Summary Of the Markets Today:

• The Dow closed down 55 points or 0.14%,
• Nasdaq closed up 1.25%,
• S&P 500 closed up 0.57%,
• Gold $2,039 down $9.00,
• WTI crude oil settled at $77 up $0.28,
• 10-year U.S. Treasury 4.177% up 0.007 points,
• USD index $104.07 down $0.09,
• Bitcoin $47,540 up $2,035 (4.48%),
• Baker Hughes Rig Count: U.S. +4 to 623 Canada unchanged at 232

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

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

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

The near-term outlook for the U.S. economy looks better now than it did three months ago, according to 34 forecasters responding to the First Quarter 2024 Survey of Professional Forecasters. On an annual-average over annual-average basis, the forecasters expect real GDP to increase 2.4 percent in 2024, up 0.7 percentage point from the estimate in the previous survey. A downward revision to the path for the unemployment rate accompanies the outlook for growth. On an annual-average basis, the forecasters expect the unemployment rate to average 3.9 percent in 2024, marking a downward revision from the previous estimate of 4.1 percent. The employment projections for the current quarter and the following three quarters show upward revisions from those of the previous survey.

Here is a summary of headlines we are reading today:

• Brazil’s Gas Imports Fall to Lowest Level In 20 Years Thanks to Hydro Push
• Venezuela Sends Military to Guyana Border Over Oil Dispute
• Ukraine Attacks Russian Oil Refineries With Drones
• How Long Can the Houthis Hold Out?
• U.S. Oil Industry Favors Trump for President
• S&P 500 closes above 5,000 for first time ever, notches fifth straight winning week: Live updates
• Inflation in December was even lower than first reported, the government says
• Bitcoin hits $47,000 for first time since January, rising more than 10% in a week: CNBC Crypto World
• How “Wokeness” Took Over
• Cisco To Fire “Thousands”, Adding To Firehose Of Tech Layoffs Since Beginning Of 2024
• 2-year, 10-year Treasury yields at highest levels since December after modest CPI revisions

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 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.

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

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.

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

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.

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

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.