NOAA Updates its ENSO Alert on August 8, 2024 – We Remain in ENSO Neutral – Published August 9, 2024

“Synopsis:  ENSO-neutral is expected to continue for the next several months, with La Niña favored to emerge during September-November (66% chance) and persist through the Northern Hemisphere winter 2024-25 (74% chance during November-January).”  

So we are really in ENSO Neutral but NOAA may not want to admit their forecast was wrong so they present it as waiting for La Nina. It is correct that we are in La Nina Watch but it is also correct that we currently remain in ENSO Neutral.

On the second Thursday of every month, NOAA (really their Climate Prediction Center CPC) issues its analysis of the status of ENSO. This includes determining the Alert System Status.  NOAA now describes their conclusion as “ENSO Alert System Status: La Nino Watch”

The exact timing of the transition is now less clear which should decrease the reliability of the Seasonal Outlook to be issued next Thursday.

We have included an ENSO Blog article by Tom Di  Liberto.

 >

CLIMATE PREDICTION CENTER ENSO DISCUSSION (LINK)

The second paragraph is what is important:

“The IRI plume indicates that Niño-3.4 is most likely to be below La Niña thresholds for four overlapping seasons, from September-November 2024 through December 2024 – February 2025.  Based on updated guidance and recent observations, the forecast team predicts nearly equal chances for ENSO-neutral and La Niña in August-October 2024, with higher odds for La Niña in September-November. Although the rate of SST cooling has been slower than previously anticipated, below-average subsurface temperatures and low-level easterly wind anomalies remain conducive to La Niña development in the coming months.  In summary, ENSO-neutral is expected to continue for the next several months, with La Niña favored to emerge during September-November (66% chance) and persist through the Northern Hemisphere winter 2024-25 (74% chance during November-January).”

Below is the middle paragraph from the discussion last month.

“Compared to the previous month, the most recent IRI plume delayed the emergence of La Niña to September-November 2024, with La Niña then persisting through the Northern Hemisphere winter.  The forecast team is also favoring a delayed development of La Niña this month, but is anticipating the transition to occur earlier (August-October).  This is, in part, supported by the continuation of below-average subsurface ocean temperatures and near-term forecasts suggesting a resurgence of easterly wind anomalies in July.  In summary, ENSO-neutral is expected to continue for the next several months, with La Niña favored to emerge during August-October (70% chance) and persist into the Northern Hemisphere winter 2024-25 (79% chance during November-January).”

We now provide additional details.

CPC Probability Distribution

Here are the new forecast probabilities. The probabilities are for three-month periods e.g. JAS stands for July/August/September.

Here is the forecast from last month.

The analysis this month and last month are a bit different with again the transition to La Nina being slower than thought last month. This seems to be a trend. The chart is clearer than the discussion in the summary report above.  The La Nina is slower to arrive and is projected to last perhaps one month less than previously forecast. I am not sure that we will actually have a La Nina.

Some will need to click on “Read More” to read the rest of this article.

Today Through the Fourth Friday (22 to 28 days) Weather Outlook for the U.S. and a Six-Day Forecast for the World: posted August 9, 2024

This article focuses on what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term U.S. outlooks and a six-day World weather outlook which can be very useful for travelers.

First the NWS Short Range Forecast. The afternoon NWS text update can be found here after about 4 p.m. New York time but it is unlikely to have changed very much from the morning update. The images in this article automatically update.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
Fri Aug 09 2024
Valid 12Z Fri Aug 09 2024 – 12Z Sun Aug 11 2024

…Dangerous flooding and severe weather continue as Debby accelerates
through the Mid-Atlantic and Northeast today…

…Below average temperatures persist across the Northern to Central
Plains, Upper to Mid Mississippi Valley…

…Above average temperatures continue across the West into the South, but
with less record highs compared to previous days…

…Elevated fire weather conditions and poor air quality continue across
Great Basin…

After a slow trek through the Carolinas over the last 24 hours, Debby is
simultaneously weakening and accelerating northeastward along the spine of
the Blue Ridge. Unfortunately, even in Debby’s weakened state, dangerous
flash flooding and severe weather will continue through tomorrow across
portions of the Carolinas, Mid-Atlantic, Interior Northeast, and New
England. Across the Carolinas, additional heavy rainfall is expected to
batter the region today, which will exacerbate ongoing catastrophic and
considerable flash flooding as storm total rainfall approaches 15-25
inches in spots. Closer to Debby’s immediate track, 3 to 7 inches of
rainfall across the Mid-Atlantic and Northeast states will produce
considerable to locally catastrophic flooding impacts through tomorrow
morning. The same cells responsible for this dangerous and prolific
rainfall are also capable of producing a few tornadoes. In the short term
this morning, a few tornadoes remain possible across portions of the
Mid-Atlantic (North Carolina, Virginia, and Maryland), although the risk
will shift into the Northeast (New Jersey, eastern Pennsylvania, and
southeast New York) later today.

