11 NOV 2024 Market Close & Major Financial Headlines: Wall Street’s Three Main Indexes Gapped Up At The Opening Bell To, Again, Record New Historic Highs, Finally Closing With New Closing Highs

Summary Of the Markets Today:

  • The Dow closed up 304 points or 0.69%, (Closed at 44,293, New Historic high 44,867)
  • Nasdaq closed up 12 points or 0.06%, (Closed at 19,299, New Historic high 19,366)
  • S&P 500 closed up 10 points or 0.06%, (Closed at 6,001, New Historic high 6,017)
  • Gold $2,630 down $64.80 or 2.40%,
  • WTI crude oil settled at $68 down $2.16 or 3.07%,
  • 10-year U.S. Treasury 4.304 down 0.039 points or 0.898%,
  • USD index $105.49 up $0.49 or 047%,
  • Bitcoin $87,209 up $9,166 or 10.51%, (24 Hours) , (New Bitcoin Historic high 87,401)

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

Today’s Highlights

The stock market experienced significant gains on Monday, continuing a robust post-election rally. The Dow Jones Industrial Average closed above 44,000 for the first time, while the S&P 500 closed surpassing the 6,000 mark. Both indexes had just recorded their best week of the year, driven by optimism surrounding lower corporate taxes and deregulation anticipated from President-elect Donald Trump. Bitcoin reached a new high of $86,000, fueled by expectations of a crypto-friendly administration under Trump. Other cryptocurrencies like Dogecoin also saw gains. Tesla’s stock surged for the fifth consecutive session, climbing over 8%, reflecting investor confidence in its potential benefits from Trump’s presidency. In contrast, the Nasdaq Composite struggled, closing slightly down due to underperformance from major tech stocks like Nvidia, Apple, and Meta. Small-cap stocks also thrived, with the Russell 2000 index achieving its highest level since November 2021. Market sentiment was bolstered by the Federal Reserve’s recent interest rate cut and positive consumer sentiment data released last week. However, some analysts express caution regarding the sustainability of this rally as they await upcoming inflation data that could influence future Federal Reserve policy decisions.


Click here to read our current Economic Forecast – November 2024 Economic Forecast: Our Index Marginally Declines – We Are Stuck With The Crappy Economy We Have Seen So Far This Year


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

No releases on Veteran’s Day

Here is a summary of headlines we are reading today:

  • Shippers Brace for Impact as Freight Rates Climb
  • Venezuela’s Gas Pipeline Explosion Highlights Crumbling Infrastructure
  • U.S. Natural Gas Prices Jump Over 10% After Hurricane Rafael Hits
  • National Gasoline Prices Fall To 3-Year Low
  • Saudi-Iranian Relations Warm as Middle East Braces for Trump’s Return
  • Tesla shares pop 6% as postelection rally continues
  • Bitcoin tops $87,000 as crypto euphoria over Trump win shows no sign of waning
  • GM’s Wall Street vindication is happening as it outperforms its peers in 2024
  • Gunfire Hits Spirit Airlines Jet On Final Approach In Haiti, Crew Wounded
  • China’s Foreign Direct Investment Set For First Negative Year In History
  • ‘I’ve no interest in investing more money in the stock market’: I’m debt-free, retired, and ignoring the ‘Trump bump.’ What should I do with $400,000 in cash?
  • U.S. oil benchmark settles below $70 a barrel on China stimulus disappointment

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

Weather Outlook for the U.S. for Today Through at Least 22 Days and a Six-Day Forecast for the World: posted November 11, 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 (up to four weeks) 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 Nov 11 2024
Valid 12Z Mon Nov 11 2024 – 12Z Wed Nov 13 2024

…An Atmospheric River will bring a couple rounds of heavy, lower
elevation rain and high elevation mountain snow to the Pacific Northwest
and northern California…

…Lingering precipitation chances for the Northeast and Carolinas Monday
with some locally heavier rainfall along the central Gulf Coast…

…Above average temperatures continue for much of the country, more
seasonable temperatures for the Northeast and the West on Tuesday…

