01 September 2022 Market Close & Major Financial Headlines: Wall Street Continues To Show Weakness, Investors Not Impressed With The Fed’s Response To Inflation, Dow And SP500 Eked Out A Green Close In Last Half Hour

September 1, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 146 points or 0.46%,
  • Nasdaq closed down 0.26%,
  • S&P 500 up 0.30%,
  • WTI crude oil settled at $86 down 9.44% for the week,
  • USD $109.62 up 0.86%,
  • Gold $1707 down 1.14%,
  • Bitcoin $19,857 up 1.01% – Session Low 19,614,
  • 10-year U.S. Treasury 3.257 up 0.127%

Today’s Economic Releases:

Small business owners continue to hire, but 49% (seasonally adjusted) of owners reported job openings they could not fill in the current period. According to NFIB Chief Economist Bill Dunkelberg:

The labor market continues to be a significant challenge for small business owners. Owners are managing several economic headwinds and continue to make business adjustments to mitigate lost sales opportunities due to staffing shortages. Almost half of owners are raising compensation to attract workers for their open positions.

U.S.-based employers announced 20,485 cuts in August, a 21% decrease from the 25,810 cuts announced one month prior. It is 30% higher than the 15,723 cuts announced in the same month last year. August marks the fourth time this year that cuts were higher in 2022 than in the corresponding month a year earlier. Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc. stated:

Employment data continue to point to a strong labor market. Job openings are high, layoffs are low, and workers seem to have slowed their resignations. If a recession is imminent, it’s not yet reflected in the labor data.

Nonfarm business sector labor productivity decreased 4.1% in the second quarter of 2022 as output decreased 1.4 percent and hours worked increased 2.7 percent. From the same quarter a year ago, nonfarm business sector labor productivity decreased 2.4%. This is the largest decline in the series, which begins in the first quarter of 1948.

In the week ending August 27, the 4-week moving average for initial unemployment claims was 241,500, a decrease of 4,000 from the previous week’s revised average. The unemployment claims recent rise seems to have abated.

Construction spending during July 2022 was 0.4 % below the revised June estimate. The July figure is 8.5% above  July 2021. During the first seven months of this year, construction spending was 10.8% above the same period in 2021.

A summary of headlines we are reading today:

  • The Energy Crisis Is Putting Europes Solidarity To The Test
  • Turkey Hikes Gas And Power Prices By Up To 50%
  • Oil Prices Fall More Than 3% As G7 Discusses Price Cap For Russian Crude
  • Chinese EV stocks tank after Li Auto and Xpeng report plunge in August deliveries; Nio ekes out growth
  • Flood losses covered by insurance are jumping drastically and only a small fraction of what’s damaged by floods is insured
  • Stocks making the biggest moves midday: Nvidia, Okta, Five Below, Bed Bath & Beyond and more
  • U.S. health officials brace for another fall Covid surge, but with fewer deaths

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

NOAA Updates their September 2022 Outlook on August 31, 2022

September 1, 2022Posted inweatherNo Comments

Wildland Fire Risk Maps updated at 10:04 pm EDT on September 1, 2022

Short-term improvement in drought for September.  It is more than previously forecast.

At the end of every month, NOAA updates their Outlook for the following month which in this case is September. They also issue a Drought Outlook for the following month. We are reporting on that tonight.

There have been some significant changes in the Outlook for September and these are addressed in the NOAA Discussion so it is well worth reading. We highlighted some of the important changes within the NOAA Discussion.

Of significant interest is the Drought Outlook for September. It is again a big improvement but unfortunately, it probably is a one-month event. We have also included four months of Wildland Fire Potential Outlooks and also a map showing the year-to-date precipitation in the West. We also included a Monsoon Update.

September 1, 2022: 48-Hour Weather Report and Intermediate-Term Outlooks; Tropical

September 1, 2022Posted inweatherNo Comments

Here is what we are paying attention to tonight and the next 48 hours from this evening’s NWS Forecast.

