03 October 2022 Market Close & Major Financial Headlines: Dow Rallies. Ocean Freight Orders Suggesting Big Drop In Consumer Demand.

October 3, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 765 points or 2.66%,
  • Nasdaq closed up 2.27%,
  • S&P 500 up 2.59%,
  • WTI crude oil settled at $83 up $3.57
  • USD $111.85 down $0.25,
  • Gold 1701 unchanged,
  • Bitcoin $19,547 up 1.45% – Session Low 18,948,
  • 10-year U.S. Treasury 3.659% down 0.145%

*Stock data, cryptocurrency, commodity prices as of market close.

Today’s Economic Releases:

Construction spending during August 2022 was down 0.7% month-over-month and up 8.5% year-over-year. During the first eight months of this year, construction spending increased 10.9%. Inflation adjusted construction spending declined 11.7% year-over-year as inflation in this sector exceeds 22% (see graph below)

The September 2022 Manufacturing PMI registered 50.9% which is lower than the 52.8% last month. Any number above 50% represents expansion but this is the lowest since May 2020, when it registered 43.5%. This suggests that this manufacturing sector is barely growing.

A summary of headlines we are reading today:

  • Ocean freight orders are signaling a big drop in consumer demand
  • The Middle East Is At The Forefront Of Low-Carbon Desalination Technology
  • China Is Reselling U.S. LNG To Europe For Big Profits
  • General Motors says sales rose 24% in the third quarter
  • Who needs another subscription service? Walmart is betting its millions of customers do
  • “2023 Will Be Year From Hell” – Martin Armstrong Warns Europe ‘Could Suck The Rest Of The World Down The Tubes’
  • Credit Suisse, Citi cut 2022 year-end target for S&P 500

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

October 2, 2022 Looking Ahead 28 Days Plus our usual 48-hour report.

October 3, 2022Posted inweatherNo Comments

Updated at 7:08 p.m. EDT October 3, 2022 to have some of the maps be more up to date.

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. Since we are publishing this week on Sunday night it is only a 26-day view. This makes very little difference but I mention it simply to be technically correct. 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.

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.

An Overall View of Concordian Economics

October 3, 2022Posted ineconomicsNo Comments

“We cannot solve our problems with the same thinking we used when we created them.”
—Albert Einstein

“You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.”   — Buckminster Fuller

“Where there is no vision, the people perish.”
— Proverbs 29:18

Concordian economics discloses the dynamic nature of economic systems.

NOAA Updates their October 2022 Outlook on September 30, 2022

October 2, 2022Posted inweatherNo Comments

 Drought expands in the Southern and to a lesser extent Central Great Plains. Anomalous wetness centered on Colorado and a cool/wet Mid-Atlantic Region.

At the end of every month, NOAA updates their Outlook for the following month which in this case is October. They also issue a Drought Outlook for the following month. We are reporting on that tonight.

There have been some significant changes in the Outlook for October and these are addressed in the NOAA Discussion so it is well worth reading. We highlighted some of the important changes within the NOAA Discussion.

Of significant interest is the Drought Outlook for October. Tropical activity has eliminated the East Coast Drought but we are beginning the increase in drought for the Great Plains that will likely continue until the end of this La Nina.

We have also included four months of Wildland Fire Potential Outlooks and also a map showing the year-to-date precipitation in the West. We also provide the Week 2/3 Tropical Outlook for the World

October 1, 2022: 48-Hour Weather Report and Intermediate-Term Outlooks; Tropical

October 2, 2022Posted inweatherNo Comments

Here is what we are paying attention to this evening and the next 48 hours from this afternoon’s NWS Forecast.

...There is a Slight Risk of excessive rainfall over parts of the Central
Appalachians through Sunday morning...

...There is a Slight Risk of excessive rainfall over parts of the Great
Basin and the Central Rockies from Sunday into Monday morning...

...Temperatures will be 10 to 15 degrees below average over parts of the
Mid-Atlantic...

September 30. 2022: 48-Hour Weather Report and Intermediate-Term Outlooks; Tropical

October 1, 2022Posted inweatherNo Comments

Here is what we are paying attention to this evening and the next 48 hours from this afternoon’s NWS Forecast.

...Ian to continue moving inland across the Carolinas this evening,
producing strong winds, heavy rain, and coastal hazards across the
Mid-Atlantic...

...Showers, thunderstorms, and high elevation snow expected across
portions of the Rockies and Southwest...