A pair of Pacific storm systems will help to usher in waves of moisture
into the Pacific Northwest and northern California in an active
Atmospheric River pattern over the next couple of days. Moderate to heavy
coastal rain and high elevation mountain snow is already ongoing over the
Pacific Northwest this morning and will continue to spread inland as well
as into northern California throughout the day Monday. A moderate lower
elevation rain/wintry mix and higher elevation snow will also spread into
portions of the northern Rockies and Great Basin by Monday evening. Some
locally heavier snowfall totals of 8-12″+ will be possible for the
Cascades with more moderate totals elsewhere. Precipitation will linger
into Tuesday for the Pacific Northwest and northern Rockies/Great Basin as
well as spread into the central Rockies as this system continues inland.
Then, on Tuesday evening, a second system will approach the Pacific
Northwest bringing the next wave of moisture inland. Showers and even some
thunderstorms along the coast and upslope portions of the Coastal Ranges
will lead to some heavier rainfall totals late Tuesday into early
Wednesday, with an isolated threat for flooding. Additional heavy snowfall
is also expected for the Cascades.

Some showers and thunderstorms will linger in the Carolinas and along the
central Gulf Coast ahead of a cold front pushing off the East Coast
through the day Monday. Higher moisture along the Gulf could lead to some
locally heavier downpours. A secondary cold front to the northwest will
also bring some additional light to moderate showers to the interior
Northeast, which may include a wintry mix by Monday evening. Elsewhere,
some isolated showers and storms will be possible across the
central/northern Plains and Mississippi Valley late Tuesday/early
Wednesday morning as the first storm system over the West reaches the
region.

Forecast high temperatures Monday continue to remain above average by
around 5-15 degrees for much of the country. Some of the most unseasonably
warm highs will be throughout New England, with highs in the 50s and 60s,
and the Mid-Atlantic, with highs into the 60s and 70s. Otherwise,
temperatures range from the 40s and 50s in the northern Plains/Midwest;
the 50s and 60s for the Pacific Northwest, northern Rockies, Great Basin,
and California; the 50s for the central Plains and Ohio Valley; and the
70s and 80s for the Desert Southwest, Texas, and the Southeast. A cold
front passing through the Northeast will bring much cooler, more
seasonable temperatures Tuesday, as highs fall into the 40s and 50s. The
Pacific system passing through the West will also bring some more
seasonable temperatures Tuesday, with highs falling into the 40s for the
Great Basin/northern Rockies and the 60s and 70s in the Desert Southwest.

[Image of cumulative wind history]

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.

Weather Outlook for the U.S. for Today Through at Least 22 Days and a Six-Day Forecast for the World: posted November 10, 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 (up to four weeks) 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
Sun Nov 10 2024
Valid 12Z Sun Nov 10 2024 – 12Z Tue Nov 12 2024

…Wet Sunday for much of the eastern U.S., including beneficial rainfall
for the Northeast…

…An Atmospheric River will bring heavy coastal rain and high elevation
snowfall to portions of the Pacific Northwest beginning Sunday night…

…Above average temperatures will continue into next week for most of the
country…

A broad area of showers and thunderstorms ahead of a low pressure
system/arcing frontal boundary through the Midwest south into the
Mississippi Valley early Sunday morning will continue eastward through the
day, bringing an expanding area of moderate to heavy rainfall over the
eastern U.S. The front will push eastward through the Ohio Valley/interior
Northeast and into New England and the Mid-Atlantic by Sunday evening,
bringing beneficial rainfall following many weeks of little to no
precipitation. Further south, the front will make slower progress and keep
additional storm chances focused over the Tennessee and Lower Mississippi
Valleys following heavy rain Saturday. Moisture streaming northward from
the Gulf, influenced in part by Tropical Storm Rafael, will lead to some
locally heavy downpours, with isolated flash flooding possible. A
localized Slight Risk of Excessive Rainfall (level 2/4) is in place over
central Louisiana where continued rainfall early Sunday over very
saturated grounds/ongoing flooding may lead to a few more scattered
instances of flash flooding. An additional area of showers and
thunderstorms is expected for portions of the coastal Carolinas/Georgia
and into Florida in vicinity of a wavy frontal boundary. Most of the
rainfall should come to an end by early Monday as the front begins to
clear the coast over the Northeast and moisture return decreases to the
south, though some lingering showers will remain possible for the interior
Northeast as a secondary cold front passes through.

