Wall Street opened higher then fluctuated between gains and losses until late afternoon. Then, stocks slid in a sea-saw fashion to close sharply down in choppy trading after quarterly earnings results rolled in. The DOW closed down 340 points, NASDAQ down 1.2%, and the S&P 500 down 1.0%. All below the 100 MDA.

Drops through moving averages are concerning because they may signal a change in momentum — but in this case, buying the next day has been an almost sure-fire winner for the past 19 months.

Tech-heavy NASDAQ falls 10% from November high before a slight move higher, and Bank Of America Predicts Tesla Market Share Will Collapse In Next Few Years, wherein the bank suggests that Tesla’s U.S. EV market share could drop to just 19% by 2024.

The S&P 500 closed below its 100-day average — having already slipped below that measure intraday Tuesday for the first time in more than three months.

As usual, we have included below the headlines and news summaries moving the markets today.

Bonds, stocks, & bitcoin battered (42,000) as “rage-hike” fears grow. The Wall Street markets were smashed today in volatile trading that ended with the S&P 500 closing down 1.8%. Starting this holiday-shortened trading week saw rising bond yields, persisting rate pressures, and a big earnings miss by Goldman Sachs.

Today saw both bonds and stocks battered, creating the biggest daily aggregate loss (10Y TSY Px plus S&P 500) since March 2021. Oil prices are also trading at their highest level in seven years (86.19), but the move could be short-lived according to Exxon CEO Darren Woods is confident they will trend lower.

As usual, we have included below the headlines and news summaries moving the markets today.

Even though the markets were closed today, the usual financial headlines and news summaries follow.

Major economic releases today.

• Over the past year, import prices increased 10.4 percent and export prices advanced 14.7 percent.
• Advance estimates of U.S. retail and food services sales for December 2021 … were $626.8 billion, a decrease of 1.9 percent (±0.5 percent) from the previous month, but 16.9 percent (±0.9 percent) above December 2020.
• Industrial production declined 0.1 percent in December. Losses of 0.3 percent for manufacturing and 1.5 percent for utilities were mostly offset by a gain of 2.0 percent for mining. 

The markets were mixed today with the DOW off 0.6%, NASDAQ up 0.6%, and the S&P up 0.1%. Bitcoin inched up to $43,150. WTI crude climbed to $83.90. Gold little changed at $1,824.

As usual, we have included below the headlines and news summaries moving the markets today.

Markets today seem to be spooked by the continuing hawkish comments from the Federal Reserve members regarding rate hikes which normally negatively affect stock prices. During her confirmation hearing today, Fed Governor Lael Brainard stated:

The committee has projected several hikes over the course of the year. We will be in a position to do that, I think, as soon as asset purchases are terminated. And we will simply have to see what the data requires over the course of the year.

The markets closed lower today with the DOW off 0.5%, NASDAQ off 2.5%, and the S&P down 1.4%. Bitcoin declined to $42,760. WTI crude was down to $81.47. Gold was marginally up at $1,824.

As usual, we have included below the headlines and news summaries moving the markets today.

The market marginally improved today even though the latest inflation data from the Consumer Price Index shows year-over-year inflation has increased to 7% – the fastest pace since 1982. From the BLS:

In December, the Consumer Price Index for All Urban Consumers rose 0.5 percent, seasonally adjusted, and rose 7.0 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 0.6 percent in December (SA); up 5.5 percent over the year (NSA).

The DOW was up 0.1%, NASDAQ up 0.2%, and the S&P up 0.3%. Bitcoin improved to $43,670. WTI crude now up to $82.61. Gold also up at $1,816. The markets have been little affected by the record Omicron cases.

As usual, we have included below the headlines and news summaries moving the markets today.

However, all is not to be celebrated so soon as the markets reached a resistance of the Jan 6 and 7 sessions. Yesterday’s remarkable market reversal is being explained away by analysts, but tomorrow is going to be telling.

Powell’s testimony easing fears of an ultra-hawkish Fed may not be enough to ease investors’ fears.

Empty grocery shelves return as sick employees, supply chain delays collide. Retailers detail staffing shortages as omicron rages, but some investors see it as a short-term hit.

China Boosts Imports Of Cheap Oil From Sanctioned Iran And Venezuela. Oil Prices Jump Over 3% Ahead Of Inventory Data

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Renewables stocks are plunging, and Libyas crude exports slump as bad weather shuts four oil ports. In addition, U.S. emissions jumped in 2021 as coal power generation surged. Although stocks rebound off the worst levels of the day, NASDAQ is still down about 1% as it entered correction territory amid a broader market retreat.

CNBC ProNasdaq’s NASDAQ chart sends a warning signal, but analysts see an opportunity in the breakdown. Nasdaq slumps into correction territory after a painful start to 2022. Bitcoin briefly tumbles below $40,000 to the lowest since September as stocks slide, tech shares renew declines as Treasury yields advance.

Lululemon shares fall after the retailer sees fourth-quarter earnings, sales hurt due to omicron. Jamie Dimon one-ups Goldman: Says he would be “surprised” with just four rate-hikes. Buy the dip, says JPMorgan. ‘Markets can handle higher yields.’

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