The northeast acceleration of Debby is in response to the large scale
closed low associated with a strong cold front stretching from the Great
Lakes, southwestward through the Plains. Below average temperatures in
the wake of this strong front already encompass the Northern to Central
Plains, Upper to Middle Mississippi Valley and Great Lakes, which will
plunge southward into portions of the Southern Plains, Ohio Valley, and
Tennessee Valley today and tomorrow. The forecast remains on track for a
few record low maximum temperatures today across portions of the Central
Plains into the Middle Mississippi Valley and over northern Minnesota with
forecast high temperatures nearly 20-25 degrees below normal.

In contrast, above average temperatures will continue over the next few
days across much of the West into Texas, the South, and Gulf Coast as the
front stalls out to the north. A few record highs still possible across
portions of the central to eastern Gulf Coast over the next few days,
although the number of overall record highs across the country continue to
decrease from previous days. Even with less record high potential, the
current heat has led to a swath of Heat Advisories across portions of
southeast Texas and eastward along the Gulf coast.

In addition to the heat across portions of the Northwest and West, the dry
conditions, low relative humidities and gusty winds will maintain a fire
weather threat tomorrow over northern Nevada and southern Idaho. Smoke
from current fires will also continue to produce poor air quality across
the Pacific Northwest in general.

To get your local forecast plus active alerts and warnings click HERE and enter your city, state or zip code.

Learn about wave patterns HERE.

Then, looking at the world and of course, the U.S. shows here also. Today we are looking at precipitation.

Please click on “Read More” below to access the full Daily Report issued today.

08 AUG 2024 Market Close & Major Financial Headlines: The Three Major Indexes Opened In The Green, Climbed To Match The Last Sessions High Mark, And Closing Near Today’s Session Highs

Summary Of the Markets Today:

  • The Dow closed up 683 points or 1.76%,
  • Nasdaq closed up 2.87%,
  • S&P 500 closed down 2.30%,
  • Gold $2,462 up $30.00,
  • WTI crude oil settled at $76 up $0.88,
  • 10-year U.S. Treasury 3.994 up 0.026 points,
  • USD index $103.21 up $0.020,
  • Bitcoin $59,465 up $4,324 or 7.84%,

*Stock data, cryptocurrency, and commodity prices at the market closing.

Today’s Highlights:

US stocks experienced a significant rally on Thursday, buoyed by a drop in weekly initial jobless claims, which eased concerns about the labor market’s health.

  • Market Performance: The S&P 500 marking its largest single-day gain since November 2022.
  • Jobless Claims Data: The U.S. Labor Department reported that initial jobless claims fell to 233,000 for the week ending August 3, down from 250,000 the previous week and below economists’ expectations of 240,000. This positive data provided a much-needed boost to investor sentiment after a recent disappointing jobs report that had raised recession fears.
  • Individual Stock Movements: Eli Lilly saw a notable increase in its shares, soaring over 9% after it raised its annual revenue and profit forecasts due to strong sales of its weight-loss drug. Conversely, Nvidia faced volatility, with its stock fluctuating but ultimately ending the day down about 5% after earlier gains.

This rally comes after a turbulent week for Wall Street, where stocks had seen significant declines amidst fears of an economic slowdown. The jobless claims data appears to have provided a temporary reprieve from these concerns, although ongoing scrutiny of the labor market remains.


Click here to read our current Economic Forecast – August 2024 Economic Forecast: New Recession Flag


Today’s Economic Releases Compiled by Steven Hansen, Publisher:

June 2024 sales of merchant wholesalers were up 2.4% from the revised June 2023 level. Total inventories of merchant wholesalers were up 0.1% from the revised June 2023 level. The June inventories/sales ratio for merchant wholesalers was 1.37. The June 2023 ratio was 1.40. The inventory to sales ratio is an indicator of a recession IF the ratio becomes larger – and today this ratio is near the levels associated with recessions. There is something skewed in the data so I do not trust the data in this series to risk making any predictions.