Some light to moderate lower elevation rain showers and higher elevation
snows will continue over portions of the Pacific Northwest/northern
Rockies through Sunday afternoon as a wavy frontal boundary lingers in the
region. Then, a stronger Pacific storm system/Atmospheric River will
approach the Pacific Northwest Sunday evening bringing moderate to heavy
coastal rains by Sunday night. This system will continue inland into the
day Monday with an expanding area of precipitation across the Pacific
Northwest, northern Great Basin/Rockies, and northern/central California.
Favorable upslope areas along the coastal mountain ranges may see 2-3″ of
rain, with some potentially moderate to heavy accumulating snows for
higher elevations of the Cascades, Sierra Nevada, and northern Rockies.
Another system just beyond the current forecast period looks to bring
another round of heavy rain and mountain snows mid-week.

Most areas of the country will continue to see temperatures 5-15 degrees
above average over the next couple of days. Forecast highs Sunday range
from the 50s for the Pacific Northwest, Great Basin, northern
Rockies/Plains, Great Lakes, and New England; the 60s in California,
central Plains, Ohio Valley, and Mid-Atlantic; and the 70s and 80s for the
Desert Southwest, Texas, Lower Mississippi Valley, and the Gulf Coast.
Much of the East Coast will see even warmer highs on Monday as rain clears
out, with highs rising into the 60s for coastal New England and the 70s
for the Mid-Atlantic, Carolinas, and Georgia. One region that will remain
colder will be portions of the central/southern Rockies and High Plains
where grounds remain snow covered following this past Friday’s historic
storm, with highs mainly in the 40s to low 50s.

[Image of cumulative wind history]

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.

Weather Outlook for the U.S. for Today Through at Least 22 Days and a Six-Day Forecast for the World: posted November 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 (up to four weeks) 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
Sat Nov 09 2024
Valid 12Z Sat Nov 09 2024 – 12Z Mon Nov 11 2024

…Widespread, potentially significant flash flooding possible in central
and southwestern Louisiana today…

…Showers and thunderstorms will bring heavy rain and the risk for flash
flooding to the Lower Mississippi and Tennessee/Ohio Valleys this
weekend…

…Atmospheric river to arrive across the Pacific Northwest on Sunday with
heavy coastal rains and high elevation snowfall...

…Above average temperatures continue for much of the country this
weekend…

A significant flash flooding event is anticipated today ahead of a low
pressure system/cold front moving eastward towards the Mississippi Valley
this morning that will slow and eventually stall as ridging builds
northward over the eastern U.S. Strong southerly flow ahead of the front
will continue to bring a fetch of deep, very moist air associated with
Tropical Storm Rafael northward over the region. Numerous showers and
thunderstorms producing very heavy downpours (rain rates 1-2″+ per hour)
are expected along and ahead of the front from the Lower Tennessee
Valley/Mid-South southwestward into the Lower Mississippi Valley and the
western Gulf Coast. A concentrated risk of locally significant heavy
rainfall totals of 3-6″, locally 10″, and widespread instances of flash
flooding is expected ahead of the front closer to the Gulf over
central/southwestern Louisiana, where a High Risk of Excessive Rainfall
(level 4/4) is in effect. A broader Slight Risk (level 2/4) covers the
rest of the region for more scattered instances of flash flooding. The
front will make some progress eastward Sunday, especially with northern
extent, bringing the heavy rainfall threat further eastward across the
Ohio and Tennessee Valleys while lingering through the Lower Mississippi
Valley. However, the more progressive nature of the front/storm movement
as well as a decreasing fetch of moisture should limit the flash flood
threat to a few isolated instances. While this moisture streaming
northward from Rafael will influence the threat for heavy rain, the storm
is located far offshore over the Gulf of Mexico and forecast by the
National Hurricane Center to remain offshore and dissipate over the next
few days.

