Summary Of the Markets Today:

• The Dow closed up 395 points or 1.05%,
• Nasdaq closed up 1.70%,
• S&P 500 closed up 1.23%,
• Gold $2,031 up $9.00,
• WTI crude oil settled at $74 down $0.18,
• 10-year U.S. Treasury 4.132% down 0.012 points,
• USD index $103.25 down $0.29,
• Bitcoin $41,620 up $693 (1.69%),
• Baker Hughes Rig Count: U.S. +1 to 620 Canada +10 to 223

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

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Click here to read our current Economic Forecast – January 2024 Economic Forecast: Our Index Turns Slightly Negative

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

Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums, and co-ops – decreased 6.2% year-over-year. Total housing inventory is up 4.2% from one year ago. Unsold inventory sits at a 3.2-month supply -up from 2.9 months in December 2022. The median existing-home price for all housing types in December was $382,600 – an increase of 4.4% from December 2022 ($366,500). NAR Chief Economist Lawrence Yun stated:

The latest month’s sales look to be the bottom before inevitably turning higher in the new year. Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in the upcoming months. Despite sluggish home sales, 85 million homeowning households enjoyed further gains in housing wealth. Obviously, the recent, rapid three-year rise in home prices is unsustainable. If price increases continue at the current pace, the country could accelerate into haves and have-nots. Creating a path towards homeownership for today’s renters is essential. It requires economic and income growth and, most importantly, a steady buildup of home construction.

According to the University of Michigan Survey of Consumer Confidence Director Joanne Hsu:

Consumer sentiment soared 13% in January to reach its highest level since July 2021, showing that the sharp increase in December was no fluke. Consumer views were supported by confidence that inflation has turned a corner and strengthening income expectations. Over the last two months, sentiment has climbed a cumulative 29%, the largest two-month increase since 1991 as a recession ended. For the second straight month, all five index components rose, with a 27% surge in the short-run outlook for business conditions and a 14% gain in current personal finances. Like December, there was a broad consensus of improved sentiment across age, income, education, and geography. Democrats and Republicans alike showed their most favorable readings since summer of 2021. Sentiment has now risen nearly 60% above the all-time low measured in June of 2022 and is likely to provide some positive momentum for the economy. Sentiment is now just 7% shy of the historical average since 1978.

• North Dakota Oil Output To Be Lower For Another Month: State Regulator
• Brent Backwardation Increases as Red Sea Hostilities Continue
• US Oil, Gas Drillers Add 1 Rig Despite Freezing Temps
• Precious Metal Prices Trade Sideways After Short-Lived Rally
• U.S. Oil Production Flatlines
• S&P 500 rallies 1% to all-time high, surpassing previous record set in 2022: Live updates
• This record-breaking market just keeps going higher and higher. Here’s why
• The S&P 500 tops a record high that ‘clears the charts’ of resistance ahead of a week of earnings, inflation data
• December home sales slump to close out worst year since 1995
• U.S. home sales see worst year since 1995
• Traders give up on a March rate cut by Fed as bond-market inflation expectations move higher

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 202 points or 0.54%,
• Nasdaq closed up 1.35%,
• S&P 500 closed up 0.88%,
• Gold $2,024 up $17.90,
• WTI crude oil settled at $74 up $1.51,
• 10-year U.S. Treasury 4.142% up 0.038 points,
• USD index $103.47 up $0.02,
• Bitcoin $41,083 down $1,628 (3.81%),

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

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Click here to read our current Economic Forecast – January 2024 Economic Forecast: Our Index Turns Slightly Negative

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

Philly Fed Manufacturing Business Outlook Survey in January 2024 continued to decline overall. The survey’s indicators for general activity, new orders, and shipments rose but remained negative. The survey’s broad indicators for future activity declined, suggesting less widespread expectations for overall growth over the next six months. The New York Feds manufacturing survey released earlier this week significantly declined.

The number of CEO changes in December 2023 at U.S. companies jumped 13% from 180 November CEO exits to 204 in December. This marks a 104% increase from the 100 CEOs who left their posts in the same month one year prior. Andrew Challenger, workplace expert and Senior Vice President of Challenger, Gray & Christmas, Inc stated:

Historically, we’ve seen large economic shifts preceded by a surge in CEO exits. Companies must consider the implications of younger C-level leaders to their future success. How do they get diverse talent – diverse in age, ethnicity, and ability – into their pipelines? How do they ensure those future leadership teams are successful? These is absolutely the questions companies are asking themselves in 2024,

Privately owned housing units authorized by building permits in December 2023 were 6.1% above December 2022. An estimated 1,469,800 housing units were authorized by building permits in 2023. This is 11.7 percent below the
2022 figure of 1,665,100. Privately‐owned housing starts were up 7.6% year-over-year. An estimated 1,413,100 housing units were started in 2023. This is 9.0 percent (±2.5 percent) below the 2022 figure of 1,552,600. Privately owned housing completions were up 8.4% year-over-year. An estimated 1,452,500 housing units were completed in 2023. This is 4.5 percent (±3.8 percent) above the 2022 figure of 1,390,500. Overall, 2023 was a good year for the construction of residential housing.