...There is a Moderate Risk of excessive rainfall over parts of
southwestern Texas through Friday morning...

...There is a Marginal Risk of severe thunderstorms over parts of the
Northeast and Central Plains through Thursday morning...

...Excessive Heat Warning and Heat Advisories over parts of the West
Coast...

31 August 2022 Market Close & Major Financial Headlines: Wall Street Repeats Yesterday’s Session, Opens High, Closes In The Red

August 31, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 280 points or 0.88%,
  • Nasdaq closed down 0.56%,
  • S&P 500 down 0.78%,
  • WTI crude oil settled at 89 down 4.91% for the week,
  • USD $108.67 down 0.14%,
  • Gold $1722 down 0.84%,
  • Bitcoin $20,166 up 1.01% – Session Low 19,780,
  • 10-year U.S. Treasury 3.146 up 0.003%

Today’s Economic Releases:

According to ADP’s National Employment Report, private employers created 132,000 jobs in August, a step down from the month before, when the economy created nearly 270,000 jobs. Payroll growth also slowed in July when compared to June of this year. This is the inaugural edition of the new ADP National Employment Report (NER). The new NER, part of a collaboration with the Stanford Digital Economy Lab, is built on the payroll transactions of more than 25 million U.S. workers.  According to Nela Richardson, Chief Economist, ADP:

Our data suggests a recent shift toward a more conservative pace of hiring, possibly as companies try to decipher the economy’s conflicting signals. We could be at an inflection point, from super-charged job gains to something more normal.

The Chicago Business Barometer inched up in August 2022 by 0.1 points to 52.2 – following the June/July slide which saw this index fall to the lowest level since August 2020. This continues to indicate a modestly expanding economy.

A summary of headlines we are reading today:

  • Switzerland Scrambles To Keep Nuclear Plants Online
  • Walmart-owned Sam’s Club raises annual membership fee for the first time in nine years
  • Bed Bath & Beyond announces store closures, layoffs and new financing to fix struggling business
  • Mortgage demand falls even further, as rates shoot back up to July highs
  • Despite recession fears, most 401(k) investors haven’t changed their portfolios. Here’s what advisors suggest
  • Why inflation may become a non-issue for investors by March 2023

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

August 31, 2022: 48-Hour Weather Report and Intermediate-Term Outlooks; Tropical

August 31, 2022Posted inweatherNo Comments

Here is what we are paying attention to tonight and the next 48 hours from this evening’s NWS Forecast.

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

...There is a Marginal Risk of severe thunderstorms over parts of the
Northeast/Mid-Atlantic/Central Appalachians through Wednesday morning...

...Excessive Heat Warning and Heat Advisories over the West Coast...

30 August 2022 Market Close & Major Financial Headlines: Wall Street Fell Like A Rock After Positive Opening, Main Indexes Traded Sideways Most Of Session. Happy Birthday Warren Buffett

August 30, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 308 points or 0.96%,
  • Nasdaq closed down 1.12%,
  • S&P 500 down 1.10%,
  • WTI crude oil settled at $92 down 4.98%,
  • USD $108.78 down 0.05%,
  • Gold $1735 down 0.82%,
  • Bitcoin $19,995 down 1.64% – Session Low 19,591,
  • 10-year U.S. Treasury 3.112 unchanged

Today’s Economic Releases:

On the last business day of July, the number and rate of job openings were little changed at 11.2 million and 6.9 percent, respectively. Job openings increased in transportation, warehousing, and utilities (+81,000); arts, entertainment, and recreation (+53,000); federal government (+47,000); and state and local government education (+42,000). Job openings decreased in durable goods manufacturing (-47,000). The weird situation continues where the economy is running cool whilst demand for workers exceeds supply. Note that hires and separations historically have little impact on the economy.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported an 18.0% annual gain in June, down from 19.9% in the previous month. The 10-City Composite annual increase came in at 17.4%, down from 19.1% in the previous month. The 20-City Composite posted an 18.6% year-over-year gain, down from 20.5% in the previous month. The moderation of home prices is expected for a variety of reasons – the main reasons are 1) that home price increases are now being compared to the higher home prices of one year ago and 2) the demand for houses are these elevated prices have cooled. A perspective from CoreLogic Deputy Chief Economist Selma Hepp:
In June, the CoreLogic S&P Case-Shiller Index posted an 18% increase, down from a 19.9% gain in May, marking the third month of slower home price growth and decided reversal toward long-run rate of about 5%. Housing market activity cooled markedly since the June’s surge in mortgage rates leading to widespread slowing of home price growth and rising concerns over potential home price declines in the future. 