Outside of this heavy rainfall threat, an expanding area of showers and
thunderstorms is forecast ahead of the low pressure system and an arcing
occluded/cold front lifting northeastward across the northern Plains,
Midwest, and Mississippi Valley on Saturday with some moderate amounts
possible. Some moderate snow may linger over portions of the central
Rockies in Colorado after a historic snowstorm the past couple days,
though most snow will have tapered off this morning as the low moves away.
The low pressure system/front will continue eastward on Sunday, bringing a
broad area of beneficial rainfall to the Northeast after weeks of little
to no precipitation. Showers and thunderstorms are also expected in
vicinity of a wavy frontal boundary along the coastal Southeast/Florida
this weekend. Elsewhere, an initial system pushing inland over the Pacific
Northwest will continue to bring moderate to heavy showers for lower
elevations with some very high elevation snow Saturday, and a wintry mix
and higher elevation snow spreading into the northern Rockies by Sunday
morning. Then, during the day Sunday, a stronger system and accompanying
Atmospheric River will begin to bring heavier rain with an isolated chance
of flooding to the Pacific Northwest, expected to last over the next
several days.

Most of the country will continue to see above average temperatures this
weekend outside of portions of the central/southern Rockies and High
Plains on Saturday, though temperatures will begin to recover here as well
by Sunday. Forecast highs will generally be in the 50s from the Pacific
Northwest east through the northern Rockies/Plains, Great Lakes, and into
New England; the 50s and 60s in the Great Basin, central Plains, Midwest,
and Mid-Atlantic; and the 70s and 80s in the Southwest, Texas, and the
Southeast. Aforementioned cooler temperatures in the 40s and 50s over the
central/southern Rockies and High Plains will moderate by 10 degrees or so
for most locations by Sunday.

[Image of cumulative wind history]

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 NOV 2024 Market Close & Major Financial Headlines: Third Session Continues To Push The Three Main Indexes And Bitcoin To New Historic Highs, Ultimately Closing At New Highs

Summary Of the Markets Today:

  • The Dow closed up 260 points or 0.59%, (Closed at 43,989, New Historic high 44,157)
  • Nasdaq closed up 17 points or 0.09%, (Closed at 19,287, New Historic high 19,319)
  • S&P 500 closed up 22 points or 0.38%, (Closed at 5,973, New Historic high 6,012)
  • Gold $2,694 down $11.80 or 0.43%,
  • WTI crude oil settled at $70 down $1.89 or 2.61%,
  • 10-year U.S. Treasury 4.304 down 0.039 points or 0.898%,
  • USD index $104.35 up $0.43 or 0417%,
  • Bitcoin $76,740 up $40 or 0.06%, (24 Hours) , (New Bitcoin Historic high 77,221)
  • Baker Hughes Rig Count: U.S. unchanged at 585 Canada -6 to 207
    U.S. Rig Count is unchanged from last week at 585 with oil rigs unchanged at 479, gas rigs unchanged at 102 and miscellaneous rigs unchanged at 4.

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

Today’s Highlights

The S&P 500 briefly hit 6,000 for the first time, capping its best week of the year to close at a new record. The Dow Jones Industrial Average crossed 44,000 for the first time during the session. The Nasdaq Composite closed near the flatline. The strong weekly performance was driven by optimism following Donald Trump’s White House victory and the Federal Reserve’s latest interest rate cut. Nvidia officially joined the Dow Jones Industrial Average, replacing Intel. Nvidia’s stock rose 2.9% in after-hours trading on the news, while Intel fell 1.8%. Tesla shares soared over 9%, pushing the company’s market capitalization to $1 trillion. Trump Media & Technology Group stock jumped more than 10% after President-elect Trump said he would not sell his shares in the company. The US dollar and Treasury yields gave up some of their post-election gains, tempering the initial “Trump trade” rush. Disappointment over China’s new fiscal stimulus plan put some pressure on Chinese stocks and oil prices. Next week companies providing quarterly results include Live Nation (LYV), Spotify (SPOT), Home Depot (HD) and Hertz (HTZ). On Monday, November 11 the stock market will be open but the bond market closed in observance of Veterans Day.