In the week ending August 3, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 240,750, an increase of 2,500 from the previous week’s revised average. The previous week’s average was revised up by 250 from 238,000 to 238,250. Initial claims continues to modestly increase BUT remains below the levels one year ago. At this point, the data is not indicating a recession is looming.

 

Here is a summary of headlines we are reading today:

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Today Through the Fourth Friday (22 to 28 days) Weather Outlook for the U.S. and a Six-Day Forecast for the World: posted August 8, 2024

This article focuses on what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term U.S. outlooks and a six-day World weather outlook which can be very useful for travelers.

First the NWS Short Range Forecast. The afternoon NWS text update can be found here after about 4 p.m. New York time but it is unlikely to have changed very much from the morning update. The images in this article automatically update.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
Thu Aug 08 2024
Valid 12Z Thu Aug 08 2024 - 12Z Sat Aug 10 2024

...Debby is forecast to spread excessive rainfall, strong winds and
thunderstorms up through much of the Mid-Atlantic/Central Appalachians and
Northeast through Saturday morning...

...Excessive Heat concerns continue across the Deep South while cooler air
settles over the Central U.S. through the end of the week...

...Monsoonal storms persist over parts of the Southwest, Four Corners and
High Plains...

Tropical Storm Debby is likely to weaken as it moves from the South
Carolina coast and into the Carolina Piedmont tonight before weakening
into a Tropical Depression sometime on Friday while it moves up into the
Central Appalachians of Virginia, Maryland and Pennsylvania. Debby is
expected to produce an additional 4 to 8 inches of rainfall with locally
higher amounts, across portions of southeastern North Carolina leading to
maximum storm total amounts as high as 15 inches. There's a High Risk (at
least 70%) of Excessive Rainfall leading to Flash Flooding from coastal
North Carolina, into the Piedmont and up through the Blue
Ridge/Appalachians of Virginia. Considerable flooding is expected across
portions of eastern South Carolina and southeast North Carolina through
Friday.

From central North Carolina northward across portions of Virginia, 3 to 7
inches with local amounts to 10 inches, are expected through Friday. This
rainfall will likely result in areas of considerable flash and urban
flooding, with river flooding possible. From portions of Maryland north
through Upstate New York and Vermont, 2 to 4 inches, with local amounts to
6 inches, are expected through Friday night. This will likely result in
areas of considerable flash and urban flooding as well as river flooding.
There's a Moderate Risk (at least 40%) of Excessive Rainfall over portions
of north-central Virginia up through central Pennsylvania/New York for
Friday as Debby moves up the spine of the Appalachians. Things rain, wind
and thunderstorms should come to an end on Saturday when Debby gets swept
up into a powerful upper low propagating across southern Canada.

Elsewhere, a strong cold front associated with the potent upper low in
Canada will drag an anomalously cool airmass down into the mid-section of
the country. High temperatures in the 60s and 70s across the
Northern/Central Plains and Upper/Middle Mississippi Valley will represent
a 15-25 degree negative anomaly for those areas, where some records may be
tied or broken. Strong southerly flow beneath a building mid-level ridge
will support the continuation of a heat wave from Texas into the central
Gulf Coast. Heat Advisories and isolated Excessive Heat Warnings are in
effect for those areas. Conditions should improve a bit this weekend
before worsening again next week.

Monsoonal storms will continue over much of the Southwest, Four Corners
and High Plains over the next few days. Diurnal convection along a stalled
out surface front will promote intense afternoon/evening storms capable of
producing heavy rainfall. A pair of Slight Risks (at least 15%) of
Excessive Rainfall (one today and one on Friday) are in effect across
portions of the Sangre De Cristo Mountains. Wildfires in the Northwest
will contribute to poor air quality over much of Oregon and western
Washington State. Heat Advisories are also in effect for western
Washington.

To get your local forecast plus active alerts and warnings click HERE and enter your city, state or zip code.

Learn about wave patterns HERE.

Then, looking at the world and of course, the U.S. shows here also. Today we are looking at precipitation.

Please click on “Read More” below to access the full Daily Report issued today.

Today Through the Fourth Friday (22 to 28 days) Weather Outlook for the U.S. and a Six-Day Forecast for the World: posted August 7, 2024

This article focuses on what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term U.S. outlooks and a six-day World weather outlook which can be very useful for travelers.

