26 July 2024 Market Close & Major Financial Headlines: The Three Major Indexes Gapped Up At The Opening Bell, Trended Upwards, Finally Closing Sharply Higher In The Green

Summary Of the Markets Today:

  • The Dow closed up 654 points or 1.64%,
  • Nasdaq closed up 1.03%,
  • S&P 500 closed up 1.11%,
  • Gold $2,384 up $30.00,
  • WTI crude oil settled at $77 down $1.50,
  • 10-year U.S. Treasury 4.192 down 0.0663 points,
  • USD index $104.31 down $0.040,
  • Bitcoin $68,011 up $22152 or 3.37%,
  • Baker Hughes Rig Count: U.S. +3 to 589 Canada +14 to 211

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


Click here to read our current Economic Forecast – July 2024 Economic Forecast: One Recession Flag Removed But Little Indication The Economy Is Strengthening


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

Real Disposable personal income (DPI) in June 2024 grew 1.0% year-over-year (up from 0.9% last month). Real personal consumption expenditures (PCE) increased 2.6% year-over-year (little changed from last month). Inflation yardstick of the PCE price index  marginally declined from 2.6% year-over-year last month to 2.5% in June 2024 – however when food and energy is excluded, inflation was unchanged at 2.6%. The bottom line in this release is that there was little change in economic growth and inflation.

The University of Michigan’s consumer sentiment for July 2024 has remained virtually unchanged in the last three months.

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 July 26, 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 Jul 26 2024
Valid 12Z Fri Jul 26 2024 – 12Z Sun Jul 28 2024

…Scattered showers and thunderstorms continue across much of the South
with a risk for flash flooding Friday in the coastal Carolinas and
southeastern Texas…

…Storm chances for portions of the Upper Midwest and Northern Plains
heading into the weekend with severe weather possible Saturday…

…Monsoonal thunderstorms continue for portions of the Intermountain West
with isolated flash flooding possible…

Scattered showers and thunderstorms will continue across much of the South
along and ahead of a cold front slowly pushing southward through the
region. Plentiful moisture will bring the threat of some locally heavy
downpours. A couple upper-level waves, one over the Carolinas and another
to the west over the Southern Plains, will help to provide a focus for
some locally more widespread, intense downpours along the coastal
Carolinas and southeastern Texas. Wet antecedent conditions from rainfall
the past few days will increase the risk for some scattered flash
flooding, with Slight Risks of Excessive Rainfall (level 2/4) in place. An
isolated threat for flash flooding will exist more broadly across the
region both Friday and Saturday. The presence of storms and general
cloudiness will help to keep temperatures near or below Summer-time
averages, especially over portions of eastern and central Texas, with
highs generally in the 80s.

A frontal boundary draped across the Upper Midwest/Northern Plains will be
the focus for daily thunderstorm chances heading into the weekend. More
widely scattered storms are expected Friday before a passing upper-level
shortwave helps to encourage more widespread storms on Saturday.
Sufficient instability along with the arrival of stronger winds aloft
bringing increasing deep-layer shear is expected to result in at least a
few more intense thunderstorms. The Storm Prediction Center has issued a
Slight Risk of severe weather (level 2/5) for portions of northwestern
Minnesota and eastern North Dakota for the threat of some large hail as
well as damaging winds, particularly if storms can organize into a
convective system into the evening hours. High temperatures will remain
rather hot across the Northern/Central Plains and Upper Midwest, with
highs in the 90s upwards of 10-15 degrees above average.

Monsoonal showers will continue across portions of the Intermountain West
Friday and Saturday, particularly from the Southwest north through the
Rockies and central Great Basin. Deep moisture lingering through the area
will bring the threat for some locally intense downpours. Isolated
instances of flash flooding will remain possible, particularly for terrain
sensitive areas such as burn scars. Forecast highs across the West will
generally be below average with an upper-level trough overhead, with highs
in the 80s and 90s across the Pacific Northwest, Great Basin, Rockies, and
interior California, and 60s and 70s along the Pacific Coast. The Desert
Southwest will be much hotter, with highs in the low to mid-110s.
Elsewhere, conditions will be mostly dry from the Midwest to the Northeast
under the presence of high pressure. Forecast high temperatures Friday
will be a bit below average, with low to mid-80s forecast. Highs will warm
up a bit on Saturday, reaching into the mid- to upper 80s.