Click here to read our current Economic Forecast – November 2024 Economic Forecast: Our Index Marginally Declines – We Are Stuck With The Crappy Economy We Have Seen So Far This Year


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

The University of Michigan Preliminary Consumer Sentiment results for November 2024:

Heading into the election, consumer sentiment improved for the fourth consecutive month, rising 3.5% to its highest reading in six months. While current conditions were little changed, the expectations index surged across all dimensions, reaching its highest reading since July 2021. Expectations over personal finances climbed 6% in part due to strengthening income prospects, and short-run business conditions soared 9% in November. Long-run business conditions increased to its most favorable reading in nearly four years. Sentiment is now nearly 50% above its June 2022 trough but remains below pre-pandemic readings. Note that interviews for this release concluded on Monday and thus do not capture any reactions to election results.

[Note: This consumer sentiment survey exemplifies why I dislike surveys – for the most part they are not representative of the population or sector the survey purportedly represents. This survey over the last 3 months attributed the rise in consumer sentiment to Kamala Harris winning the election. I hope in the future, this survey can put on political blinders, and re-examines its methodology to have a more representative sample group. As this is a preliminary survey for September – I expect a significant fall in consumer sentiment if changes are not made to its sample grouping.]

Here is a summary of headlines we are reading today:

  • Oil Prices Decline As Hurricane Risk Fades, China Demand Weakens
  • U.S. Drilling Activity Still Unmoved Amid Market Uncertainty
  • Oil Prices Remain Rangebound Despite Dramatic Week
  • Trump Set to Renew Maximum Pressure Policy on Iran
  • Dow tops 44,000 for first time, S&P 500 closes at record high to cap election week rally: Live updates
  • Tesla hits $1 trillion market cap as stock rallies after Trump win
  • Powell and the Fed won’t be able to avoid talking about Trump forever
  • The 10-year Treasury yield has been rising. Here’s where BlackRock’s Rick Rieder sees an opportunity
  • Stocks making the biggest moves midday: Tesla, Airbnb, Toast, Pinterest and more
  • Yields on cash are still ‘well ahead of inflation,’ expert says. Here’s where to put your money now
  • The S&P 500 breaks 6,000 and the Dow tops 44,000. Why stocks could keep climbing.
  • Oil ends down on the day, up for the week on conflicting supply-demand prospects

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

Weather Outlook for the U.S. for Today Through at Least 22 Days and a Six-Day Forecast for the World: posted November 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 (up to four weeks) 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 Nov 08 2024
Valid 12Z Fri Nov 08 2024 – 12Z Sun Nov 10 2024

…Winter storm brings significant heavy snowfall and blizzard conditions
to portions of Colorado and New Mexico Friday…

…Showers and thunderstorms will bring the threat of flash flooding to
the central/southern Plains Friday and Lower Mississippi Valley Saturday…

…Above average temperatures continue for much of the country heading
into the weekend…

A significant heavy snow event is underway over portions of the
central/southern Rockies and High Plains early Friday. A vigorous
upper-level trough plunging southward has ushered in colder air from the
north as a low pressure system over western Texas helps to funnel moist
air from the Gulf northwestward over the region. The compact nature of the
upper low will help to sustain very heavy snow rates of up to 1-2″/hr
leading to snowfall totals of 4-8 inches for much of eastern Colorado and
northeastern New Mexico, with locally higher totals of 12-18″ for the
Palmer Divide and Raton Mesa and 18-24″ over higher elevations of the
Front Range mountains/foothills. The combination of heavy snow rates and
gusty winds will lead to blizzard conditions for some locations and create
difficult to impossible travel conditions for the I-25 corridor and
eastern Plains, where numerous area roads are already closed. The most
intense snowfall should begin to taper off overnight Friday, with some
lighter snow possibly lingering into Saturday morning.

