China’s state capitalism = communism + capitalism
In this post, I will clearly define China’s state capitalism as communism + capitalism. This will help my fellow Americans best understand China, as well as the world.
28June2022 Market Close & Major Financial Headlines: Wall Street Main Indexes Trend Sharply Lower After Opening In The Green
Summary Of the Markets Today:
- The Dow closed down 491 points or 1.56%,
- Nasdaq closed down 2.98%,
- S&P 500 closed down 2.01%,
- WTI crude oil settled at 112, up 1.62%,
- USD $104.50 up 0.53%,
- Gold $1819 up 0.00%,
- Bitcoin $20244 down 3.01% – Session Low 20223,
- 10-year U.S. Treasury 3.196% up 0.002%
Today’s Economic Releases:
Home prices are still surging in April 2022 according to the S&P CoreLogic Case-Shiller National Home Price Index. CoreLogic Deputy Chief Economist Selma Hepp stated:
While still surging at a 20.4% pace in April, the S&P CoreLogic Case-Shiller Index finally took a turn again in April and slowed from March’s peak increase of 20.6%. The slowing of monthly gains, which were up 2.1%, also suggest further deceleration ahead. Signs of a tipping point toward a greater balance between buyers and sellers are increasing, albeit only compared to some of the most competitive conditions since the early 2000s. In particular, there is a buildup in overall active inventory as fewer buyers are rushing to make offers, resulting in an increase in the share of homes that have reduced their prices from the original list price. Also, there is a notable deceleration of monthly gains in the Western markets where a rush to lock in favorable mortgage rates pushed home price growth higher in prior months.
The Richmond Fed (Fifth District) manufacturing declined again in June 2022. Manufacturing across the U.S. is slowing.
A summary of headlines we are reading today:
- The Catastrophic Environmental Consequences Of Russias Invasion Of Ukraine
- Tensions Are Rising Ahead Of Xi-Biden Meeting
- NASA begins its return to the moon with a low-cost CAPSTONE mission, launched by Rocket Lab
- JetBlue ups offer for Spirit Airlines as shareholder vote on Frontier bid nears
- Home price increases slowed in April for the first time in months, S&P Case-Shiller says
- ‘Bad News’ Is Bad News Again: Stocks Slammed On Macro Meltdown, Bonds Shrug
- Oil Tanker Halted By US Authorities In Transit From Russia To New Orleans
- Crypto: Crypto exchange CoinFlex says one of the most prominent names in the industry defaulted on $47 million USDC debt
These and other headlines and news summaries moving the markets today are included below.
27June2022 Market Close & Major Financial Headlines: Wall Street’s Major Indexes See-Sawed Across The Unchanged Line Ultimately Ending Moderately Down In The Red As Rebound Fails
Summary Of the Markets Today:
- The Dow closed down 642 points or 0.20%,
- Nasdaq closed down 0.72%,
- S&P 500 closed down 0.30%,
- WTI crude oil settled at 110, up 2.09%,
- USD $103.92 down 0.12%,
- Gold 1823 up 0.01%,
- Bitcoin $20894 up 1.90% – Session Low 20558,
- 10-year U.S. Treasury 3.205% up 0.081%
Today’s Economic Releases:
The National Association of Realtors announced that their May 2022 pending home sales index declined 13.6% year-over-year – although there was a modest increase month-over-month. According to NAR Chief Economist Lawrence Yun:
Despite the small gain in pending sales from the prior month, the housing market is clearly undergoing a transition. Contract signings are down sizably from a year ago because of much higher mortgage rates.
New orders for May 2022 durable goods increased according to US Census – and is up 10.9% year-over-year, Unfortunately, inflation in durable goods is running at 8.5% which reduces the growth substantially. Still, there are no signs of slowing in durable goods.
A summary of headlines we are reading today:
- The Steel Market Is In Chaos As Demand Uncertainty Grows
- Pending home sales post a surprise increase in May, likely due to a brief pullback in mortgage rates
- Airlines, FAA spar over flight delays as crucial Fourth of July weekend approaches
- ‘Good News’ Sends Stocks & Bonds Lower; Oil & Gas Prices Soar
- Amtrak Train Packed With 243 Passengers Derails In Missouri
- “F**k Clarence Thomas!” Shouts Chicago Mayor Lori Lightfoot During Pride Parade
- Corporate America was becoming more partisan even before Roe’s reversal —and that’s ‘likely not in the interest of shareholders,’ research says
- Bond Report: Treasury yields bounce across the board after breaking a string of 3 consecutive weekly rises
These and other headlines and news summaries moving the markets today are included below.
