, 2023Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 207 points or 0.61%,
  • Nasdaq closed down 1.68%,
  • S&P 500 closed down 1.11%,
  • Gold $1887 up $1.90,
  • WTI crude oil settled at $78 up $1.28,
  • 10-year U.S. Treasury 3.638% down 0.038 points,
  • USD $103.49 up $0.06,
  • Bitcoin $22,840 down $366.35 – Session Low $22.720

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

Click here to read our Economic Forecast for February 2023

Today’s Economic Releases:

December 2022 sales of merchant wholesalers were up 7.3% (green line on the graph below) year-over-year. However, after the inflation adjustment – year-over-year sales were down 1.7% (red line on the graph below). Sales continue to worsen and should be considered a potential recession flag. The December inventories/sales ratio for merchant wholesalers was 1.36 (blue line on the graph below). The December 2021 ratio was 1.24. A rising ratio is could be a recession flag.

The federal budget deficit was $459 billion in the first four months of fiscal year 2023, the Congressional Budget Office estimates—$200 billion more than the shortfall recorded during the same period last year. Outlays were 9 percent higher and revenues were 3 percent lower from October through January than during the same period in fiscal year 2022. Outlays in fiscal year 2023 were reduced by the shifting of certain payments—totaling $63 billion—from October 1, 2022 (the first day of fiscal year 2023), into fiscal year 2022 because October 1 fell on a weekend. If not for those shifts, the deficit would have been $522 billion, double the shortfall during the same period in fiscal year 2022.

A summary of headlines we are reading today:

  • Biden SOTU: Oil Demand Will Last For At Least A Decade
  • Aluminum Price Outlook Remains Bearish
  • Oil Retreats On EIA Inventory Data
  • Alphabet shares fall 7% following Google’s A.I. event
  • S&P 500 closes 1% lower, Nasdaq sheds 1.7% on Wednesday amid corporate profit worries
  • Wholesale egg prices have ‘collapsed.’ Why consumers may soon see relief
  • SpaceX prepares for a massive test this week: Firing all 33 Starship engines at once
  • Watch: Bill Gates Says It’s OK For Him To Use Private Jets Because He’s “The Solution” To Climate Change
  • Shrinking Money Supply Undercuts “Soft Landing” Narrative
  • Bond Report: U.S. bond yields finish mostly lower as traders weigh disinflation and Fed’s need for higher rates

These and other headlines and news summaries moving the markets today are included below.

Easy Eddie & Butch O’Hare

Easy Eddie & Butch O’Hare

February 8, 2023Posted inUncategorizedNo Comments

The two stories about Easy Eddie and Butch O’Hare I am about to tell you are not new, especially in Chicagoland, where I have resided since 1993. Recently, I received an email with a [more] complete version of the stories. So, I have decided to simply convert the email to this post for wider circulation of the stories.

Weather Forecast: Today, Tonight, Tomorrow, Next Day, Five Days, for the U.S. and the World with links for longer-term forecasts: posted February 8, 2023

February 8, 2023Posted inweatherNo Comments

Updated at 6:40 p.m. EST Wednesday, February 8, 2023

Here is what we are paying attention to in the next 48 to 72 hours. This article also includes World weather forecasts.

It also includes links for longer-term outlooks and sometimes (like today) we show the maps that one finds if one clicks on those links. But we can not update all of those maps each day so look at the date and the duration of the period of time involved. If you want a more up-to-date map, click on the provided link which may be located in a table of links. If the date in the title of the article is not today’s date. just go to Econcurrents.com and look for today’s weather article.

We start with the U.S. Information.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
208 PM EST Wed Feb 08 2023

Valid 00Z Thu Feb 09 2023 – 00Z Sat Feb 11 2023

…Severe thunderstorms and flash flooding in the middle and lower
Mississippi Valley through tonight…

…Gusty winds and snow squalls possible in the northern and central
Rockies through tonight…

…Heavy snow possible for parts of the Upper Midwest on Thursday…

07 Feb2023 Market Close & Major Financial Headlines: Wall Street Main Indexes Opened Fractionally Lower, Markets Swing 500 Points After Powell Remarks, Close Near Session Session Highs

February 7, 2023Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 266 points or 0.78%,
  • Nasdaq closed up 1.90%,
  • S&P 500 closed up 1.29%,
  • Gold $1883 up $3.20,
  • WTI crude oil settled at $77 up $3.19,
  • 10-year U.S. Treasury 3.681% up 0.049 points,
  • USD $103.39 down $0.23,
  • Bitcoin $23,260 up $465 – Session Low 22.687

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

Click here to read our Economic Forecast for February 2023

Today’s Economic Releases:

Home prices nationwide, including distressed sales, increased year over year by 6.9% in December 2022 compared with December 2021. On a month-over-month basis, home prices declined by 0.4% in December 2022 compared with November 2022 (revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results). The CoreLogic HPI Forecast indicates that home prices will decrease on a month-over-month basis by 0.2% from December 2022 to January 2023 and on a year-over-year basis by 3% from December 2022 to December 2023.

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $67.4 billion in December, up $6.4 billion from $61.0 billion in November, revised.

U.S. International Trade in Goods and Services Deficit
Deficit: $67.4 Billion +10.5%°
Exports: $250.2 Billion –0.9%°
Imports: $317.6 Billion +1.3%°

In 2022, consumer credit increased by 7.8%, with revolving and nonrevolving credit increasing by 14.8% and 5.6%, respectively. During the fourth quarter, consumer credit increased at a seasonally adjusted annual rate of 6.5%, while in December it increased at a seasonally adjusted annual rate of 2.9%. This data is not inflation adjusted – inflation-adjusted consumer credit increased 1.8% year-over-year (red line on the graph below).