First the NWS Short Range Forecast. The afternoon NWS text update can be found here after about 4 p.m. New York time but it is unlikely to have changed very much from the morning update. The images in this article automatically update.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
348 PM EDT Wed Aug 07 2024
Thu Aug 08 2024 – 00Z Sat Aug 10 2024

…Debby to move slowly inland through northeast South Carolina into
western North Carolina Wednesday night-Thursday, then more rapidly
northeastward Friday-Saturday from the Central Appalachians into Northern
New England…

…Heavy rains, flash and river flooding likely along and to the north and
northeast of Debby, while isolated tornadoes possible to the east of the
track…

…Much above average temperatures to persist next two days across much of
the West into the Southern Plains and South, while below average
temperatures spread across the Northern and Central Plains and Upper
Mississippi Valley…

…Record heat coming to and end from the Southwest into the South by the
end of the week…

…Fire weather threat and poor air quality continue from the Pacific
Northwest into the Northern Rockies and Great Basin…

Debby will make its second U.S. landfall Wednesday evening along the South
Carolina coast and push slowly northwestward through northeast South
Carolina Wednesday night into Thursday, across western North Carolina
during Thursday and then accelerate to the northeast from the Central
Appalachians into Northern New England Friday into Saturday. Sustained
winds with Debby will be lessening as the storm pushes inland and weakens,
with heavy rains, flash flooding and river flooding being the primary
threat as the system pushes northwestward and then more to the north and
northeast over the next few days. The continued slow motions of Debby
through Thursday will produce rainfall totals in the 4-8 inch range, with
locally heavier amounts, across northeast South Carolina, southeast to
central North Carolina into western Virginia, eastern West Virginia and
far western Maryland. Flood watches are currently in effect across these
areas, affecting approximately 19 million people. As the storm begins to
accelerate to the northeast on Friday through the northern Mid-Atlantic,
northern NY State and northern New England, expected precipitation amounts
will likely be less than when the storm is slower moving. Still, rainfall
totals of 2-4″ likely across central to eastern Pennsylvania, central to
northern NY State into northern New England, continuing the threat of
flash and river flooding across these areas.

No let up to the much above average temperatures over the next two days
across much of the West into the Southern Plains and South, with record
high potential Thursday across portions of Texas and the northeast Gulf
Coast from southeast Louisiana into North Florida and again on Friday from
southeast Louisiana into the Florida Panhandle. While temperatures are
still above average from the West into the South over the next few days,
it does appear that record high potential will be coming to an end by the
weekend, Heat advisories are currently in effect across the Southern
Plains into the South, affecting nearly 44 million people.

In contrast to the much above average temperatures and record heat across
the South, much cooler air will continue to sink southward in the wake of
a strong front currently stretching from the Upper Mississippi Valley into
the Northern Plains. This strong front will push much below average
temperatures southward into the Central Plains and Upper to Mid
Mississippi Valley over the next two days. There is even potential for a
few record cold maximum temperatures on Thursday and Friday from southeast
Wyoming into southwest to southern Nebraska and across northern Minnesota.

No let up to the fire weather risk and poor air quality from ongoing fires
for the Pacific Northwest into the Northern Rockies and Great Basin.
These regions will continue to see dry conditions with low relative
humidities and gusty winds, supporting the threat for additional wildfires
and exacerbating efforts to control ongoing fires. Red Flag warnings and
air quality alerts are in effect across portions of Washington State,
Oregon, Idaho, Wyoming, Colorado, Nevada, Utah and Arizona.

cone graphic

To get your local forecast plus active alerts and warnings click HERE and enter your city, state or zip code.

Learn about wave patterns HERE.

Then, looking at the world and of course, the U.S. shows here also. Today we are looking at precipitation.

Please click on “Read More” below to access the full Daily Report issued today.

07 AUG 2024 Market Close & Major Financial Headlines: Wall Street Opened Higher To Almost Erase Aug 5 Losses To Ultimately Trend Down With The Dow Closing Moderately In The Red

Summary Of the Markets Today:

  • The Dow closed down 234 points or 0.60%,
  • Nasdaq closed down 1.05%,
  • S&P 500 closed down 0.77%,
  • Gold $2,429 down $3.50,
  • WTI crude oil settled at $75 up $2.21,
  • 10-year U.S. Treasury 3.955 up 0.068 points,
  • USD index $103.20 up $0.230,
  • Bitcoin $54,755 down $1,296 or 2.31%,

*Stock data, cryptocurrency, and commodity prices at the market closing.