Meanwhile to the east, on the warm side of the system, the influx of Gulf
moisture and increased instability will to lead to widespread showers and
thunderstorms producing very heavy rain over the next couple of days.
Storms currently over western Oklahoma and northwest Texas will continue
eastward along and ahead of an eastward moving cold front during the day
Friday. A Slight Risk of Excessive Rainfall (level 2/4) covers much of
Oklahoma and central/northern Texas where locally heavy downpours over
saturated grounds may lead to some scattered instances of flash flooding.
Showers and storms with more moderate rainfall and an isolated flash
flooding threat are expected more broadly over the central/southern
Plains. The low pressure system will move northeastward across the central
Plains Saturday with an expanding area of showers and thunderstorms along
an arcing occluded/cold front over the Midwest and Mississippi Valley.
Areas of the Lower Tennessee/Mississippi Valley will see more intense
storms feeding off higher instability and moisture streaming northward
from Hurricane Rafael over the Gulf of Mexico bringing additional rounds
of very heavy rainfall. Localized totals of 3-5″ over saturated grounds
from recent rains will lead to threat for more scattered instances of
flash flooding, with a Slight Risk of Excessive Rainfall in effect here as
well. While moisture from Rafael will help to increase this heavy rainfall
threat, the storm itself is currently forecast by the National Hurricane
Center to remain well offshore over the Gulf of Mexico and dissipate.

A Pacific system will bring increasing precipitation chances to the
Pacific Northwest Friday/Saturday with moderate to heavy rainfall possible
and snow for high elevations of the local mountains. Precipitation chances
with lower elevation rain and high elevation snow will spread into the
northern Rockies on Saturday. Elsewhere, some widely scattered light
showers are possible head of cold fronts over the interior Northeast and
coastal Southeast Friday. Temperature-wise, most of the country will
continue to see above average conditions outside of the Four Corners
Region and central/southern Plains under the influence of the deep
upper-low. Forecast highs over the central/eastern U.S. Friday will range
from the 50s and low 60s for the northern Plains/Midwest/New England, 60s
across the Middle Mississippi Valley/Ohio Valley, 60s and 70s for the
Mid-Atlantic, and 70s and 80s for the Southeast/Gulf Coast. Gusty winds
and extremely dry conditions over portions of the Mid-Atlantic and
southern New England have prompted Red Flag Warnings for the risk of
wildfires Friday. A cold front will bring cooler, more seasonable
temperatures to portions of the East Coast Saturday, with highs dropping
into the 40s and 50s for New England and the 50s and 60s in the
Mid-Atlantic. In the West, highs will be in the 50s and 60s for the
Northwest, Great Basin, and northern California with 70s into southern
California. As noted, temperatures will be much cooler and below average
in the Four Corners region as highs top out in the 40s and 50s, with 60s
and 70s into the Desert Southwest. Highs across the central/southern
Plains will be in the 30s and 40s Friday, warming a bit for the southern
High Plains into the 50s and 60s Saturday.

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 NOV 2024 Market Close & Major Financial Headlines: Red Wave Continues To Push Main Indices And Bitcoin To New Historic Highs

Summary Of the Markets Today:

  • The Dow closed down 1 points or 0.00%, (Closed at 43,729, New Historic high 43,823)
  • Nasdaq closed up 286 points or 1.51%, (Closed at 19,269, New Historic high 19,302)
  • S&P 500 closed up 44 points or 0.74%, (Closed at 5,973, New Historic high 5,984)
  • Gold $2,712 up $36.30 or 1.33%,
  • WTI crude oil settled at $72 up $0.30 or 0.43%,
  • 10-year U.S. Treasury 4.332 down 0.094 points or 2.079%,
  • USD index $104.35 down $0.74 or 0.07%,
  • Bitcoin $76,510 up $390 or 0.51%, (24 Hours) , – New Bitcoin Historic high 76,874.36)

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

Today’s Highlights

The S&P 500 and Nasdaq Composite reached new record highs on Thursday, driven by a tech-led rally. This came as investors processed two major events – Federal Reserve interest rate cut and Donald Trump’s election victory: Trump’s win on Wednesday had already sent stock indices to record levels, with his proposed corporate tax cuts and deregulation fueling economic optimism. Nvidia and Amazon shares reached new all-time highs The Magnificent Seven stocks (Apple, Alphabet, Microsoft, Amazon, Meta, Tesla, and Nvidia) outperformed the broader market, with their ETF rising over 8% in the past five days compared to the S&P 500’s 4.69% gain. Fed Chair Jerome Powell addressed questions about the potential impact of Trump’s election on Fed policy, stating that in the near term, the election would not affect their decisions.


