Summary Of the Markets Today:
- The Dow closed down 299 points or 0.76%,
- Nasdaq closed up 1.26%,
- S&P 500 closed up 0.39%,
- Gold $2,332 down $12.80,
- WTI crude oil settled at $81 down $0.86,
- 10-year U.S. Treasury 4.230 down 0.018 points,
- USD index $105.61 up $0.140,
- Bitcoin $61,991 up $1,728 or 2.87%,
*Stock data, cryptocurrency, and commodity prices at the market closing.
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
The Chicago Fed National Activity Index (CFNAI) three-month moving average, CFNAI-MA3, decreased to –0.09 in May 2024 from –0.05 in April. The CFNAI-MA3 is used for economic forecasting. Even with this month’s decline, the CFNAI-MA3 is trending up – A value below zero has been associated with the national economy expanding with below-average growth. An increasing likelihood of a recession has historically been associated with a CFNAI-MA3 value below –0.70. The CFNAI is the best coincident index out there.
The S&P CoreLogic Case-Shiller 20-City Composite posted a year-over-year increase of 7.2% in May 2024, dropping from a 7.5% increase in the previous month. Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices gave this analysis:
For the second consecutive month, we’ve seen our National Index jump at least 1% over its previous all-time high. 2024 is closely tracking the strong start observed last year, where March and April posted the largest rise seen prior to a slowdown in the summer and fall. Heading into summer, the market is at an all-time high, once again testing its resilience against the historically more active time of the year. Thirteen markets are currently at all-time highs and San Diego reigns supreme once again, topping annual returns for the last six months. The Northeast is the best performing market for the previous nine months, with New York rising 9.4% annually. Sustained outperformance of the Northeast market was last observed in 2011. For the decade that followed, the West and the South held the top posts for performance. It’s now been over a year since we’ve seen the top region come from the South or the West. Last month’s all-time high came with all 20 markets accelerating price gains. This month, just over half of our markets are seeing prices accelerate on a monthly basis. At 6.3% annual gains, the index has decelerated from the start of the year, with only two markets rising on an annual basis.
The Richmond Fed’s manufacturing activity slowed in June 2024. The composite manufacturing index decreased from 0 in May to −10 in June. Of its three component indexes, shipments fell notably from 13 to −9, new orders decreased from −6 to −17, and employment rose from −6 to −2. Manufacturing remains a soft spot in the current USA economy.
The Conference Board Consumer Confidence Index® dipped in June 2024 to 100.4 (1985=100), down from 101.3 in May. Dana M. Peterson, Chief Economist at The Conference Board had this to say:
Confidence pulled back in June but remained within the same narrow range that’s held throughout the past two years, as strength in current labor market views continued to outweigh concerns about the future. However, if material weaknesses in the labor market appear, Confidence could weaken as the year progresses. Consumers expressed mixed feelings this month: their view of the present situation improved slightly overall, driven by an uptick in sentiment about the current labor market, but their assessment of current business conditions cooled. Meanwhile, for the second month in a row, consumers were a bit less pessimistic about future labor market conditions. However, their expectations for both future income and business conditions weakened, weighing down the overall Expectations Index. The decline in confidence between May and June was centered on consumers aged 35-54. By contrast, those under 35 and those 55 and older saw confidence improve this month. No clear pattern emerged in terms of income groups. On a six-month moving average basis, confidence continued to be highest among the youngest (under 35) and wealthiest (making over $100K) consumers.
Here is a summary of headlines we are reading today:
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