Summary Of the Markets Today:
- The Dow closed up 517 points 1.61%,
- Nasdaq closed up 2.68%,
- S&P 500 closed up 1.99%,
- WTI crude oil settled at 115, down 1.76%,
- USD $101.87 up 0.018%,
- Gold 1837 up 0.94%,
- Bitcoin up 0.11% to $31666,
- 10-year U.S. Treasury up 0.108% / 2.857%
Today’s Economic Releases:
CoreLogic Deputy Chief Economist Selma Hepp commented on the S&P CoreLogic Case-Shiller National Home Price Index for March that was released this morning:
The S&P CoreLogic Case-Shiller Index posted a 20.6% increase in March – the strongest March annual gain in the history of the data series. At 2.6%, the monthly acceleration also peaked prior to the mortgage rate jump and is likely to return to historical averages in the coming months. After 32 months of logging the strongest home price gains, Phoenix’s price growth slowed considerably more than the other metro regions and is now outpaced by Tampa, Florida. Nevertheless, the first quarter of 2022 was marked by some of the most competitive housing market conditions since the onset of the pandemic. Home-buyer frenzy reached another new high as eager buyers pursued last-ditch efforts to secure a home purchase before the mortgage rate surge.
Chicago Business Barometer lifted to 60.3 in May, following last month’s 56.4. Inventories saw a fresh near 50-year high. All main indicators increased except for supplier deliveries, which hit the lowest since November 2020.
The Dallas Fed May 2022 manufacturing index improved from 10.8 to 18.8.
A summary of headlines we are reading today:
- Oil Prices Continue To Climb As Supply Uncertainties Mount
- The Hamptons summer rental market is facing an unexpected chill as inventory piles up and prices come down
- Rising gas prices and inflation top travel concerns, overtaking Covid, survey finds
- Stocks Go Nowhere In May, USD Sinks Amid Worst Macro-Meltdown Since Lehman
- Trade Setup: Strong chances of markets consolidating at current levels
- The Tell: Retailers hit with ‘double-whammy’ as inventories rise, consumer sector stocks punished in May
These and other headlines and news summaries moving the markets today are included below.