28Mar2022 Market Close & Major Financial Headlines: DOW Closed Up 95 Points, NASDAQ Up 1.3%, S&P 500 Up 0.7%, Bitcoin At Closing $47,900, USD Fractionally Higher At 99.20

March 28, 2022Posted inmarketsNo Comments

The DOW and the S&P 500 started the session in negative territory, while the NASDAQ took off like a skyrocket when the opening bell sounded. Gains led DOW’s nearly 50-point climb for shares of Microsoft and Salesforce.com Inc. The DOW trimmed earlier losses, turning little changed to slightly higher in the final hour of trading. The DOW’s drop began with losses in Chevron and Intel.

However, the $RUT ended up in the red by the four o’clock bell. All three main indexes closed at or near their session highs to start the week. In other news, Bitcoin surges past $47,000 turning positive for 2022 after the weekend rally. On the other hand, oil dropped about 7% as China’s COVID outbreak clouded the demand outlook. The latest curbs hammered oil prices overnight, sending a barrel of WTI crude down 4% to under $110.

A summary of headlines we are reading today:

  • India Will Not Pay In Rupees For Russian Oil, For Now
  • The Threat Of A Global Food Crisis Is Growing
  • Terran Orbital Starts Trading On The NYSE With $200 Million In Outstanding Spacecraft Orders
  • Oil, Gold, Yen, & Yield-Curve Slapped Lower; Ruble & Crypto ‘Rock’et Higher
  • Oil Slides More Than 8% As Shanghai Lock-down Prompts Demand Fears
  • Tesla Is One Of Only 11 Stocks In The S&P 500, Excluding Energy, That Enjoys This Critical Support

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

How to Solve Money Woes of the World Using the Bancor

March 28, 2022Posted inUncategorizedNo Comments

I have written about money woes issues separately in the past on a variety of venues, but consistently on Econintersect and Talk Markets. Let me now gather these thoughts together. A confluence of impelling crises requires this synthesis.  Here I argue for the institution of a global currency – the Bancor – first proposed by John Maynard Keynes at Bretton Woods in 1944.

Three-Peat or Triple-Dip is not a Cause for Celebration

March 26, 2022Posted inClimateNo Comments

We have discussed this before but the fact that there is a possibility of a third La Nina Winter is a good reason to discuss it again. I would say that is is not real likely. But if it happens, it would be very serious. So that is why it is worth discussing. We have not previously discussed how Global Warming makes any drought more dangerous but that should be obvious. We know that the negative phase of the Pacific Decadal Oscillation (PDO) results in a higher ratio of La Nina to El Nino Events. But we have not discussed how Global Warming might impact the PDO. So we are not addressing the broader question of whether or not Global Warming is increasing the chance of a third year of La Nina but simply looking at the evidence that a third year is a possibility. It seems that NOAA may be more concerned about the possibility than some other weather forecasting agencies in other part of the world, but we will attempt to show that their concern is not unreasonable.

25Mar2022 Market Close & Major Financial Headlines: Wall Street Closed Mixed With The DOW Up 153 Points, NASDAQ Down 0.2%, S&P 500 Up 0.5%, WTI Crude relatively Unchanged Settling At $112 Bbl, Bitcoin Up Moderately to 44500

March 25, 2022Posted inmarketsNo Comments

Wall Street zigzag across the unchanged line for most of the session, remaining in the red until the remaining hour. Then, ending mostly higher and booked weekly gains. But, many investors fear a recession is around the corner.

Ending the week, the S&P 500 finishes higher and notches another straight weekly gain. In addition, new home buyers saw mortgage rates climb to almost 5% in the second jump this week.

The ongoing hawkish push is higher in market expectations for 2022’s rate-hike trajectory, with nine more rate-hikes now expected by the end of December.

Yields on 2- and 10-year Treasury notes climbed to their highest daily levels in almost three years today. In addition, treasury notes posted their biggest weekly gains in several years as investors reacted to Russia’s possible reassessment of its ambitions in the month-long war in Ukraine.

Today’s aggressive sell-off of U.S. government debt pushed yields higher. Meanwhile, the spread between 5- and 30-year rates shrank below three basis points and teetered on the brink of inverting.

It’s been another very busy week for oil and gas markets. Putin threatened European gas imports, a storm knocked a major oil pipeline offline, and a Saudi oil terminal came under missile attack. Nevertheless, Brent is above $120 per barrel as bullish sentiment remains dominant.

A summary of headlines we are reading today:

  • High Gasoline Prices Are Starting To Hurt Demand
  • Saudi Aramco Facility Fire Under Control
  • Gm To Halt Pickup Truck Production In Indiana Due To Chip Shortage
  • 57% OF U.S. Households Paid No Federal Income Tax Last Year As Covid Took A Toll, Study Says
  • Stocks, Gold, & Oil Surge On Week As Yield Curve Carnage Screams ‘Recession’

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

24Mar2022 Market Close & Major Financial Headlines: Wall Street’s Three Main Indexes Closed At Session Highs, DOW Closes Up 349 Points, NASDAQ Up 1.9%, S&P 500 Up 1.4%, WTI Settles At $111, Bitcoin Up Fractionally At 43900, Financial Reporting This Morning Was Bullish

March 24, 2022Posted inmarketsNo Comments

Beginning the pre-market news reported Initial Jobless Claims 19/MAR was up 187K from 215K, Jobless Claims 4-week Average 19/MAR was up 211.75K from 223.25K. Continuing Jobless Claims 12/MAR was up to 1350K from 1417K and Markit Manufacturing PMI Flash MAR was up to 58.5 from 57.3. In my opinion, that is what sent Wall Street higher, not the doom scrolling. Then the indexes closed at session highs on average green trading volume.

