Summary Of the Markets Today:

• The Dow closed up 49 points or 0.13%,
• Nasdaq closed up 0.24%,
• S&P 500 closed up 0.06%,
• Gold $2,048 down $3.30,
• WTI crude oil settled at $77 up $2.64,
• 10-year U.S. Treasury 4.158% up 0.006 points,
• USD index $104.15 up $0.09,
• Bitcoin $45,521 up $1,390 (3.15%),

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

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Click here to read our current Economic Forecast – February 2024 Economic Forecast: Index Again Modestly Declined But Remains Well Above Levels Associated With Recession

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

December 2023 sales of merchant wholesalers were up 1.6% from December 2022 – down 3.8% inflation-adjusted. Total inventories of merchant wholesalers were down 2.7% from December 2022. The December inventories/sales ratio for merchant wholesalers was 1.34. The December 2022 ratio was 1.40. It is the inventory-to-sales ratio that provides the indication of a slowing economy and this ratio is currently improving.

In the week ending February 3, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 212,250, an increase of 3,750 from the previous week’s revised average. The previous week’s average was revised up by 750 from 207,750 to 208,500.

 

Here is a summary of headlines we are reading today:

• Skilled Worker Shortage Stalls U.S. Construction Boom in 2024
• Shipping Giants Warn of Worsening Red Sea Security Situation
• Duke Energy Misses Earnings Forecast as Higher Interest Rates Bite
• Oil Gains 2% as Israel Rejects Gaza Ceasefire Deal, US Gas Inventory Plummets
• Maersk Tumbles as Red Sea Crisis Stings
• BP’s Indiana Refinery to Remain Shut for Three Weeks
• Arm shares surge 60% after SoftBank-controlled chip designer issues strong forecast
• S&P 500 hits 5,000, but closes just under the milestone: Live updates
• PayPal plummets as Wall Street likens CEO’s strategy to ‘turning around the titanic’
• Bitcoin breaks above $45,000 to highest level since day after spot ETFs went live: CNBC Crypto World
• No Charges: Biden “Willfully” Retained Classified Documents; Special Counsel Says Biden “Elderly Man With Poor Memory”
• Investors see risk that inflation was hotter than reported for the end of 2023

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

Summary Of the Markets Today:

• The Dow closed up 156 points or 0.40%,
• Nasdaq closed up 0.95%,
• S&P 500 closed up 0.82%,
• Gold $2,051 down $0.50,
• WTI crude oil settled at $74 up $0.79,
• 10-year U.S. Treasury 4.115% up 0.023 points,
• USD index $104.05 down $0.17,
• Bitcoin $44,166 up $1,071 (2.57%),

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

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Click here to read our current Economic Forecast – February 2024 Economic Forecast: Index Again Modestly Declined But Remains Well Above Levels Associated With Recession

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

The U.S. monthly international trade deficit increased in December 2023 as imports increased more than exports. Imports increased 1.2% year-over-year while exports increased 6.3% year-over-year. Growth in imports normally suggests a growing U.S. economy whilst growing exports suggest a strengthening international economy.

In 2023, consumer credit increased 2.4%, with revolving and nonrevolving credit increasing 8.4% and 0.4%, respectively. On an inflation-adjusted basis, consumer credit only increased 0.6% in 2023. This is very poor consumer credit growth in a time of economic expansion.

 

Here is a summary of headlines we are reading today:

• Uzbekistan to Install Thousands of EV Charging Stations in Eco Push
• Texas Was Warned of $12 Billion Cost of Grid Reliability Policy
• Is the Push for Electric Vehicles Outpacing Market Readiness?
• Oil Jumps Despite Crude Inventory Build
• Disney beats earnings estimates, hikes guidance as it slashes streaming losses
• S&P 500 closes near 5,000, notches closing high as strong earnings continue: Live updates
• Spirits sales beat out beer and wine for second straight year, despite little growth
• Blistering Saudi Statement Slams Door On Normalization With Israel
• Israel-Hamas Deal Is Dead As Netanyahu Dismisses ‘Delusional’ Terms, War To ‘Expand’
• S&P 500 looks ‘accident prone’ as it nears 5,000 milestone
• Consumers slammed the brakes on borrowing in December, Fed data show

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

Summary Of the Markets Today:

• The Dow closed up 141 points or 0.37%,
• Nasdaq closed up 0.07%,
• S&P 500 closed up 0.23%,
• Gold $2,052 up $9.10,
• WTI crude oil settled at $74 up $0.72,
• 10-year U.S. Treasury 4.089% down 0.075 points,
• USD index $104.16 down $0.29,
• Bitcoin $43,107 up $739 (1.78%),

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

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Click here to read our current Economic Forecast – February 2024 Economic Forecast: Index Again Modestly Declined But Remains Well Above Levels Associated With Recession

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

Home prices nationwide, including distressed sales, increased year over year by 5.5% in December 2023 compared with December 2022. Dr. Selma Hepp, Chief Economist for CoreLogic stated:

Last winter’s mortgage rate surge impacted seasonal home price changes in many markets and suggests that annual gains may have reached the cycle peak and will level off in the coming months. But while appreciation is projected to slow, home prices will continue to extend to new highs entering the typically busy spring homebuying season. Also, while the recent dip in mortgage rates help improve some affordability challenges, additional rate declines may not arrive until the second half of 2024. The 2024 homebuying season should enjoy a boost because of pent-up demand, as well as a robust job market and wage growth. Geographic patterns in price gains continued to favor housing markets in the Northeast and the South, especially those that remain more affordable and have lagged in home price increases over the past couple of years.

Here is a summary of headlines we are reading today:

• AI to Transform Solar Cell Production
• Oil Market Needs $14 Trillion: OPEC Secretary General
• U.S. Crude Oil Production To See Zero Growth This Year: EIA
• Diesel Prices Set to Spike This Year: Kemp
• U.S. Thermal Coal Finds New Life Overseas
• Palantir shares rocket 30% after revenue beat, strong demand for AI
• New York Community Bancorp stock falls 22% as slump extends
• Credit card delinquencies surged in 2023, indicating ‘financial stress,’ New York Fed says
• Somali pirates are back on the attack at a level not seen in years, adding to global shipping threats
• WeWork’s ousted boss plots buyback of bankrupt firm
• Treasury yields finish lower as buyers return and Fed officials reiterate need to hold off on rate cuts
• AMC’s stock rallies more than 11%, on pace for biggest gain since August

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

Summary Of the Markets Today:

• The Dow closed down 274 points or 0.71%,
• Nasdaq closed down 0.20%,
• S&P 500 closed down 0.32%,
• Gold $2,042 down $12.00,
• WTI crude oil settled at $73 up $0.55,
• 10-year U.S. Treasury 4.162% up 0.131 points,
• USD index $104.45 up $0.53,
• Bitcoin $42,374 down $477 (1.11%),

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

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Click here to read our current Economic Forecast – February 2024 Economic Forecast: Index Again Modestly Declined But Remains Well Above Levels Associated With Recession

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

In January 2024, the ISM Services PMI registered 53.4%, 2.9 percentage points higher than December’s seasonally adjusted reading of 50.5 percent. The composite index indicated growth in January for the 13th consecutive month after a seasonally adjusted reading of 49 percent in December 2022, which was the first contraction since May 2020 (45.4 percent). The Business Activity sub-Index registered 55.8 percent in January, matching the seasonally adjusted reading of 55.8 percent in December. The New Orders sub-Index expanded in January for the 13th consecutive month . This index suggests modest growth.

Here is a summary of headlines we are reading today:

• Buffett-Backed Occidental CEO Says Oil Shortage by 2025
• 7 Killed in Drone Attack On Occupied Syrian Oil Field
• Kyrgyzstan Faces Heating Crisis After Power Plant Accident
• Brent Crude Holds at $77 on Strong Jobs Report, Potential Rate Cut Delay
• Hertz Halts EV Purchases from Polestar as Resale Value Crashes
• U.S. And Iranian Attacks In The Middle East Threaten Major Oil Price Rises
• Germany to Subsidize 10 GW of New Natural Gas Power Plant Capacity
• Dow closes more than 250 points lower, S&P 500 slips from record as bond yields surge: Live updates
• Mortgage rates jump back over 7% as stronger economic data rolls in
• Snap to lay off 10% of global workforce, around 500 employees
• Senate releases $118 billion bipartisan aid proposal for Israel, Ukraine, border security
• 10-, 30-year Treasurys post biggest 2-day losses in years on strong economic data, Powell interview

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