Violence and America
America is by far the most violent country in human history. This is true both abroad (Jimmy Carter Lectures Trump: US ‘Most Warlike Nation in History of the World’) and at home. It is seen especially in terms of gun violence (List of countries by firearm-related death rate) and incarceration (U.S. has World’s Highest Incarceration Rate). And need I mention slavery in the old days and lynching in the South up to the 1960s?
24June2022 Market Close & Major Financial Headlines: Wall Street Sees Highest Dead Cat Bounce In Twenty Years, Major Indexes Rally Making A Big Comeback Closing At Session Highs, Bear Market Over?
Summary Of the Markets Today:
- The Dow closed up 823 points or 2.68%,
- Nasdaq closed up 3.34%,
- S&P 500 closed up 3.06%,
- WTI crude oil settled at 107, up 3.36%,
- USD $104.18 down 0.22%,
- Gold 1825 up 0.07%,
- Bitcoin $21210 up 1.89% – Session Low 20690,
- 10-year U.S. Treasury 3.134% up 0.064%
- Baker Hughes Rig Count: U.S. +13 to 753 Canada -2 to 154
Today’s Economic Releases:
The headline numbers for New Single Family homes sold in May 2022 show a 10.7% rise over last month which is good news. But in perspective, new home sales have been declining year-over-year for a year now – but in a historical sense, the volume of new homes sold monthly is on the high end of volumes since the Great Recession.
A summary of headlines we are reading today:
- U.S. Drillers Add 10 Oil Rigs As Permian Takes The Lead
- United Airlines pilots to get raises of more than 14%, 8 weeks of maternity leave in new contract
- Disney tells employees it will provide ‘comprehensive access’ for reproductive care
- Stocks Emerge From Bear Market As End Of Fed Rate Hikes Priced In With Recession Looming
- Cost of living: People cut back on food shopping as price rises bite
- Market Snapshot: Dow climbs 700 points as U.S. stocks on track to snap three weeks of losses
- Futures Movers: Oil ends higher on tight supplies, but U.S. prices hold on to a weekly loss on recession worries
These and other headlines and news summaries moving the markets today are included below.
23June2022 Market Close & Major Financial Headlines: The Dead Cat Hasn’t Stopped Bouncing, Wall Street Closed Higher In An Eyebrow Raising Late Session Rally – However, High Fuel And Food Prices Haven’t Gone Away
Summary Of the Markets Today:
- The Dow closed up 194 points or 0.64%,
- Nasdaq closed up 1.62%,
- S&P 500 closed up 0.95%,
- WTI crude oil settled at 104, down 0.11%,
- USD $104.34 up 0.15%,
- Gold $1825 down 0.49%,
- Bitcoin $21003 up 4.14% – Session Low 19802,
- 10-year U.S. Treasury 3.087% down 0.069%
Today’s Economic Releases:
The four-week moving average for initial unemployment claims continues to modestly climb.
The Kansas City Tenth District Manufacturing Survey for June 2022 showed manufacturing slowed but remained in expansion.
A summary of headlines we are reading today:
- The EV Revolution Is Transforming Rental Companies
- Dallas Fed: Surging Costs Hamper U.S. Shale Growth
- A Strong Dollar Is Weighing On Precious Metals
- The retail industry is facing a potential wave of bankruptcies – here’s why
- Stocks & Bonds Surge As Recession Fears Tank Rate-Hike Odds
- “Chicago Is Like Afghanistan”: Ken Griffin Is Moving Citadel To Miami, Leaving Chicago Crime Cesspool Behind
These and other headlines and news summaries moving the markets today are included below.
22June2022 Market Close & Major Financial Headlines: Wall Street Equities Gapped down At The Opening, Dow Slid 355 points, Most Of Session In The Green, Finally Closing Fractionally In The Red, High Gas And Food Prices Remain A Big Investor Concern
Summary Of the Markets Today:
- The Dow closed down 47 points or 0.15%,
- Nasdaq closed down 0.15%,
- S&P 500 closed down 0.13%,
- WTI crude oil settled at 105, down 4.274%,
- USD $104.19 down 0.24%,
- Gold $1838 down 0.09%,
- Bitcoin $21107 down 3.73% – Session Low 19903,
- 10-year U.S. Treasury 3.141% down 0.152%
Today’s Economic Releases:
CoreLogic released today its 2022 Hurricane Report – this is a very detailed illustrated product which you can download [here] for free. Their analysis suggests a 10% chance of an above normal Atlantic hurricane season, a 25% chance of a near-normal season, and a 65% chance of a below normal season.
