Who is Karl Marx, anyway?
Karl Marx is cherished in China as the father of communism but condemned in America as a villain for the same reason.
China has proven that he was mostly correct, after all!
17 October 2022 Market Close & Major Financial Headlines: Wall Street Reverses Downward Trend By Closing Moderately Higher In The Green
Summary Of the Markets Today:
- The Dow closed up 551 points or 1.86%,
- Nasdaq closed up 3.43%,
- S&P 500 up 2.65%,
- WTI crude oil settled at $85.49 down $0.13,
- USD $112.13 down $1.18,
- Gold $1653 up $4.20,
- Bitcoin $19,543 up 1.04% – Session Low 19,156,
- 10-year U.S. Treasury 4.021% up 0.013%
*Stock data, cryptocurrency, and commodity prices at the market closing.
Today’s Economic Releases:
The New York Fed’s Manufacturing Survey headline general business conditions index declined eight points to -9.1 in October 2022 (negative numbers suggest worsening conditions). As manufacturing is a minor component of the economy, this indicator by itself is unable to warn of a recession – having said that it does usually suggest an economy which is not strong.
A summary of headlines we are reading today:
- Putin Blames Outsiders As Central Asia Turns Its Back On Russia
- Why The Lack Of Public Charging Infrastructure Isn’t Deterring EV Buyers
- Gasoline Prices See Abrupt Decline As U.S. Diesel Prices Continue To Rise
- WWE stock hits 52-week high, defying market trends, in aftermath of McMahon scandal
- Stellantis debuts pure-electric Jeep, pledges new target on energy self-sufficiency
- White House Scrambles After Biden Suggests Pakistan’s Nukes Are ‘Unsafe’
- Futures Movers: Oil prices end lower as traders weigh recession fears versus tight crude supplies
These and other headlines and news summaries moving the markets today are included below.
October 16, 2022: U.S. 48-Hour Weather Report and Intermediate-Term Outlooks; Tropical and World Precipitation
Here is what we are paying attention to this morning and the next 48 hours from this morning’s NWS Forecast.
...Flash flooding concerns for southern Texas today then Maine on Tuesday... ...Unsettled and windy weather will spread from the Great Lakes to New England over next couple of days... ...Cold air sweeps through eastern half of the country while record warmth continues across Northwest...
NOAA Updates it’s October 2022 ENSO Outlook
On the second Thursday of every month, NOAA issues its analysis of the status of ENSO. This includes determining the Alert System Status. Although the current status remains the same i.e. La Nina Advisory, the forecast has again been adjusted slightly from the prior month. The IRI analysis suggests it could be slightly later than it appeared last month. Also, the probability that it will extend into the winter is much higher. So what I anticipated as being a three-peat now looks to be a certainty. There is some disagreement on when this La Nina will end with the best guess being perhaps February or March.
But I actually see no sign of it starting to happen. But all the meteorologists agree that it will. Could they all be wrong?
I also include some interesting graphics that show the impact of the combination of La Nina and what NOAA calls “trend” which is a combination of Global Warming and long cycles. I find them interesting. The IOD is about over so the weather in the Indian Ocean should return to something more like normal. The three phases of ENSO basically impact the entire world. It does appear that this third La Nina winter may be quite different from last year. But I will address that when NOAA issues their Seasonal Outlook for the U.S. and when I publish the JAMSTEC world outlook which I already have and I will probably publish it very soon.
October 15, 2022: U.S. 48-Hour Weather Report and Intermediate-Term Outlooks; Tropical and World Precipitation
Here is what we are paying attention to this evening and the next 48 hours from this afternoon’s NWS Forecast.
...Flash flooding and severe weather risks shift southeast from the Desert Southwest today to southern Texas by Monday... ...Severe weather possible across Oklahoma into tonight; unsettled weather spreading from the Great Lakes into New England and parts of the Mid-Atlantic Sunday into Monday... ...Surge of colder air overspreading the northern Plains by Monday while record warmth gradually moderates across the Pacific Northwest...
October 14, 2022 Looking Ahead 28 Days Plus our usual 48-hour report.
Day One and Two Maps updated at 5pm EDT on October 15, 2022
NOAA updates many of its weather outlooks daily or even more frequently and in many cases issues a discussion with those outlooks. We provide a daily report which focuses on the shorter-term predictions but also has links to all the partial-month outlooks. Because WordPress does not provide the ability to have these maps automatically updated, our daily report shows some of the maps which we update each evening plus the links to the other important weather forecast Maps.
Once a week we show many of the actual forecast maps not just provide the links to these maps. This makes it easier for the reader. Our report provides a separate forecast for Days1-5, Days 6 -10, Days 8 – 14, and weeks 3 and 4. This provides information that is useful to readers in terms of planning their activities for the next 28 days.
The week 3-4 outlook is only updated by NOAA’s Climate Prediction Service once a week on Friday. Thus, when we publish on Friday night, it provides a 28-day view of the future. What is important is that this is a longer-term view than one that is typically available in the media and online.
We also include In Part II of the article the other information from the daily 48-hour forecast article. Importantly, this time of the year, it includes updates on tropical events. In both Parts I and II we also include some worldwide forecasts.