Today’s Highlights:

U.S. stocks declined on Wednesday, failing to extend Tuesday’s rebound that had snapped a three-day losing streak for major averages. Here are the key points:

  1. Intra-day Volatility:
    All three major averages had been up more than 1% at some point during the session before reversing course.
  2. Sector Performance:
    Chip stocks led the losses, with AI leader Nvidia (NVDA) falling more than 5%.
  3. VIX Movement:
    The VIX, known as Wall Street’s “fear gauge,” rose about 5 points to close just below 28 on Wednesday.
  4. Notable Earnings: Disney (DIS) reported a profit in its streaming unit for the first time last quarter but saw its shares fall more than 4%. Airbnb (ABNB) stock fell almost 14% after offering a current quarter forecast below expectations. Super Micro Computer (SMCI) stock fell over 20% due to disappointing margins.
  5. Market Outlook:
    Analysts suggest that the market may experience an extended period of “choppy waters” as it navigates through August, with a battle between fear and greed causing strong up and down days.
  6. Economic Data:
    Investors are awaiting the weekly jobless claims report on Thursday, which is considered “very important” for gauging economic health and potential recession risks.

The market’s reversal on Wednesday highlights the ongoing uncertainty and volatility as investors continue to assess economic conditions and corporate performance.

Click here to read our current Economic Forecast – August 2024 Economic Forecast: New Recession Flag


Today’s Economic Releases Compiled by Steven Hansen, Publisher:

Yesterday, many pundits misinterpreted the Federal Reserve Bank of New York’s Center for Microeconomic Data’s Quarterly Report on Household Debt and Credit for Q2 2024 claiming consumers were tapped out with credit. [ok, I think consumers are tapped out because of the increased costs for most items and services]. This is a very wrong interpretation as you will see from today’s consumer credit release. Total Consumer credit for June 2024 increased at 1.9% year-over-year (0.0% inflation adjusted). The revolving credit portion increased at 6.3% year-over-year, while the nonrevolving credit portion increased at 0.4% year-over-year before inflation adjustment.  Consumer credit payments as a percent of disposable personal income is about average for the 21st century so it is not credit per se which is tapping out the consumers.

Here is a summary of headlines we are reading today:

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

06 AUG 2024 Market Close & Major Financial Headlines: Stocks Surged Today, Reclaiming Over 75% of Yesterday’s Session At One Point, Then Retraces The Gains Made Earlier To Close At A One Third Gain

Summary Of the Markets Today:

  • The Dow closed up 294 points or 0.76%,
  • Nasdaq closed up 1.03%,
  • S&P 500 closed up 1.04%,
  • Gold $2,429 down $15.80,
  • WTI crude oil settled at $73 up $0.15,
  • 10-year U.S. Treasury 3.866 up 0.104 points,
  • USD index $102.93 up $0.240,
  • Bitcoin $56,460 up $2,417 or 4.47%,

*Stock data, cryptocurrency, and commodity prices at the market closing.

Today’s Highlights:

US stocks rebounded on Tuesday after a three-day decline that significantly impacted market gains for 2024. The S&P 500 and Nasdaq Composite each rose approximately 1%, while the Dow Jones Industrial Average increased by about 0.8%, translating to roughly 300 points. The previous day marked a severe downturn, with the S&P 500 experiencing its worst day since 2022, driven by concerns regarding the US economy and labor market. This decline resulted in a loss of around 6% over the past three sessions. However, the rally on Tuesday helped restore year-to-date gains to about 10%. Investor sentiment improved as the CBOE Volatility Index, which had surged to its highest levels since early COVID-19 days, decreased significantly. Major tech stocks also saw a recovery, with Nvidia rising over 3% and other notable companies like Tesla, Microsoft, and Meta all gaining more than 1%. Cryptocurrencies followed suit. The market’s recovery was also reflected in global indices, such as Japan’s Nikkei, which closed up over 10%. Looking ahead, the Federal Reserve’s potential actions remain a focal point for investors, with expectations growing for a 50-basis-point rate cut at the next meeting, as three-quarters of traders anticipate this move.