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A summary of headlines we are reading today:

  • Oil Falls 5% On Growing Inflation Fears
  • Royal Caribbean partners with SpaceX’s Starlink for onboard internet
  • Home prices weakened in June, but were still much higher than a year ago, says S&P Case-Shiller
  • China Is Aggressively Reselling Russian Gas To Europe
  • Investing legend Warren Buffett turns 92 today. Here are his top 5 investing mantras
  • The Wall Street Journal: Secret Service official who figures in Jan. 6 investigation of Trump retires

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

August 30, 2022: 48-Hour Weather Report and Intermediate-Term Outlooks; Tropical

August 30, 2022Posted inweatherNo Comments

Here is what we are paying attention to tonight and the next 48 hours from this evening’s NWS Forecast.

...Slight to enhanced risk of severe thunderstorms across parts of the
Midwest tonight...

...Slight risk of excessive rainfall for parts of the Southern Plains and
Lower Mississippi Valley tonight...

...Record heat likely to build into parts of the West this week..

29 August 2022 Market Close & Major Financial Headlines: Wall Street’s Three Main Indexes Heading Lower Extending Decline After See-Sawing Across The Unchanged Line. Investors Concerned With Powell’s Inflation Rhetoric

August 29, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 184 points or 0.57%,
  • Nasdaq closed down 1.02%,
  • S&P 500 down 0.67%,
  • WTI crude oil settled at $97 up 4.13% for the week,
  • USD $108.77 down 0.03%,
  • Gold $1749 unchanged,
  • Bitcoin $20,144 up 2.9% – Session Low 20,082,
  • 10-year U.S. Treasury 3.11% unchanged

Today’s Economic Releases:

The Dallas Fed Manufacturing Index modestly fell to 1.2 in August 2022 from 3.8 in July which is indicative of little growth and little change from the previous month.

A summary of headlines we are reading today:

  • U.S. Utilities Desperately Need To Spend More On Energy Infrastructure
  • The Global Gas Crisis Is Spilling Into The United States
  • Honda and LG Energy Solution to build $4.4 billion EV battery plant in U.S.
  • Cash is king for EV makers as soaring battery prices drive up vehicle production costs
  • US shares fall on the threat of interest rate rises
  • Store closures at the lowest level for seven years
  • Market Snapshot: Dow, S&P 500 edge lower as investors digest Fed’s vows not to waver in inflation fight

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

August 29, 2022: 48-Hour Weather Report and Intermediate-Term Outlooks; Tropical

August 29, 2022Posted inweatherNo Comments

Here is what we are paying attention to tonight and the next 48 hours from this evening’s NWS Forecast.

...Slight risk of severe thunderstorms across the Upper Mississippi Valley
into early this evening...

...Showers and thunderstorms likely across the Midwest and the Gulf
Coast/Florida...

...Warming trend begins for the Northwest and the Ohio Valley/Northeast...

August 28, 2022: 48-Hour Weather Report and Intermediate-Term Outlooks; Tropical

August 28, 2022Posted inweatherNo Comments

Here is what we are paying attention to tonight and the next 48 hours from this evening’s NWS Forecast.

...Slight risks of excessive rainfall and severe thunderstorms are in
effect for parts of the Upper Midwest tonight...

...Localized heavy to excessive rainfall possible across parts of the
Southeast/Gulf Coast and the Southwest...

...Warming trend begins for Northwest and Northeast...