It is important to recognize that the forecasts do not always work out as predicted. But in the article, there are links to obtain updated forecasts If you read this article a few days or more after it is published. And there will be a totally updated version next Friday.
Is America brain-dead?
Yes!
America is brain-dead.
There is no better example to illustrate it than via the Trump phenomenon, which has been haunting America’s political establishment over the past six years at least, and counting …
14 October 2022 Market Close & Major Financial Headlines: Wall Street Equities Closed In The Red Losing Half Of Yesterday’s Session Gains Partially Due To So-So Morning Financial Reporting, Trading Volatility, And Bank Earnings
Summary Of the Markets Today:
- The Dow closed down 404 points or 1.34%,
- Nasdaq closed down 3.08%,
- S&P 500 down 2.37%,
- WTI crude oil settled at $86 down $3.42,
- USD $113. little changed,
- Gold $1648 down $28.90,
- Bitcoin $19,230 down 0.73% – Session Low 19,154,
- 10-year U.S. Treasury 4.006% up 0.052%
- Baker Hughes Rig Count: U.S. +7 to 769 Canada +1 to 216
*Stock data, cryptocurrency, and commodity prices at the market closing.
Today’s Economic Releases:
U.S. import price growth fell to 6.0% year-over-year in September 2022 from 7.8% in August – lead by lower fuel and nonfuel prices. Price growth for U.S. exports fell to 9.5% in September from 10.7% in August.
Advance estimates of U.S. retail and food services sales for September 2022 was up 8.2% above September 2021 (blue line on graph below). Total sales for the July 2022 through September 2022 period were up 9.2% from the same period a year ago. Unfortunately, when adjusted for inflation – retail sales fell 0.4% year-over-year (red line on graph below).
The total business inventories/sales ratio based on seasonally adjusted data at the end of August 2022 was 1.33. The August 2021 ratio was 1.27. Generally speaking, a rising ratio (like what is happening now) is a sign of a slowing economy – but with all the issues in the supply chain – not sure this normally good indicator is saying anything.
A summary of headlines we are reading today:
- U.S. Refiners Are Preparing For A Potential Fuel Export Ban
- U.S. Oil Rig Count Jumps Amid Selloff In Crude
- U.S. Energy Bills See Largest Rise In Decades – More Pain To Come
- Kroger agrees to buy rival grocery company Albertsons for $24.6 billion
- Series I bond interest is expected to fall to roughly 6.48% in November. But that’s still a ‘really good rate,’ experts say
- 3 takeaways from our daily meeting: New market leaders, banks report, Club stocks next week
- Consumer spending was flat in September and below expectations as inflation takes toll
- Americans Are Getting Poorer: Price Inflation Grew Faster Than Wages Again In September
- Market Extra: ‘Growing wealth gap and rising inflation … hurt the global economy at almost every turn,’ Jamie Dimon tells MarketWatch on its anniversary
These and other headlines and news summaries moving the markets today are included below.
October 13, 2022: U.S. 48-Hour Weather Report and Intermediate-Term Outlooks; Tropical and World Precipitation
Here is what we are paying attention to this evening and the next 48 hours from this afternoon’s NWS Forecast.
...Heavy Rain and Flash Flooding expected for portions of the Northeast through Friday... ...Flash Flooding concerns shift to the Southwest this weekend... ...Critical Fire Weather conditions for portions of the Northern/Central Plains and Mid-Mississippi Valley through Friday...
13 October 2022 Market Close & Major Financial Headlines: Wall Street Roars Higher After September CPI Comes In Hot. 2-Year Treasury Yield Hits Fresh 15-Year High Of Almost 4.5%.
Summary Of the Markets Today:
- The Dow closed up 828 points or 2.83%,
- Nasdaq closed up 2.23%,
- S&P 500 up 2.60%,
- WTI crude oil settled at 89 up $1.78,
- USD $112 down $1,
- Gold $1671 down $6.20,
- Bitcoin $19,140 up 1.71% – Session Low 19,003,
- 10-year U.S. Treasury 3.964% up 0.062%
*Stock data, cryptocurrency, and commodity prices at the market closing.
Today’s Economic Releases:
As predicted in yesterday’s post, the consumer price index (CPI) came in with growth at 8.2% year-over-year in September 2022. Inflation is far from under control and this allows the Fed to keep boosting the federal funds rate until the economic growth slows to the point inflation begins to fall. The energy sector including fuels and electricity / utilities are leading the charge.
In the week ending October 8, the 4-week moving average of initial unemployment insurance claims was 211,500, an increase of 5,000 from the previous week’s unrevised average of 206,500.
A summary of headlines we are reading today:
- Prospectors Turn To Old Mines For New Riches
- Angela Merkel Justifies Disastrous Energy Policy With Russia
- Hot Inflation Figures Could Spark 75-Point Interest Hike
- U.S. Construction Weighed Down By Rising Interest Rates
- Walgreens beats sales expectations, as it expands its health-care business
- Soaring CPI & Extreme Pre-Positioning Sparks Massive Swings Across Markets
- Social Security Benefits Receive 8.7% Boost For 2023
- Bond Report: 2-year Treasury yield hits fresh 15-year high of almost 4.5% after September CPI comes in hot
These and other headlines and news summaries moving the markets today are included below.