Accounting for 40% of containers entering and leaving the U.S., the container volumes in December 2023 through the Ports of Los Angeles and Long Beach were up 18% year-over-year for imports and up 6% for exports. The growing strength of imports suggests the U.S. economy is beginning to improve.

In the week ending January 13, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 203,250, a decrease of 4,750 from the previous week’s revised average. The previous week’s average was revised up by 250 from 207,750 to 208,000.

• Protecting Coasts and Powering Homes: The Tidal Range Revolution
• Climate Groups Defeat Norwegian Government In Court Battle
• Red Sea Crisis Spurs Surge in Container Ship Rates
• The World’s Coal-Fired Power Generation Hit a Record High in 2023
• Tesla’s Aggressive Pricing Strategy Hits European Auto Stocks
• Top Oil and Financial Firms Made $424 Billion in Windfall Profits in Two Years
• Fed’s Raphael Bostic expects rate cuts to happen in the third quarter
• Dow closes 200 points higher Thursday to shake off 3-day slump as Apple shares pop: Live updates
• Red Sea attacks already bigger issue for supply chain than pandemic, maritime advisory warns
• Weekly jobless claims post lowest reading since September 2022
• Ballooning Credit & Rate Cuts: A Perfect Storm For Default
• The Dow claws back earlier losses as tech rally resumes despite rate-cut uncertainty

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 94 points or 0.25%,
• Nasdaq closed down 0.59%,
• S&P 500 closed down 0.56%,
• Gold $2,009 down $21.20,
• WTI crude oil settled at $73 up $0.30,
• 10-year U.S. Treasury 4.100% up 0.034 points,
• USD index $103.36 up $0.37,
• Bitcoin $42,585 down $523 (1.271%),

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

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Click here to read our current Economic Forecast – January 2024 Economic Forecast: Our Index Turns Slightly Negative

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

U.S. import prices declined 1.6% year-over-year in December 2023, after declining 1.5 percent in November. Prices for U.S. exports fell 3.2% year-over-year in December following a 5.2% decline the previous month. For all of 2023, it was cheaper to buy an imported product.

Advance estimates of U.S. retail and food services sales for December 2023 were up 5.6% above December 2022 – 2.2% inflation-adjusted. Retail sales have been gradually improving since May 2023.

Industrial production improved 1.0% year-over-year in December with components manufacturing up 1.2% year-over-year, mining up 4.3% year-over-year, and utilities down 4.9% year-over-year. This is the first month since February 2023 that manufacturing has grown year-over-year. Is the manufacturing recession over?

According to the Federal Reserve’s January 2024 Beige Book:

A majority of the twelve Federal Reserve Districts reported little or no change in economic activity since the prior Beige Book period. Of the four Districts that differed, three reported modest growth and one reported a moderate decline. Consumers delivered some seasonal relief over the holidays by meeting expectations in most Districts and by exceeding expectations in three Districts, including in New York, which noted strong holiday spending on apparel, toys, and sporting goods. In addition, seasonal demand lifted airfreight volume from ecommerce in Richmond and credit card lending in Philadelphia. Several Districts noted increased leisure travel, and a tourism contact described New York City as bustling. Contacts from nearly all Districts reported decreases in manufacturing activity. Districts continued to note that high interest rates were limiting auto sales and real estate deals; however, the prospect of falling interest rates was cited by numerous contacts in various sectors as a source of optimism. In contrast, concerns about the office market, weakening overall demand, and the 2024 political cycle were often cited as sources of economic uncertainty. Overall, most Districts indicated that expectations of their firms for future growth were positive, had improved, or both.

• China Hits 5.2% Growth Target Despite Population Challenges
• U.S. Gasoline Prices End 2-Week Losing Streak
• Europe’s Nuclear Power Renaissance
• Tennessee Valley Authority Asks Customers To Conserve Power Amid Cold Spell
• ran’s Strike in Pakistan Adds to Middle East Tensions
• Jamie Dimon warns ‘all these very powerful forces’ will impact U.S. economy in 2024 and 2025
• Dow closes lower Wednesday, notching third straight losing session as bond yields rise: Live updates
• Samsung announces new Galaxy S24 lineup with AI-powered photo editing, search features
• Trump says ‘I would love it’ when judge threatens to kick him out of E. Jean Carroll trial
• Beige Book Finds “LIttle Or No Change” In Economic Activity But Optimism Rises On Hopes Of Lower Rates
• 10-, 30-year Treasury yields hit five-week highs after December retail sales data
• Tesla could be staring down a year of ‘growing pains,’ analyst cautions

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