Equities might have rallied higher if we didn’t have a war in Ukraine and idiots running our countries. O.K., not idiots, but they sure are appearing to be irresponsible. E.g., having Russia invade Ukraine and J.B. cancel the Keystone pipeline. Inflation remains a problem, a really big problem, that the Fed has done nothing about it except talk. I can’t imagine mid-term elections have to do with kicking the can down the road.

Laugh For The Day: Biden says he’d be ‘very fortunate’ to face Trump in the 2024 presidential election.

A summary of headlines we are reading today:

  • Billionaire Koch Brothers Are Betting Big On An Electric Future
  • The U.S. Is Preparing To Send Major LNG Shipments To Europe
  • Diesel Crisis In Europe Worsens As Austrian Energy Giant Limits Sales
  • The U.S. Is Preparing To Send Major LNG Shipments To Europe
  • Bitcoin, Bullion, Big-Tech, & Bond Yields Rise As Crude Crumbles

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

How To Stop Inflation Cold

March 24, 2022Posted inmacroeconomics2 Comments

Over the years, I have written in many venues about the extreme importance of four economic rights and responsibilities and their transformation into four Concordian economic policies. My writings on this topic have consistently received the most readers, all over the world.

To my unending surprise, spurred by our immediate needs I have recently discovered
another major—major—ability of Concordian economics. Here it is: With the tools offered by
Concordian economics, we can stop inflation cold.

Let us see how.

23Mar2022 Market Close & Major Financial Headlines: DOW Sees Worst Day In Two Weeks As Oil Prices Spike Above 120, and More Fed Officials Call For Half-Point Rate Hikes, DOW Down 449 Points, NASDAQ Down 1.3%, WTI Settles At 114, Bitcoin Up To 42300

March 23, 2022Posted inmarketsNo Comments

Today’s lame excuse for Wall Street dipping into the red is inflation, the war in Ukraine, and sky-high fuel costs. Tomorrow investors may feel better about today’s doom scrolling and push the market back up.

However, Mohamed El-Erian, chief economic advisor at Allianz, said, “If I’m investing over the next 12-month horizon, I would reduce equities at this point. I would take some money off the table,” pointed out. I don’t think the market has factored in yet what’s going to happen to the economy.”

Jeff Kilburg, the chief investment officer of Sanctuary Wealth, said yesterday, “There’s a little bit of a breather today, but the breather really is signaling that equities have the ability to continue to move higher.” I wonder how Jeff feels about the market today?

MBA 30-Year Mortgage Rate 18/MAR are up, MBA Mortgage Applications 18/MAR are down, and Fed Chair Powell made a speech on how he will control inflation and make investors feel better – NOT! Oh, and crude oil imports were up this last financial reporting period as Brent crude advanced nearly 5% to top $120 per barrel.

A summary of headlines we are reading today:

  • TotalEnergies: Oil Majors’ Exit From Russia Easier Said Than Done
  • Walmart Sues B.J.’s Wholesale Claiming It Stole Self-Checkout Technology
  • SpaceX Raises Prices For Rocket Launches And Starlink Satellite Internet As Inflation Hits Raw Materials
  • Omicron’s ‘Stealth’ Sub-variant BA.2 Could Go ‘Wild’ In Europe Before Going Global, Top Epidemiologist Says
  • People Face Biggest Drop In Living Standards In 66 Years

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

22Mar2022 Market Close & Major Financial Headlines: Stocks Extend Historic Short-Squeeze Melt-Up As Recession & Rate-Cut Odds Rise, DOW Closes Up 254 Points, NASDAQ Up 2.0%, S&P 500 Ends Session Up 1.1%, WTI Settles AT 109, Gold At 1922

March 22, 2022Posted inmarketsNo Comments

All three indexes advanced higher Tuesday, with the NASDAQ Composite leading the other indexes higher. At the same time, Treasury yields and Brent crude prices continued to climb as investors brace for interest rate hikes following yesterday’s hawkish comments from the U.S. Federal Reserve Chair Powell.

Fears of a recession from inflation have not abated as Carl Icahn says there ‘very well could be a recession or even worse.’ A bond selloff has deepened after yesterday’s comments from Jerome Powell, which said the Fed is prepared to act even more aggressively to tackle inflation. A lot of aggressive talk from the Fed and little action so far.

A summary of headlines we are reading today:

  • Europe Divided Over New Oil And Coal Sanctions
  • Inflation Is Spiking The Cost Of Pet Parenthood Yet Owners Are Still Splurging On Care
  • Rocket Builder Firefly Aiming For Second Launch Attempt In May, Raises $75 Million
  • Nike Sees Signs Of Recovery In China, Which Could Be A Good Omen For Other Retailers

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