...Well above average temperatures forecast across the Pacific Northwest...

30Sep2022 Market Close & Major Financial Headlines: The Down End To A Bad Week As Stocks Take A Beating

September 30, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 495 points or 1.70%,
  • Nasdaq closed down 1.51%,
  • S&P 500 down 1.45%,
  • Gold $1669 up $0.50,
  • WTI crude oil settled at $80 down $1.56,
  • 10-year U.S. Treasury 3.821% up 0.072%,
  • USD index $112.15 weakening 0.1%,
  • Bitcoin $19,439 down $154,
  • Baker Hughes Rig Count: U.S. +1 to 765 rigs

Today’s Economic Releases:

Chicago Business Barometer stabilized in August.  The indicator inched up 0.1 points to 52.2. The only sub-indicators to fall were employment and supplier deliveries, while price paid was unchanged from previous month.

Personal income increased 0.3% at a monthly rate with consumer spending increasing 0.4% in August 2022. When these numbers are adjusted for inflation personal consumption year-over-year growth is up 2.1% whilst income remains in contraction at -4.7% (see graph below). It is interesting that consumption seems to keep on humming whilst income remains underwater.

Michigan Consumer sentiment confirmed the preliminary reading earlier this month and was essentially unchanged from the month prior, at less than one index point above August. Buying conditions for durables and the one-year economic outlook continued lifting from the extremely low readings earlier in the summer, but these gains were largely offset by modest declines in the long run outlook for business conditions. As seen in the chart, sentiment for consumers across the income distribution has declined in a remarkably close fashion for the last 6 months, reflecting shared concerns over the impact of inflation, even among higher-income consumers who have historically generated the lion’s share of spending.

A summary of headlines we are reading today:

  • Russia Claims EU Sanctions Are Preventing TurkStream Pipeline Maintenance
  • OPEC Raises Oil Production To Highest Level In Years
  • U.S. Only Lifted Oil Production By 12,000 Bpd In July
  • NASA is working with SpaceX to explore a private mission to extend the life of the Hubble telescope
  • “Panic Seems To Be In The Air”
  • Thousands Stuck On Cruise Ships After Hurricane Shuttered Florida Ports
  • Russia Is Flaring Less And Keeping Natural Gas In The Ground

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

September 29, 2022: 48-Hour Weather Report and Intermediate-Term Outlooks; Tropical

September 30, 2022Posted inweatherNo Comments

Here is what we are paying attention to this evening and the next 48 hours from this afternoon’s NWS Forecast.

...Hurricane Ian forecast to make second landfall in South Carolina Friday
bringing wind, heavy rain, and the threat of severe weather to the
Carolinas and Mid-Atlantic...

...Unseasonably cool temperatures forecast across the Eastern U.S. to
start the weekend...

...Showers and thunderstorms expected across portions of the Rockies,
Great Basin, and Southwest...

29 September 2022 Market Close & Major Financial Headlines: Wall Street Tumbles In Broad Market Sell-Off Wiping Out Yesterday’s Gains.

September 29, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 458 points or 1.54%,
  • Nasdaq closed down 2.84%,
  • S&P 500 down 2.11%,
  • WTI crude oil settled at $82 unchanged,
  • USD $112.11 down $0.64,
  • Gold $1661 little changed,
  • Bitcoin $19,420 down 0.51% – Session Low 18,883,
  • 10-year U.S. Treasury 3.759% up 0.71%,

*Stock data, cryptocurrency, commodity prices as of the market close.

Today’s Economic Releases:

In the week ending September 24, the 4-week moving average for seasonally adjusted unemployment insurance claims was 207,000, a decrease of 8,750 from the previous week’s revised average. The 4-week moving average continues to moderate.

The third estimate of 2Q2022 Real Gross Domestic Product was unchanged from the previous estimate of -0.6%. This was the second economic decline in a row as 1Q2022 real GDP decreased 1.6%.

A summary of headlines we are reading today:

  • The U.S. Plan To Power 100% Of Its Flights With Renewable Jet Fuel
  • Aluminum Prices Soar By Record 8.5% As LME Weighs Ban On Russian Metals
  • U.S. Planning New Sanctions On Irans Oil Sales
  • Buybuy Baby, a bright spot for Bed Bath & Beyond, reports steep drop in sales against tough comparisons
  • Porsche shares rise in landmark Frankfurt debut
  • US Rail Volumes Fell 4.4% In Latest Week

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