Yesterday, CoreLogic released their Single-Family Rent Index (SFRI) for April 2022 showing rents have increased 14% year-over-year. Per said Molly Boesel, principal economist at CoreLogic:
Single-family rents continue to increase at record-level rates. In April, rent growth provided upward pressure on inflation, which rose at rates not seen in nearly 40 years. We expect single-family rent growth to continue to increase at a rapid pace throughout 2022.
A summary of headlines we are reading today:
- U.S. Oil And Gas Exports Are Fueling Higher Domestic Prices
- Raw material costs for electric vehicles have doubled during the pandemic
- Demand for adjustable-rate mortgages surges, as interest rates make biggest jump in 13 years
- Obama boasted about opposing federal gas tax holiday before 2008 election — Biden now wants one
- Stocks Snore, Bonds Soar As Fed Fears Ease; There’s Just One Thing…
- The Tell: The S&P 500 could slide another 33% in a ’70s-style inflation environment: Société Générale
- Supply-chain problems persist heading toward the back-to-school season, and the solutions give rise to a new set of risks
These and other headlines and news summaries moving the markets today are included below.
American “free market” is a lie!
The American version of “free market” is a big, fat lie! It’s time to denounce it as such!
21June2022 Market Close & Major Financial Headlines: Wall Street Equities Gapped Upwards At The Opening Bell, Recession And Inflation Fears Remain In Investors’ Minds, Some Traders Say Today’s Rally Is A Dead Cat Bounce
Summary Of the Markets Today:
- The Dow closed up 42 points or 0.14%,
- Nasdaq closed up 1.43%,
- S&P 500 closed up 0.21%,
- WTI crude oil settled at 109, down 0.99%,
- USD $104.42 down 0.26%,
- Gold $1830 up 0.47%,
- Bitcoin $21,150 up 5.30% – Session Low 19970,
- 10-year U.S. Treasury up 0.068% / 3.307%
Today’s Economic Releases:
The Chicago Fed National Activity Index 3 month average slowed in May 2022 but still shows that the national economy expanding above its historical trend (average) rate. of growth. The index is a weighted average of 85 indicators of growth in national economic activity drawn from four broad categories of data: 1) production and income; 2) employment, unemployment, and hours; 3) personal consumption and housing; and 4) sales, orders, and inventories.
Existing home sales for May 2022 declined 8.6% from one year ago – all while the median home price exceeded $400,000 for the first time. This is not economically good news.
A summary of headlines we are reading today:
- Solar Industry Lashes Out As Biden Lifts Tariffs On Chinese Panels
- Amazon Prime Day is coming up. Focus will be on consumer staples to counter surging inflation, experts say
- Inflation and recession fears are squeezing some industries more than others
- Chevron CEO Slams ‘Political Rhetoric’ In Scorching Letter To Biden
- Bayer: US Supreme Court rejects chemical maker’s weedkiller appeal
- Market Extra: Stock market is not fully pricing in a looming recession, warns Morgan Stanley’s Mike Wilson
These and other headlines and news summaries moving the markets today are included below.
17June2022 Market Close & Major Financial Headlines: Wall Street Seesaws Through Friday’s Session And Closes In The Green, We’re Off This Monday For The Juneteenth Freedom Day Holiday
Summary Of the Markets Today:
- The Dow closed down 42 points or 0.14%,
- Nasdaq closed up 1.43%,
- S&P 500 closed up 0.21%,
- WTI crude oil settled at $110, down 6.33%,
- USD $104.80 up 1.00%,
- Gold $1838 down 2.20%,
- Bitcoin $20475 down 2.00% – Session Low 20232,
- 10-year U.S. Treasury down 0.07% / 3.335%
- Baker Hughes Rig Count: U.S. +7 to 740 Canada +15 to 156
Today’s Economic Releases:
Industrial Production grew 5.8% year-over-year in May 2022 – down slightly from last month’s 6.3% year-over-year growth. The manufacturing portion of industrial production growth likewise slowed.
The Philadelphia Fed’s Livingston Survey is published twice a year, in June and December – and is the oldest survey of economists’ expectations. The June 2022 survey forecasts a much lower rate of economic growth.
A summary of headlines we are reading today:
- U.S. Drillers Add 7 Rigs Amid Oil Price Slide
- SpaceX fires at least 5 employees over an internal letter criticizing CEO Elon Musk
- Hawkish Fed Sparks Dow’s Worst Streak Ever; Crypto, Crude, & Credit Crushed
- Kemp: White House Tries To Blame US Refiners For Its Own Overheating Error
- Housing Crash Imminent: As Mortgage Rates Explode Price Cuts Soar And Buyer Demand Collapses
These and other headlines and news summaries moving the markets today are included below.