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.

25 July 2024 Market Close & Major Financial Headlines: Markets Opened Mixed, Trended Higher Before Trimming Gains And Closing Mixed

Summary Of the Markets Today:

  • The Dow closed up 81 points or 0.20%,
  • Nasdaq closed down 0.93%,
  • S&P 500 closed down 0.51%,
  • Gold $2,362 down $53.40,
  • WTI crude oil settled at $78 up $0.51,
  • 10-year U.S. Treasury 4.251 down 0.049 points,
  • USD index $104.40 down $0.01,
  • Bitcoin $64,663 down $703 or 1.08%,

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

Today’s Highlights:

  • Dow leads stock comeback from steep sell-off: The focus is shifting to the economy as GDP and jobless reports exceed expectations .
  • US economy booms as GDP growth blows past expectations: The GDP grew at a 2.8% annualized rate in Q2, much higher than economists expected .
  • Stellantis stock sinks on results, following rivals GM, Ford: Stellantis’ stock performance in light of recent results .
  • Chipotle to splurge on bigger portions to keep diners happy: Chipotle’s strategy to maintain customer satisfaction .
  • Flamin’ Hot Cheetos dispute winds up in court: Legal issues surrounding the popular snack .
  • US 30-year fixed-rate mortgage edges up to 6.78%, Freddie Mac says: Latest mortgage rate figures from Freddie Mac .
  • OpenAI announces AI-powered search tool SearchGPT: Launch of OpenAI’s new search tool, SearchGPT .
  • Workers at GM seat supplier in Missouri reach tentative agreement, end strike: Resolution of the strike at a GM seat supplier .

Click here to read our current Economic Forecast – July 2024 Economic Forecast: One Recession Flag Removed But Little Indication The Economy Is Strengthening


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

The number of CEO changes at U.S. companies surged 97% to 234 in June from 119 in May. It is up 98% from 118 CEO exits recorded in the same month last year. The perspective from Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc:

Leaders are anticipating a sea change as we enter the second half of this year, perhaps politically, but certainly technologically. New leadership is often necessary during periods of change.

The advance estimate of 2Q2024 Real gross domestic product (GDP) increased at an annual rate of 3.1% year-over-year. In the first quarter, real GDP increased 2.9% year-over-year. The increase in real GDP primarily reflected increases in consumer spending, private inventory investment, and nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased. On the other hand, inflation marginally worsened with the implicit price deflator rose to 2.6% year-over-year from last quarter’s 2.4%. Advance estimates can be significantly different than the “final” GDP growth numbers. As I have previously stated – inflation is not going away.

New orders for manufactured durable goods in June 2024 declined 10.2% year-over-year from the 1.5% decline last month   The decline can be laid on civilian aircraft (Boeing) but there were no bright spots as manufacturing continues to fade.

The Kansas City Fed Manufacturing Survey was at its lowest level in four years in July 2024. The volume of shipments and new orders fell substantially while production and employment levels decreased at a moderate pace. Manufacturing growth over the entire U.S. is pitiful at best.
In the week ending July 20, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 235,500, an increase of 250 from the previous week’s revised average. The previous week’s average was revised up by 500 from 234,750 to 235,250. Unemployment claims remain  within values expected for times of economic expansion.