A summary of headlines we are reading today:

  • Russia’s Budget Deficit Jumps Amid Plunging Oil Revenues
  • Crude Oil Bounces Back As Earthquake In Turkey Creates Supply Concerns
  • Ship-To-Ship Loadings Of Urals Hit Record High As Russian Oil Heads To Asia
  • Oil Prices Climb Despite Underwhelming Chinese Demand
  • Fed Chair Powell says inflation is starting to ease, but interest rates still likely to rise
  • Dow finishes more than 250 points higher, and Nasdaq climbs 1.9% after Fed Chair Powell says inflation is declining
  • Bitcoin trades around $23,000 after Fed Chair Powell warns that rates could rise further
  • Futures Movers: Oil futures settle at their highest in a week on China demand hopes, Middle East supply issues

These and other headlines and news summaries moving the markets today are included below.

Weather Forecast: Today, Tonight, Tomorrow, Next Day, Five Days, for the U.S. and the World with links for longer-term forecasts: posted February 7, 2023

February 6, 2023Posted inmarketsNo Comments

Updated at 10:40 p.m. EST Tuesday, February 7, 2023

Here is what we are paying attention to in the next 48 to 72 hours. This article also includes World weather forecasts.

It also includes links for longer-term outlooks and sometimes (like today) we show the maps that one finds if one clicks on those links. But we can not update all of those maps each day so look at the date and the duration of the period of time involved. If you want a more up-to-date map, click on the provided link which may be located in a table of links. If the date in the title of the article is not today’s date. just go to Econcurrents.com and look for today’s weather article.

We start with the U.S. Information.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
216 PM EST Tue Feb 07 2023

Valid 00Z Wed Feb 08 2023 – 00Z Fri Feb 10 2023

…Heavy snow through tonight for portions of the Cascades and northern
Rockies…

…Scattered severe thunderstorms and flash flooding possible Wednesday in
the middle and lower Mississippi Valley…

…Heavy snow possible in parts of the Upper Midwest and freezing rain
possible in the higher elevations of the Northeast on Thursday...

06 Feb2023 Market Close & Major Financial Headlines: Wall Street Main Indexes Opened Moderately Lower, Traded Sideways, Closed About Where It Opened

February 6, 2023Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 360 points or 0.1%,
  • Nasdaq closed down 1.00%,
  • S&P 500 closed down 0.61%,
  • Gold $1880 up $3.50,
  • WTI crude oil settled at $74 up $0.99,
  • 10-year U.S. Treasury 3.638% up 0.106 points,
  • USD $103.61 up $0.69,
  • Bitcoin $23,010 up $132.77 – Session Low 22.657

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

Click here to read our Economic Forecast for February 2023

Today’s Economic Releases:

Global Supply Chain Pressure Index (GSCPI) estimates for January 2023 show global supply chain pressures decreased moderately. The largest contributing factors to supply chain pressures were declines in Korean delivery times, Chinese delivery times, and Euro Area backlogs. The GSCPI’s recent movements suggest that the Asia developments that were interrupting the index’s normalization may have been a transitory factor.

A summary of headlines we are reading today:

  • Copper Rally Stalls As Market Awaits Chinese Demand Recovery
  • Russian Fiscal Budget Shows 35% Decline For January
  • India Predicts 500% Increase In Domestic Natural Gas Demand
  • U.S. Gasoline Prices See First Weekly Fall Of The Year
  • Saudi Arabia Surprises Markets By Increasing Oil Prices To Asia
  • Stocks close lower Monday as higher rates rattle investors
  • Amazon scales back cargo flying as demand cools, contractor says
  • Bitcoin struggles around $23,000 level as the new-year rally loses steam
  • Congress Is Set To Expose What May Be The Largest Censorship System In US History
  • Outside the Box: The stock market is wishing and hoping the Fed will pivot — but the pain won’t end until investors panic

These and other headlines and news summaries moving the markets today are included below.

Weather Forecast: Today, Tonight, Tomorrow, Next Day, Five Days, for the U.S. and the World with links for longer-term forecasts: posted February 6, 2023

February 6, 2023Posted inweatherNo Comments

Updated at 3:42 p.m. EST Monday, February 6, 2023

Here is what we are paying attention to in the next 48 to 72 hours. This article also includes World weather forecasts.

It also includes links for longer-term outlooks and sometimes (like today) we show the maps that one finds if one clicks on those links. But we can not update all of those maps each day so look at the date and the duration of the period of time involved. If you want a more up-to-date map, click on the provided link which may be located in a table of links. If the date in the title of the article is not today’s date. just go to Econcurrents.com and look for today’s weather article.

We start with the U.S. Information.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
300 PM EST Mon Feb 06 2023

Valid 00Z Tue Feb 07 2023 – 00Z Thu Feb 09 2023

…Widespread showers and thunderstorms with the risk for flash flooding
from the Southern Plains to the Mississippi Valley…

…Heavy lower elevation/coastal rain and mountain snow for the Pacific
Northwest…

…Unseasonably warm temperatures continue for the eastern two-thirds of
the country…

Government Spending and Inflation. Part 1

February 5, 2023Posted inmacroeconomicsNo Comments

re “Inflation is always and everywhere a monetary phenomenon.”
.    – – Milton Friedman1

Note:  An updated, expanded, and further edited version has been published here.

Nobel laureate Milton Friedman is considered to be the father of monetarism. This macroeconomic theory enjoyed popularity in the late 20th century but has come under increased criticism in the 21st century.  Monetary theory is deeply linked to arguments about the causes of inflation.  As shown here, there is little data to support Friedman’s theory that government spending generally causes inflation.  The issue is not as simple as he made it seem.


Milton Friedman, 1989. Credit: Encyclopedia Britannica.