05July2022 Market Close & Major Financial Headlines: Wall Street Gaps Down 2% At the Opening Bell And Rallies Back To Mixed, WTI Crude Hit Hard Plunging Below $100 As The U.S. Dollar Strengthens And Recession Worries Continue
Summary Of the Markets Today:
- The Dow closed down 129 points or 0.42%,
- Nasdaq closed up 1.75%,
- S&P 500 closed up 0.16%,
- WTI crude oil settled at 100, down 9.81%,
- USD $106.57 up 1.44%,
- Gold $1767 down 1.00%,
- Bitcoin $20483 up 3.38% – Session Low 19320,
- 10-year U.S. Treasury 2.825% down 0.079%
Today’s Economic Releases:
CoreLogic’s May 2022 National Home Price report shows prices increased year over year by 20.2%. Their home price forecast predicts that home prices will increase from May 2022 to May 2023 and on a year-over-year basis by 5.0%. According to CoreLogic, “rising mortgage rates and affordability challenges are expected to cool buyer demand.”
New orders for manufactured goods improved in May 2022 to 13.2% year-over-year growth. Manufacturers’ inventories have also grown to 11.3% year-over-year.
A summary of headlines we are reading today:
- Frances Nuclear Woes Will Worsen Europes Power Crisis
- Oil Billionaire: There’s Only One Fix For Inflation
- Ford reports a slight uptick in quarterly sales that miss analysts’ expectations
- Luxury car buyers shell out more than ever with ‘car payments that look more like mortgage payments’
- Crude Crashes, Yield Curve Inverts, Bonds & The Dollar Surge
- What Does A Catastrophic First Half Mean For The Rest Of The Year (Spoiler: Nothing Good)
- Bond Report: 2-, 10-year Treasury yields post biggest four-session drops in two years as curve inverts on U.S. growth fears
- Futures Movers: U.S. oil prices drop below $100 to end at the lowest since April on a strong dollar, fears of a recession
These and other headlines and news summaries moving the markets today are included below.