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 July 25, 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 Jul 25 2024
Valid 12Z Thu Jul 25 2024 – 12Z Sat Jul 27 2024

…Another day of major to locally extreme Heat Risk across the northern
High Plains before cooler air arrives behind a cold front…

…Excessive Rainfall is forecast for the Texas coast through tonight with
more scattered showers and thunderstorms across the southern tier states
to the East Coast…

…Monsoonal thunderstorms continue across the Great Basin and into the
Four Corners region with threats of localized flash flooding while fire
weather danger emerges over the interior Northwest…

A slow-to-evolve summertime weather pattern will continue across much of
the U.S. mainland while a more progressive Pacific cold front sweeps
across the northwestern part of the country through the next couple of
days. Under this weather pattern, unsettled weather and relatively cool
temperatures for July will continue across the South as well as the Great
Lakes. The stronger forcing associated with the Pacific front will push
the heat dome into the northern High Plains today behind a warm front,
resulting in another day of major to locally extreme Heat Risk for the
region. High temperatures will once again reach well up into the 100s with
little to no rainfall expected. Meanwhile, the heat will continue to
become less intense over the Central Valley of California and the Desert
Southwest. Some of the hot air over the northern Plains will be pushed
into the upper Midwest by the weekend with highs reaching into the 80s and
90s. Please continue to practice heat safety before cooler air arrives
behind the cold front.

The Pacific cold front currently making its way through the northern
Rockies into the High Plains will gradually become nearly stationary
through the next couple of days. Lightning associated with dry
thunderstorms triggered by the passage of the cold front will raise fire
danger concerns over the interior northwestern U.S. into the northern High
Plains. Farther south, monsoonal thunderstorms across the Great Basin
today will shift farther eastward into the Four Corners and as far north
as Wyoming through the next couple of days.

In contrast to the heat in the West, cooler than normal temperatures will
prevail across the mid-section of the country and portions of the eastern
U.S. where a stalled front will keep plenty of clouds along with scattered
thunderstorms. It appears that coastal sections of Texas will see the
highest chance of receiving heavy rainfall today into tonight as some
influx of tropical moisture from the Gulf of Mexico could interact with
the weak front under a broad upper-level southwesterly flow ahead of a
trough. A moderate risk of excessive rainfall remains in place from the
mid and upper Texas coast to southwestern Louisiana through tonight.
Thunderstorms across other areas of the southern tier states are not
expected to be severe, but they could result in localized flooding issues
from time to time. The same is true along the East Coast with a slight
risk of excessive rainfall over portions of the Carolinas through Friday
night where storms are expected to be more numerous. Meanwhile, showers
and a few embedded thunderstorms today across New England will clear out
by Friday as a low pressure wave moves away into eastern Canada.

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.

24 July 2024 Market Close & Major Financial Headlines: Markets Gapped Gapped Down At The Opening, The Small Caps Continued To Trend Lower, While The Dow Traded Sideways, All Three Major Indexes Closed Sharply Down In The Red

Summary Of the Markets Today:

  • The Dow closed down 504 points or 1.25%,
  • Nasdaq closed down 3.64%,
  • S&P 500 closed down 2.31%,
  • Gold $2,403 down $15.10,
  • WTI crude oil settled at $78 up $0.72,
  • 10-year U.S. Treasury 4.287 up 0.049 points,
  • USD index $104.38 down $0.070,
  • Bitcoin $65,643 down $297 or 0.45%,

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

Today’s Highlights:

  1. Nasdaq Sinks Over 3%: The Nasdaq experienced a significant drop, driven by disappointing earnings from Tesla and Alphabet. This sell-off has led to increased market volatility, with the VIX reaching its highest level since April.
  2. US Business Activity Growth: Business activity in the US grew at its fastest rate in over two years in July, according to S&P Global’s latest flash US composite PMI. The services sector drove the gains, while manufacturing activity declined.
  3. Tech Stocks Lead Losses: Major tech stocks, including Tesla and Alphabet, saw substantial declines, contributing to the broader market downturn. Tesla’s stock fell nearly 9%, and Alphabet’s shares dropped about 5%.
  4. Economic Confidence Among Small to Mid-Sized Businesses: Despite high economic confidence among small to mid-sized businesses, there are emerging signs of concern, as highlighted in a recent report.
  5. Fiserv to Release Q2 Earnings: Fiserv, a global provider of financial services technology, is set to release its second-quarter earnings results today. The company will present the results during a live webcast