Click here to read our current Economic Forecast – November 2024 Economic Forecast: Our Index Marginally Declines – We Are Stuck With The Crappy Economy We Have Seen So Far This Year


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

September 2024 sales of merchant wholesalers were down 0.4 percent (±0.9 percent)* from the revised September 2023 level. Total inventories of merchant wholesalers were up 0.3% from the revised September 2023 level. The September inventories/sales ratio for merchant wholesalers was 1.34. The September 2023 ratio was 1.33. Honestly, I am not sure why I consider this a significant release anymore. We need more wholesalers because companies have become only assemblers – and need to outsource more and more components. Combine this with more and more assemblers moving overseas – and this chaos makes understanding WTF is going on close to impossible.

In the week ending November 2, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 227,250, a decrease of 9,750 from the previous week’s revised average. The previous week’s average was revised up by 500 from 236,500 to 237,000. No sign of recession in these numbers.

Nonfarm business productivity is up 2.0% year-over-year with costs up 3.4%. When costs rise faster than productivity, you are becoming less competitive. And honestly, the way productivity is calculated by the BLS is incorrect anyway. It takes a detailed analysis of each persons motion in a company and not a broad brush analysis of hours to produce a product. 

The Federal Reserve’s FOMC meeting concluded today with the expected 0.25 point reduction of the federal funds rate. The meeting statement:

Recent indicators suggest that economic activity has continued to expand at a solid pace. Since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low. Inflation has made progress toward the Committee’s 2 percent objective but remains somewhat elevated.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. The Committee judges that the risks to achieving its employment and inflation goals are roughly in balance. The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate.

In support of its goals, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 4-1/2 to 4-3/4 percent. In considering additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

According to the Federal Reserve, consumer credit increased in September at an annual rate of 1.4%. My take is that total consumer credit is up 2.2% year-over-year, nonrevolving credit (like car and student loans) is up 1.3% year-over-year, and revolving loans (say credit cards) is up 5.0% year-over-year. Revolving credit growth  continues to decline – and consider with inflation that the real growth of revolving credit is under 3%. There is no indication in these numbers that economic growth is constrained by credit availability.

Here is a summary of headlines we are reading today:

  • Duke Energy’s Hurricane Restoration Costs Could Hit $2.9 Billion
  • 17 Gulf Oil Platforms Evacuated Under Approach of Hurricane Rafael
  • Bank of England Cuts Interest Rates
  • Weaker U.S. Fracking Drags Halliburton Earnings Below Estimates
  • Big Oil CEOs Voice Concern Over Geopolitical Tensions
  • Fed meeting recap: Powell ‘feeling good’ about economy, says Trump can’t legally fire him
  • S&P 500, Nasdaq close at records and extend postelection rally as Fed cuts rates: Live updates
  • Airbnb stock up as revenue jumps
  • Rivian significantly misses Wall Street’s third-quarter revenue expectations
  • Former Treasury Secretary Mnuchin says Trump’s top priorities will be tax cuts, Iran sanctions and tariffs
  • The Federal Reserve cuts interest rates by a quarter point after election. Here’s what that means for you
  • Interest rates cut but Bank hints fewer falls to come
  • The bull market is ‘still an infant’: Why Evercore sees the S&P 500 at 6,600 by mid-2025
  • Powell sends one crystal clear message to Trump: Firing me is ‘not permitted under the law’

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

Weather Outlook for the U.S. for Today Through at Least 22 Days and a Six-Day Forecast for the World: posted November 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 (up to four weeks) 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
351 AM EST
Valid 12Z Thu Nov 07 2024 – 12Z Sat Nov 09 2024