Click here to read our current Economic Forecast – August 2024 Economic Forecast: New Recession Flag


Today’s Economic Releases Compiled by Steven Hansen, Publisher:

Imports into the U.S.  grew from 5.0% last month to 5.8% year-over-year in June 2024. Exports grew from 3.9% year-over-year to 5.2% year-over-year. The trade deficit declined from 13.5% last month to 12.8% in June. I was expecting an increase in the trade deficit but evidently civilian aircraft exports jumped and explains the entire monetary increase in exports.

Home prices nationwide, including distressed sales, increased year over year by 4.7% in June 2024 compared with June 2023. On a month-over-month basis, home prices grew by 0.3% in June 2024 compared with May 2024.

The Federal Reserve Bank of New York’s Center for Microeconomic Data released its Quarterly Report on Household Debt and Credit for Q2 2024, revealing a $109 billion (0.6%) increase in total household debt, bringing it to $17.80 trillion. Key findings include:

  • Mortgage Debt: Increased by $77 billion to $12.52 trillion.
  • Home Equity Lines of Credit (HELOC): Rose by $4 billion to $380 billion, marking the ninth consecutive quarterly increase since Q1 2022.
  • Credit Card Debt: Grew by $27 billion to a record $1.14 trillion.
  • Auto Loan Debt: Increased by $10 billion to $1.63 trillion.
  • Other Debts: Including retail cards and other consumer loans, saw a $1 billion increase to $544 billion.

The report also noted that mortgage originations remained low due to subdued refinancing activity, with homeowners increasingly turning to HELOCs to extract home equity. Mortgage originations were steady at $374 billion, consistent with the pace of the previous four quarters. Aggregate delinquency rates remained unchanged at 3.2%, although there were slight increases in delinquency transition rates for credit cards, auto loans, and mortgages.

Here is a summary of headlines we are reading today:

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Today Through the Fourth Friday (22 to 28 days) Weather Outlook for the U.S. and a Six-Day Forecast for the World: posted August 6, 2024

This article focuses on what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term U.S. outlooks and a six-day World weather outlook which can be very useful for travelers.

First the NWS Short Range Forecast. The afternoon NWS text update can be found here after about 4 p.m. New York time but it is unlikely to have changed very much from the morning update. The images in this article automatically update.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
Tue Aug 06 2024
Valid 12Z Tue Aug 06 2024 – 12Z Thu Aug 08 2024

…Tropical Storm Debby is expected to cause potentially catastrophic
Flash and Urban Flooding, life-threatening storm surge, and strong winds
across portions of north Florida and the Southeast…

…There’s potential for Excessive Rainfall and Severe Thunderstorms
across portions of the Northern High Plains, Midwest, Lower Great Lakes,
Northeast and Mid-Atlantic today…

…There are Excessive Heat Warnings over parts of Central/Southeastern
California and the Southwest; Heat Advisories over parts of the Lower
Mississippi Valley…

Tropical Storm Debby is expected to track up along the Southeast Coast
over the next couple of days. Potentially historic heavy rainfall across
southeast Georgia and eastern South Carolina through Friday will likely
result in areas of catastrophic flooding. Heavy rainfall will likely
result in considerable flooding impacts from northern North Carolina
through portions of the Mid-Atlantic and southern New England through
Sunday morning. Debby is expected to produce potentially historic rainfall
totals of 10-20 inches, with maximum amounts of 25 inches. A High Risk (at
least 70%) of Excessive Rainfall leading to Flash Flooding is in effect
for parts of southeastern Georgia through eastern South Carolina and into
far southeastern North Carolina today. On Wednesday, another High Risk
will encircle portions of South Carolinas central coast up into
southeastern North Carolina. For more information go to hurricanes.gov.

A cold front will stall out over the Northeast and act as a focus for
thunderstorm activity from the Ohio Valley through the northern
Mid-Atlantic and into parts of the Tri-State area today. Tropical moisture
from Debby will interact with the stationary front in the Northeast and
likely generate heavy rainfall over parts of eastern Pennsylvania,
northern Maryland, New Jersey, and the NYC metro area. A Moderate Risk (at
least 40%) of Excessive Rainfall leading to Flash Flooding is in effect
for the aforementioned areas. The Storm Prediction Center issued a Slight
Risk (level 2/5) of Severe Thunderstorms for portions of northern Ohio,
Pennsylvania and western/northern New Jersey, where damaging wind gusts
and hail are possible. A Slight Risk (at least 15%) of Excessive Rainfall
is also in effect for parts of southern New Jersey, northeastern Maryland
and northern Delaware, where lingering showers may produce isolated flash
flooding Wednesday morning before the stationary front turns cold and
moves offshore.

