Who is Adam Smith, anyway?
Adam Smith is widely regarded as the father of capitalism.
27 September 2022 Market Close & Major Financial Headlines: Wall Street Closes Mixed. S&P Slips to New Low. U.S. Dollar Creeping Higher Potentially Hurting Exports.
Summary Of the Markets Today:
- The Dow closed down 126 points or 0.43%,
- Nasdaq closed up 0.25%,
- S&P 500 down 0.21%,
- WTI crude oil settled at $78 up 2.75%,
- USD $114.25 up $0.14,
- Gold $1635 up $2.00,
- Bitcoin $19,029 down 0.50% – Session Low 18,868,
- 10-year U.S. Treasury 3.988% up 0.108%,
Today’s Economic Releases:
The S&P CoreLogic Case-Shiller 20-City Composite in July 2022 posted a 16.1% year-over-year gain, down from 18.7% in the previous month. CoreLogic Deputy Chief Economist Selma Hepp stated:
In July, the CoreLogic S&P Case-Shiller Index posted an increase of 15.8%, down from a 18.1% gain in June, marking the fourth month of decelerating annual home price appreciation. In addition, month-to-month index turned negative, down 0.3% in July, the first time since late 2018 when the Federal Reserve went through a round of monetary tightening leading to a surge in mortgage rates and subsequent housing market slowdown. Rapid home price deceleration, which is spreading beyond the West Coast markets, was anticipated given the Fed’s actions and will bring home price growth closer in line with income growth. Returning to long-term average of 4-5% annual price growth is closer than initially anticipated – potentially by early 2023.
New orders for manufactured durable goods in August 2022, down two consecutive months, decreased 0.2% month-over-month and is up 8.8% year-over-year. Still, when adjusted for inflation, year-over-year growth is down 0.8% (see graph below):
Sales of new single‐amily houses in August 2022 were at a 28.8% above July rate but is 0.1% below August 2021. The median sales price of new houses sold in August 2022 was $436,800. The average sales price was $521,800.
The Federal Reserve Bank of Richmond composite manufacturing index rose fro+m −8 in August to 0 in September, matching its July level.
A summary of headlines we are reading today:
- Strong Dollar Threatens Demand For Industrial Metals
- Solar Cell Breakthrough Could Challenge Silicon Dominance
- Goldman Sachs Drops Oil Price Forecast
- Stock market losses wipe out $9 trillion from Americans’ wealth
- Vanguard To Liquidate And Shutter A U.S. Listed ETF For The First Time In Its History
- CIA Warned Germany Of Possible Nord Stream Pipeline Attack
These and other headlines and news summaries moving the markets today are included below.
September 26, 2022: 48-Hour Weather Report and Intermediate-Term Outlooks; Tropical
Updated at 3 am EDT September 27, 2022 to incorporate the latest information on Hurricane Ian.
Here is what we are paying attention to this evening and the next 48 hours from this afternoon’s NWS Forecast.
...Hurricane Ian sets path towards Florida with the threat of flooding, high winds, and severe weather increasing... ...Heavy rain continues for portions of the Lower Great Lakes Tuesday... ...Cool and unsettled weather expected to persist across the Northeast and Great Lakes through at least mid-week... ...Well above average temperatures forecast throughout the West, with excessive heat impacting parts of southern California...
26 September 2022 Market Close & Major Financial Headlines: Today’s Session Behaved Much Like Friday, Down Fractionally And Trading Sideways. US Dollar Weakens, Crude Prices Fall As Investors Fear Feds Next Move
Summary Of the Markets Today:
- The Dow closed down 330 points or 1.11%,
- Nasdaq closed down 0.60%,
- S&P 500 down 1.03%,
- WTI crude oil settled at $77 down 3.33%,
- USD $114.04 weakens $1.02,
- Gold $1631 down $24,
- Bitcoin $19,193 up 1.43% – Session Low 18,693,
- 10-year U.S. Treasury 3.879% little changed
Today’s Economic Releases:
The Dallas Fed Manufacturing Index improved in September and rose eight points to 9.3, a reading suggestive of stronger output growth.
The Chicago Fed National Activity Index (CFNAI) 3-month moving average increased modestly from last month’s -0.08 to August 2022’s +0.01. A zero value for the monthly index has been associated with the national economy expanding at its historical trend (average) rate of growth. I consider the CFNAI to be one of the best coincident indicators of the economy. The following graph is the monthly index (which is not used for economic forecasting) but shows the inputs from the 4 categories that comprise the index.
A summary of headlines we are reading today:
- Is The Nuclear Waste Problem Overblown?
- A Perfect Storm Is Brewing In Aluminum Markets
- U.S. Warns Of Catastrophic Consequences If Putin Uses Nuclear Weapons
- Campaigns spend over $6.4 billion on ads for the 2022 elections, making the race one of the most expensive ever
- Markets Crash As Monetary Laughing Gas Fades
- Gartman Says Time To Go “Little Bit Long” Of Stocks
These and other headlines and news summaries moving the markets today are included below.
September 25, 2022: 48-Hour Weather Report and Intermediate-Term Outlooks; Tropical
Here is what we are paying attention to this evening and the next 48 hours from this afternoon’s NWS Forecast.
...Cool and unsettled weather expected across the Northeast and Great Lakes over the next few days... ...Well above average temperatures forecast throughout the West, with excessive heat impacting parts of southern California... ...Isolated flash flood concerns for portions of central and southern Florida through Monday before hazardous conditions associated with Tropical Storm Ian approach southern Florida on Tuesday...