…Heavy snow expected to impact portions of Colorado and New Mexico while
heavy rain, severe weather, as well as increasingly windy conditions sweep
across the Southern Plains through the next couple of days…

…Heavy rain threat over the Southeast is expected to gradually diminish
by this evening…

…Hurricane Rafael is forecast to track more westward away from the
Florida Keys and into the Gulf Mexico through the next couple of days…

…Record warmth continues from the Mid-Atlantic down into the Southeast
and along the Gulf Coast…

Tropical moisture interacting with a disturbance under a broad channel of
southerly flow aloft has continued to produce heavy rainfall across the
Southeast this morning. The main dynamics associated with the disturbance
is forecast to track northeastward, allowing the heavy rain threat to
diminish by this evening as the disturbance tracks off the Carolina
coasts. WPC currently maintains a slight risk of heavy rain from eastern
Georgia into portions of South Carolina for today.

Farther south, tropical-storm-force winds and squally downpours associated
with rainbands from Hurricane Rafael were impacting the western portion of
the Florida Keys this morning. Rafael is forecast to track more toward
the west, allowing the tropical storm conditions over the Florida Keys to
gradually subside through the remainder of today.

Meanwhile, a winter storm continues to get organized across portions of
the central and southern Rockies and into the nearby High Plains. A
vigorous upper-level trough continues to plunge south and usher polar air
into the region while gradually develops a low pressure system over the
southern High Plains. The compact and vigorous nature of the upper low
will help sustain the snow in the general vicinity of Central/Southern
Rockies into the nearby High Plains (mostly within Colorado and New
Mexico) as the upper low rotates and lingers. If the upper low deepens
more than expected, the associated snow could linger in the same area
farther out in time. There is potential for a foot of snow to fall across
the Front Range of Colorado, while up to a few feet of wet snow is
possible farther south across the higher elevations near the Colorado-New
Mexico border and into northern New Mexico. Winter Storm Watches and
Warnings as well as Winter Weather Advisories have been expanded across
much of the aforementioned areas. In addition to producing snow, this
vigorous upper low could have changeable influences on the future track of
Rafael in the Gulf of Mexico. Please refer to NHC for the latest forecast
track on Rafael.

In addition to the heavy snow, this low pressure system will bring heavy
rain and severe weather farther east across the Southern Plains by later
today. The highest threat of heavy rain is forecast to be expanding
across western Texas toward southwestern Oklahoma tonight into Friday
morning when the low pressure system develops and intensifies over western
Texas as it tracks northward. A band of severe thunderstorms can also be
expected to sweep across western Texas ahead of a potent cold front. Much
of the central to southern High Plains will come under an increasing
threat of high winds as well especially by this evening into Friday
morning when the low pressure system deepens most rapidly. This could
result in gale force winds to accompany heavy snow on Friday across the
central High Plains in Colorado, while wind-swept rain impacts Oklahoma
and Kansas, and severe thundertorms sweep east across Texas ahead of the
potent cold front. By Saturday morning, much of the rain should be
pushing east into the Arklatex region and into the Central Plains ahead of
the low pressure system. This will allow the Southern Plains to dry out.
However, heavy snow could linger across central Colorado into Saturday
morning depending on the strength of the low pressure system.

Much colder temperatures are expected across the West behind the low
pressure system and a cold front; with 30s and 40s across the valleys and
dipping into the single digits in the cool spots for overnight lows. Make
sure to bundle up. Strong wind gusts along with lower moisture will
increase the risk for wildfires in the Southwest over the next few days.
Critical wildfire conditions persist across California where Red flag
warnings are in effect for portions of coastal and interior California.
The Storm Prediction Center has Critical Fire Conditions highlighted for
southern California with an extreme area in the vicinity of Santa Clarita
which will carry over for today. In contrast, record warm minimum
temperatures are forecast to continue from the Mid-Atlantic down into
theSoutheast and along the Gulf Coast through the next couple of nights.
High temperatures are not quite reaching record levels but will remain
well above normal for these areas for early November.

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.