30June2022 Market Close & Major Financial Headlines: Major Indexes Closed Sharply Down Thursday, Atlanta Fed’s GDP Forecast Recessionary

June 30, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 254 points or 0.82%,
  • Nasdaq closed down 1.33%,
  • S&P 500 closed down 0.88%,
  • WTI crude oil settled at 105, down 3.44%,
  • USD $105.09 down 0.01%,
  • Gold $1807 down 0.20%,
  • Bitcoin $18891 down 7.05% – Session Low 18853,
  • 10-year U.S. Treasury 3.022% down 0.71%

Today’s Economic Releases:

Blame it on inflation – real disposable personal income and outlays for May 2022 declined month-over-month. However, on a year-over-year basis, real disposable personal income declined but real expenditures insignificantly improved.

The four-week moving average for unemployment insurance claims continues to modestly grow.

More potential concerning economic news, the GDPNow model released today estimates real GDP growth in the second quarter of 2022 at -1.0 percent, down from 0.3 percent on June 27. If this comes to pass – this would be the second quarter in a row with negative growth and a significant recession flag.

A summary of headlines we are reading today:

  • Supreme Court Kills Climate Rules
  • Former Apple, J.C. Penney exec Ron Johnson’s Enjoy Technology files for bankruptcy months after it went public
  • Spirit delays shareholder vote on merger hours before meeting to continue deal talks with Frontier, JetBlue
  • Winning ticket for Powerball’s $366.7 million jackpot sold in Vermont. Here’s the tax bite for the winner
  • First-Half FUBAR: Stocks Worst In 60 Years, Bonds & Bitcoin Worst Ever
  • Two million more people paying higher rate tax
  • Distributed Ledger: Bitcoin to record the worst first half of a year in history. Here’s what to watch in crypto for the second half.

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

From Subsidiarity to Solidarity and Sustainability

June 30, 2022Posted ineconomicsNo Comments

 In a previous post we saw how Concordian economics offers a paradigm through which we can, not only talk of the importance of the Principle of Subsidiarity, but even automatically implement the important recommendations advocated by this principle.

Here we will see how Concordian economics automatically implements the content of two more principles that are an important outgrowth of Subsidiarity: Solidarity and Sustainability.

29June2022 Market Close & Major Financial Headlines: Wall Street See-Sawed Across The Unchanged Line Throughout Today’s Session Finally Closing Mixed In Volatile Trading

June 29, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 82 points or 0.27%,
  • Nasdaq closed down 0.03%,
  • S&P 500 closed down 0.07%,
  • WTI crude oil settled at 109, down 2.33%,
  • USD $105.09 up 0.58%,
  • Gold $1819 flat 0.00%,
  • Bitcoin $20341 up 0.57% – Session Low 19889,
  • 10-year U.S. Treasury 3.097% down 0.11%

Today’s Economic Releases:

Views on the economy among CFOs have worsened for 2022, according to the latest results of The CFO Survey, a collaboration of Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta.

The third estimate of 1Q2022 Real GDP was -1.6% (quarter-over-quarter) – down from the second estimates -1.5%. Still, year-over-year Real GDP growth was 3.5% over 1Q2021 – down from 4Q2021’s 5.5%.

A summary of headlines we are reading today:

  • Oil Likely To Hit $200: SEB Group
  • Investors Dump Copper As Demand Stumbles
  • Fight for Spirit Airlines goes down to the wire with competing bids from Frontier and JetBlue
  • Bed Bath & Beyond replaces CEO as retailer’s sales plummet
  • Mortgage demand stalls again, even as interest rates swing briefly lower
  • Bonds & The Dollar Bid As Recession Risks Rise, Black Gold & Breakevens Battered
  • Why Is The VIX So Low? A Surprising Answer Emerges In The Market’s Microstructure
  • Inflation is forcing Americans to change their diets: ‘We make vegetable soup’

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

28June2022 Market Close & Major Financial Headlines: Wall Street Main Indexes Trend Sharply Lower After Opening In The Green

June 28, 2022Posted inmarketsNo Comments

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

June 27, 2022Posted inmarketsNo Comments

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

Violence and America

June 25, 2022Posted inopinionNo Comments

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?

June 24, 2022Posted inmarketsNo Comments

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

June 23, 2022Posted inmarketsNo Comments

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

June 22, 2022Posted inmarketsNo Comments

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.