Click here to read our current Economic Forecast – July 2024 Economic Forecast: One Recession Flag Removed But Little Indication The Economy Is Strengthening


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

Sales of new single-family houses in June 2024 is 7.4% below June 2023. The median sales price of new houses sold in June 2024 was $417,300. The average sales price was $487,200. The seasonally-adjusted estimate of new houses for sale at the end of June was 476,000. This represents a supply of 9.3 months at the current sales rate. Over the last 18 months, the median sales price of new homes is little changed. It is obvious that high mortgage rates are affecting new home sales.

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 July 24, 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
Wed Jul 24 2024
Valid 12Z Wed Jul 24 2024 – 12Z Fri Jul 26 2024

…Major to locally extreme Heat Risk will expand across the northern High
Plains as heat gradually becomes less intense over the Central Valley of
California and the Great Basin…

…Scattered showers and thunderstorms will extend across the southern
tier states to the East Coast with heavy rain possible along the Texas
coast today…

…A low pressure wave will bring a round of showers and thunderstorms
across the Great Lakes today and across New England on Thursday…

…Monsoonal thunderstorms continue across the Great Basin and into the
Four Corners region with threats of localized flash flooding while fire
weather danger emerges over the interior Northwest…

A slow-to-evolve summertime weather pattern will continue across much of
the U.S. mainland while a more progressive Pacific cold front sweeps
across the northwestern part of the country through the next couple of
days. Under this weather pattern, unsettled weather and relatively cool
temperatures for July will continue across the eastern half of the country
as the ongoing heat wave over the western U.S. gradually becomes less
intense with the arrival of the Pacific cold front. The stronger forcing
associated with this front will push the heat dome east of the Great
Basin, resulting in the expansion of major to locally extreme Heat Risk
across the northern High Plains through the next couple of days. High
temperatures are forecast to reach well up into the 100s to near 110 at
the hottest location over the northern High Plains through Thursday with
little to no rainfall expected. Meanwhile, the heat will gradually become
less intense over the Central Valley of California and the Great Basin
with time. Please continue to practice heat safety as the heat spreads
into the northern High Plains.

By Thursday night into Friday morning, the cold front will make its way
through the northern Rockies into the High Plains will cooler air arriving
but with very little moisture to work with. Meanwhile, lightning
associated with dry thunderstorms triggered by the passage of the cold
front will result in critical fire danger over the interior northwestern
U.S. In addition, monsoonal thunderstorms will continue across the Great
Basin today and become more numerous over the Four Corners region Thursday
into Friday with the threat of localized flash flooding over the next
couple of days.

In contrast to the heat in the West, cooler than normal temperatures will
prevail across the mid-section of the country to portions of the eastern
U.S. where a stalled front will keep plenty of clouds along with scattered
thunderstorms. These thunderstorms are not expected to be severe but they
could result in localized flooding issues from time to time across the
southern tier states as well as up and down the East Coast. A coastal
front interacting with a broad upper-level southwesterly flow could set
off heavy rain and thunderstorms near the Texas coast into southwestern
Louisiana where flash flooding is possible. Therefore, a slight risk of
flash flooding is posted from southeast Texas into portions of the lower
Mississippi Valley while another is in effect from the interior portions
of the Southeast into the Mid-Atlantic farther up along the stationary
front through the next couple of days.

Farther north, a low pressure wave developing along a cold front dipping
into the northern tier states will bring additional thunderstorms across
the Great Lakes today. By Thursday, the Great Lakes should clear out from
the rain but northern New England will see an increasing chance of showers
and thunderstorms as the low pressure wave approaches from the west.

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.