September 24, 2022: 48-Hour Weather Report and Intermediate-Term Outlooks; Tropical
Here is what we are paying attention to this evening and the next 48 hours from this afternoon’s NWS Forecast.
...Recent record heat coming to an end across the Central/Southern Plains into the Lower Mississippi... ...Below average temperatures to spread from the Great Lakes into the Ohio Valley, while much above average temperatures spread across the West... ...Rains from Ian to push northward into South Florida on Monday...
September 23, 2022 Looking Ahead 28 Days Plus our usual 48-hour report.
Updated slightly at 2 pm EDT on September 24, 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. One of the weather outlook maps issued by NOAA only gets updated on Fridays and since this covers weeks 3 and 4, it is very important. It covers half of the 28-day period and the discussion released with this map is often where possible changes to the weather pattern are first identified.
That is why we issue a special report on Fridays (which most will read on Saturday) in which we show many of the actual forecast maps not just provide the links to these maps. This makes it easier for the reader. This provides a 28-day view of the future. 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.
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.
As a bonus this Friday, we have included a look back at August 2022 this time on a worldwide basis. We covered precipitation but the major focus was on how August 2022 temperature fits into the modern record of yearly temperature. It is one way of looking at Global Warming(GW). Recently we reviewed August in regards to the U.S. Lower 48 States.
Colonialism vs. Communism
What’s really going on between the West and the “rest” nowadays? President Biden has made it a big deal of “democracy vs. autocracy” (Democracy vs autocracy: Biden’s “inflection point”). But to me, it’s far more profound than that – It’s actually “colonialism vs. communism”, with communism prevailing!
23 September 2022 Market Close & Major Financial Headlines: Dow Falls Nearly 500 Points Reaching A New 2022 Low
Summary Of the Markets Today:
- The Dow closed down 486 points or 1.62%,
- Nasdaq closed down 1.80%,
- S&P 500 down 1.72%,
- WTI crude oil settled at $79 down 5.60%,
- USD $113.05 weakening 1.44%,
- Gold $1643 down $29,
- Bitcoin $18,739 down 3.43% – Session Low 18,588,
- 10-year U.S. Treasury 3.681 little changed,
- Baker Hughes Rig Count: U.S. +1 to 764 Canada +4 to 215
Today’s Economic Releases:
According to Calculated Risk – “On a rolling 12-month basis, inbound traffic decreased 1.0% in August compared to the rolling 12 months ending in July. Outbound traffic increased 0.1% compared to the rolling 12 months ending the previous month.” Year-over-year imports were down 12% and exports were up 1%. A single month is not a trend BUT declining imports are a sign the economy is slowing.
A summary of headlines we are reading today:
- Kazakhstan Closes Trucking Loophole Which Allowed Russia To Dodge Sanctions
- Precious Metal Miner Polymetal Plummets After Scrapping Dividend
- Oil Rig Count Sees Small Jump Amid Crash In Crude Prices
- Debt-loaded cruise lines’ shares fall as Fed hikes rate and recession fears grow
- Risk Of Global Recession In 2023 Rises Amid Simultaneous Rate Hikes
- Stocks Tumble To Session Lows The Moment Powell Opens His Mouth At Today’s Fed LIstens Event
- Market Snapshot: Dow sinks 550 points as rising bond yields hammer stocks after Fed rate hike
- Futures Movers: U.S. oil prices drop below $80 a barrel to their lowest finish since January on recession fears
These and other headlines and news summaries moving the markets today are included below.
22Sep2022 Market Close & Major Financial Headlines: Markets Continue With Another Day In The Red
Summary Of the Markets Today:
- The Dow closed down 107 points or 0.35%,
- Nasdaq closed down 1.37%,
- S&P 500 down 0.84%,
- Gold $1681 up $5,
- WTI crude oil settled at $83 up $0.58,
- 10-year U.S. Treasury 3.704% little changed,
- USD index $110.31 weakening 0.60%,
- Bitcoin $19,350 up 4.80%,
Today’s Economic Releases:
As the 2022 holiday season kicks off, seasonal employers are grappling with possibly falling consumer demand for the holidays, as planned rate increases, inflation, and potential recession fears take hold. Challenger, Gray & Christmas, Inc. predicts Retailers will add 680,000 workers during the 2022 holiday season, down from the 700,000 the firm predicted last year. The 2021 holiday hiring season saw Retailers add 701,400 jobs according to non-seasonally adjusted data from the Bureau of Labor Statistics (BLS).
The Kansas Fed’s Manufacturing Index continued to decelerate in September 2022, but growth remained slightly positive. Price indexes were still above year-ago levels for most firms, and most firms expected further price increases over the next six months. The month-over-month composite index was 1 in September, the lowest composite reading since July 2020, and down from 3 in August and from 13 in July.
In the week ending September 17, the initial unemployment claims 4-week moving average was 216,750, a decrease of 6,000 from the previous week’s revised average.
A summary of headlines we are reading today:
- Volkswagen Warns: High Gas Prices Could Impact Car Production
- One Million Puerto Ricans Still Without Power As Grid Crisis Persists
- 14 Coal Plants Have Come Online Since China Vowed To Pull Overseas Support
- Why India Is Suddenly Buying Less Russian Crude
- Amazon averaged 13 million viewers for its ‘Thursday Night Football’ debut, according to Nielsen data
- Powell Contradicts Biden On Inflation: “Running Too High” Rather Than “Hardly At All”
- Here Are Some Things The Fed Will Break If It ‘Contains Inflation’
These and other headlines and news summaries moving the markets today are included below.