Elsewhere, mid-level energy propagating over the Northern High Plains will
support thunderstorm activity today. The Storm Prediction Center issued a
Slight Risk of Severe Thunderstorms capable of producing large hail and
strong to severe wind outflow gusts with this activity. Isolated instances
of Flash Flooding are also possible from these storms. Surface high
pressure will penetrate the Northern/Central Plains over the coming days,
and usher in a cooler airmass with high temperatures in the 60s and 70s,
representing a 15-25 degree departure from normal. Warm air will remain
locked in over much of the southern tier states with a heat wave
developing over the Lower Mississippi Valley through the end of the week.

Monsoonal storms are forecast to continue across parts of the Southwest
and Four Corners this week. Shortwave energy will promote excessive
rainfall across southern Arizona today. A Slight Risk of Flash Flooding is
in effect for far southern Arizona as a result. Upper-level ridging across
much of the Southwestern United States will continue to generate Excessive
Heat, particularly across portions of central and southern California,
into the Desert Southwest and the Intermountain West where Excessive Heat
Warnings and Heat Advisories are in effect.

cone graphic

To get your local forecast plus active alerts and warnings click HERE and enter your city, state or zip code.

Learn about wave patterns HERE.

Then, looking at the world and of course, the U.S. shows here also. Today we are looking at precipitation.

Please click on “Read More” below to access the full Daily Report issued today.

05 AUG 2024 Market Close & Major Financial Headlines: Markets Opened Over 3% In The Red, Traded Fractionally Upward, Stock Markets, Commodities, And Bitcoin Close Precariously Down Near Session Lows

Summary Of the Markets Today:

  • The Dow closed down 1,034 points or 2.60%,
  • Nasdaq closed down 3.43%,
  • S&P 500 closed down 3.00%,
  • Gold $2,453 down $17.70,
  • WTI crude oil settled at $74 up $0.24,
  • 10-year U.S. Treasury 3.771 down 0.023 points,
  • USD index $102.64 down $0.560,
  • Bitcoin $53,467 down $4,471 or 8.03%,

*Stock data, cryptocurrency, and commodity prices at the market closing.

Today’s Highlights:

Wall Street experienced a significant sell-off on Monday, driven by mounting concerns about the health of the U.S. economy. Key indices saw substantial losses:

  • Dow Jones Industrial Average fell over 1,000 points.
  • Nasdaq Composite dropped by more than 3.4%.
  • S&P 500 declined nearly 3%, marking its worst start to any month since 2002.

The CBOE Volatility Index (VIX), often referred to as Wall Street’s “fear gauge,” reached its highest level since the early days of the COVID-19 pandemic before retreating. Treasury yields also fell, with the 10-year Treasury yield hovering near 3.8%. The sell-off was exacerbated by a disappointing U.S. jobs report, which heightened fears that the Federal Reserve may have delayed cutting interest rates for too long. Almost 100% of bets are on the central bank to cut rates by 0.5% by its September meeting. Major companies were significantly impacted:

  • Apple (AAPL) declined about 5%.
  • Nvidia (NVDA) fell over 6%.
  • Tesla (TSLA) dropped more than 4%.

Cryptocurrencies also suffered. The sell-off had a global impact, with Japan’s Nikkei 225 experiencing its largest-ever daily loss of over 12% following a surprise interest rate hike by the Bank of Japan. This led to heavy selling as speculators liquidated their holdings due to the sharp rise in the Japanese yen against the U.S. dollar. The U.S. market is heading into a quieter week of data and earnings, with weekly unemployment claims due Thursday expected to draw significant attention


Click here to read our current Economic Forecast – August 2024 Economic Forecast: New Recession Flag


Today’s Economic Releases Compiled by Steven Hansen, Publisher:

In July 2024, the Services PMI® registered 51.4%, 2.6 percentage points higher than June’s figure of 48.8%. For those who read my August 2024 economic forecast, you will KNOW that last month’s 48. 8% was a recessionary flag. July’s reading of 51.4% moves the economy into weak growth. The U.S. is basically a services economy so a negative or weak services datapoint should alert one to the higher possibility of a recession. The economic fundamentals have been weak this entire year – nothing changed this past week except that Wall Street woke up that the economy was weak. At this point, we are forecasting more of the same weakness. Could there be a recession? – possible but not ordained. I see nothing more than a weak economy but when an economy is weak it is not capable of absorbing a black swan event (say a military conflict in the middle east) – the economy is set up for a recession. Personally, I am not hunkering down but just more careful on spending and investing – I have been in this mode since 4Q2023.