23 July 2024 Market Close & Major Financial Headlines: Markets Opened Fractionally Lower, Then Traded Back And Forth Across The Unchanged Line Finally Closing About Where They Opened

Summary Of the Markets Today:

  • The Dow closed down 57 points or 0.14%,
  • Nasdaq closed down 0.06%,
  • S&P 500 closed down 0.16%,
  • Gold $2,410 up $15.10,
  • WTI crude oil settled at $77 down $1.04,
  • 10-year U.S. Treasury 4.251 down 0.008 points,
  • USD index $104.47 up $0.15,
  • Bitcoin $65,662 down $1,896 or 2.81%,

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

 

Click here to read our current Economic Forecast – July 2024 Economic Forecast: One Recession Flag Removed But Little Indication The Economy Is Strengthening


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

Richmond Fed manufacturing activity worsened in July 2024 with the composite manufacturing index decreasing from −10 in June to −17 in July. Of its three component indexes, shipments fell notably from −9 to −21, new orders decreased from −16 to −23, and employment edged down from −2 to −5. No matter how you cut it, manufacturing is not doing well in the U.S.

Existing-home sales faded 5.4% year-over-year in June 2024 . The median existing-home sales price grew 4.1% from June 2023 to $426,900. The inventory of unsold existing homes rose 3.1% from the previous month – the equivalent of 4.1 months’ supply at the current monthly sales pace. With the high mortgage rates, I see little ability of the lower segment of the middle class to buy a home.  NAR Chief Economist Lawrence Yun’s view:

We’re seeing a slow shift from a seller’s market to a buyer’s market. Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.

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 July 23, 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
400 AM EDT Tue Jul 23 2024
Valid 12Z Tue Jul 23 2024 – 12Z Thu Jul 25 2024

…Major to locally extreme Heat Risk will expand across the northern High
Plains as heat gradually becomes less intense over the Central Valley of
California and the Great Basin…

…Scattered showers and thunderstorms will affect a large section of the
eastern half of the U.S. with heavy rain emerging near the Texas coast on
Wednesday...

…Monsoonal thunderstorms continue across the Great Basin and into the
Four Corners region with threat of localized flash flooding…

A slow-to-evolve summertime weather pattern will continue across much of
the U.S. mainland as a more progressive Pacific cold front sweeps across
the northwestern part of the country through the next couple of days.
Under this weather pattern, unsettled weather and relatively cool
temperatures for July will continue across the eastern half of the country
as the ongoing heat wave over the western U.S. will gradually become less
intense with the arrival of the Pacific cold front. The stronger forcing
associated with this front will push the heat dome east of the Great
Basin, resulting in the expansion of major to locally extreme Heat Risk
across the northern High Plains through the next couple of days. High
temperatures are forecast to reach well up into the 100s over the northern
High Plains through Thursday with little to no rainfall expected.
Meanwhile, the heat will gradually become less intense over the Central
Valley of California and the Great Basin with time. Please continue to
practice heat safety in the western U.S. and as the heat spreads into the
northern High Plains.

In contrast, cooler than normal temperatures will prevail across the
mid-section of the country and into portions of the eastern U.S. where a
stalled front will keep plenty of clouds along with scattered
thunderstorms. These thunderstorms are not expected to be potent but they
could result in localized flooding issues from time to time across the
southern tier states and up and down the East Coast. A slight risk of
flash flooding is anticipated for areas just inland from the western Gulf
states for today from Texas to central Mississippi. By Wednesday, a
coastal front could set off heavy rain and thunderstorms near the Texas
coast into southwestern Louisiana where flash flooding is possible.
Farther north, another cold front from eastern Canada dipping into the
northern tier states will bring additional thunderstorms across the Great
Lakes to New England through Wednesday. By Thursday morning, the Great
Lakes should clear out from the rain but northern New England will see an
increasing chance of showers and thunderstorms as a low pressure wave
approaches from the west. Meanwhile, monsoonal thunderstorms will
continue across the Great Basin and the Four Corners region with the
threat of localized flash flooding for the next couple of days.

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.

22 July 2024 Market Close & Major Financial Headlines: Markets Gapped Up At The Opening Bell, Then Continued To Trade Mostly Sideways And Closing Sharply Higher

Summary Of the Markets Today:

  • The Dow closed up 128 points or 0.32%,
  • Nasdaq closed up 1.58%,
  • S&P 500 closed up 1.08%,
  • Gold $2,400 down $1.40,
  • WTI crude oil settled at $80 down $0.18,
  • 10-year U.S. Treasury 4.255 up 0.017 points,
  • USD index $104.32 down $0.080,
  • Bitcoin $68,267 up $86 or 0.13%,

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

Today’s Highlights:

  1. The S&P 500 rose on Monday, rebounding from its worst weekly loss since April. This rise was primarily driven by a bounce in tech shares, particularly Nvidia leading the tech sector recovery.
  2. The market showed a shift in focus from large technology stocks to smaller companies.
  3. Investors were closely monitoring corporate earnings and central bank policies. There was a high expectation (around 93%) of the Federal Reserve implementing an interest rate cut in the upcoming September meeting.
  4. The market was also reacting to political developments, with President Joe Biden exiting the presidential race and endorsing Vice President Kamala Harris as the Democratic candidate.

Click here to read our current Economic Forecast – July 2024 Economic Forecast: One Recession Flag Removed But Little Indication The Economy Is Strengthening


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

The Chicago Fed National Activity Index (CFNAI) three-month moving average, CFNAI-MA3, increased to –0.01 in June 2024 from –0.08 in May. This month forty-two of the 85 individual indicators made positive contributions to the CFNAI while 43 made negative contributions. following a period of economic contraction, an increasing likelihood of an expansion has historically been associated with a CFNAI-MA3 value above –0.70 and a significant likelihood of an expansion has historically been associated with a CFNAI-MA3 value above +0.20. This is my favorite coincident economic indicator – and it is telling us that the economy is growing near the historical average rate of growth.

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 July 22, 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 Jul 22 2024
Valid 12Z Mon Jul 22 2024 – 12Z Wed Jul 24 2024

…Major to locally extreme Heat Risk expected to expand from the Great
Basin into the northern High Plains by Wednesday as well as over portions
of the Central Valley of California…

….Scattered thunderstorms across the southern Plains to the Southeast
today near a stalled front will gradually shift toward the East Coast as
another front will spread additional thunderstorms across the Great Lakes
to New England Tuesday and Wednesday…

…Monsoonal thunderstorms continue across the Great Basin and into the
Four Corners region with threat of localized flash flooding…

A slow-to-evolve summertime weather pattern continues across the U.S.
mainland as we head into late July. This weather pattern will sustain the
ongoing heat wave across the western U.S. while maintaining cooler than
normal temperatures across the mid-section of the country and into
portions of the East Coast. The prolonged nature of the heat in the West
will keep the Heat Risk at major to locally extreme levels across portions
of the Central Valley of California, and the Great Basin today where
another afternoon of triple digit high temperatures is expected.
Meanwhile, a Pacific cold front will set things in motion a bit as the
front moves inland across the Pacific Northwest through the next couple of
days. Triple-digit high temperatures will then expand eastward into
northern High Plains by Wednesday ahead of the front while 110s will
persist across the Desert Southwest and 100s in the Central Valley of
California. Please continue to practice heat safety in this persistent
and prolonged heat wave in the western U.S.

In contrast, cooler than normal temperatures will prevail across the
mid-section of the country and into portions of the eastern U.S. where a
stalled front will keep plenty of clouds along with scattered
thunderstorms. These thunderstorms are not expected to be potent but they
could result in localized flooding issues from time to time across the
southern tier states. The upper-level pattern and instability that
support these thunderstorms from the southern Plains to the Southeast
today will gradually expand northeastward into the eastern U.S. on Tuesday
and then generally affect areas from across the Deep South into much of
the East Coast by Wednesday. Another cold front from eastern Canada will
dip into the northern tier states, bringing additional thunderstorms
across the Great Lakes to New England Tuesday and Wednesday. Meanwhile,
monsoonal thunderstorms will continue across the Great Basin and the Four
Corners region with the threat of localized flash flooding for the next
couple of days.

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.