 

Here is a summary of headlines we are reading today:

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Today Through the Fourth Friday (22 to 28 days) Weather Outlook for the U.S. and a Six-Day Forecast for the World: posted August 5, 2024

This article focuses on what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term U.S. outlooks and a six-day World weather outlook which can be very useful for travelers.

First the NWS Short Range Forecast. The afternoon NWS text update can be found here after about 4 p.m. New York time but it is unlikely to have changed very much from the morning update. The images in this article automatically update.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
Mon Aug 05 2024
Valid 12Z Mon Aug 05 2024 – 12Z Wed Aug 07 2024

..Hurricane Debby is expected to cause potentially catastrophic Flash and
Urban Flooding, life-threatening storm surge, and strong winds across
portions of Florida and the Southeast…

…There’s potential for Excessive Rainfall and Severe Thunderstorms
across portions of the Upper Midwest, Lower Great Lakes and Northeast
through Tuesday…

…There are Excessive Heat Warnings over parts of Central/Southeastern
California and the Southwest and Heat Advisories over parts of the Lower
Mississippi Valley…

Hurricane Debby will make landfall this morning over Florida’s Big Bend
region, where Hurricane Warnings are in effect. Life-threatening storm
surge is possible along portions of Florida’s Gulf Coast, where Storm
Surge Warnings are in effect. Widespread thunderstorms are likely to
continue across Florida and spread into Georgia and the Southeast Coast
today. The Storm Prediction Center issued a Slight Risk of Severe
Thunderstorms (level 2/5) for portions of northern Florida through
southern/coastal Georgia and into South Carolina’s central coast, where
the chance for tornadoes is greatest. Elsewhere, Tropical Storm conditions
are are expected along Florida’s west coast including the Tampa Bay area
today.

Potentially historic heavy rainfall, associated with Hurricane Debby,
across southeast Georgia and South Carolina through Friday morning will
likely result in areas of catastrophic flooding. Heavy rainfall will
likely result in considerable flooding impacts from portions of central
and northern Florida through the Coastal Plains of the Carolinas through
Friday. There are High Risks (at least 70%) of Excessive Rainfall
stretching from Florida’s Big Bend region up through coastal Georgia and
into South Carolina’s southern coast today followed by another on Tuesday
along the Georgia–South Carolina Coastline. Anywhere between 7-15 inches
of rain, with locally higher amounts, are possible from north-central
Florida to South Carolina’s northern coast over the next 48 hours. For
more information go to hurricanes.gov.

A slow moving cold front extending from the Northern High Plains to the
Northeast will be the focus for scattered showers and thunderstorms across
the northern tier states down to the Midwest and Mid-Atlantic over the
next couple of days. Today, showers and thunderstorms are expected to
develop and potentially produce severe thunderstorms and Excessive
Rainfall over parts of the Upper Midwest and interior Northeast. Slight
Risks of Flash Flooding (at least 15%) and Severe Storms are in effect
over the aforementioned areas today. The threat for heavy rainfall shifts
into the New York Tri-State area on Tuesday where another Slight Risk of
Excessive Rainfall is in effect due to the potential involvement of
tropical moisture from Debby. A low pressure system is expected to develop
over the Northern High Plains of Montana on Tuesday and contribute to
supercell/severe thunderstorm activity that evening. Severe wind
gusts/hail will be the primary threats from these storms.

High temperatures will likely remain well below average across the
Northern Plains and Upper Midwest over the next several days, while
Excessive Heat Risk grows across the Central Gulf Coast/Lower Mississippi
Valley. Excessive Heat Warnings are in effect across the Desert Southwest
and portions of California’s southern/central Valley. Monsoonal storms are
likely to continue across the Southwest and Four Corners region this week
with a Slight Risk of Excessive rainfall over far south-central Arizona on
Tuesday.

cone graphic

To get your local forecast plus active alerts and warnings click HERE and enter your city, state or zip code.

Learn about wave patterns HERE.

Then, looking at the world and of course, the U.S. shows here also. Today we are looking at precipitation.

Please click on “Read More” below to access the full Daily Report issued today.