Summary Of the Markets Today:

• The Dow closed up 217 points or 0.58%,
• Nasdaq closed up 2.20%,
• S&P 500 closed up 1.41%,
• Gold $2,033 down $16.80,
• WTI crude oil settled at $71 down $2.75,
• 10-year U.S. Treasury 4,006% down 0.036 points,
• USD index $102.25 down $0.16,
• Bitcoin $46,813 up $2,655 (6.01%),

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

---

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

---

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

According to the Federal Reserve, in November 2023 total consumer credit increased at a seasonally adjusted annual rate of 5.7% with revolving credit increased at an annual rate of 17.7% and nonrevolving credit increased at an annual rate of 1.5%. Using my preferred year-over-year analysis – total consumer credit increased by 2.8% (blue line on the graph below and 1.4% inflation-adjusted red line on the graph below). This credit expansion is low for times of economic growth. Non-revolving credit is mostly student and personal loans – and is barely growing year-over-year whilst revolving credit (say credit cards) is growing 9.6% year-over-year (but slowly moderating).

 

• 3 Catalysts That Could Push Gold Prices Even Higher
• Equinor Sells Off Azerbaijan Oil Assets
• Iran’s Dark Fleet: The High Cost of Clandestine Oil Exports
• Affordability Crisis Weigh on Automobile Sector
• Traders Most Bearish on Oil Since March 2023
• Oil Prices Slump by 4% As Demand Concerns Trump Supply Risks
• United Airlines inspections find loose bolts on several Boeing 737 Max 9 aircraft after grounding
• Nasdaq Composite closes 2% higher Monday as tech stocks’ revival lifts major averages: Live updates
• Mortgage rate decline pulls buyers back into the housing market
• Bitcoin touches highest level in nearly two years as deadline for spot ETFs looms: CNBC Crypto World
• Consumer Credit Shocker: November Debt Soars After Second Biggest Surge In Credit Card Debt On Record
• Dow ends higher with third day of gains, as bond yields pull back

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 26 points or 0.07%,
• Nasdaq closed up 0.09%,
• S&P 500 closed up 0.18%,
• Gold $2052 up $1.80,
• WTI crude oil settled at $74 up $1.68,
• 10-year U.S. Treasury 4.044% up 0.053 points,
• USD index $102.47 up $0.05,
• Bitcoin $43,747 down $707 (1.50%),
• Baker Hughes Rig Count: U.S. -1 to 621 Canada +39 to 125

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

---

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

---

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

Total nonfarm payroll employment increased by 216,000 in December 2023, and the unemployment rate was unchanged at 3.7 percent. The headline numbers are stronger than expected and show decent growth. Employment continued to trend up in government, health care, social assistance, and construction, while transportation and warehousing lost jobs. Interestingly, the household survey showed a decline in the employed of 683,000 whilst the headline establishment survey increased 216,000 – this is a huge difference casting doubt on the validity of the headline numbers. In all events, the rate of growth year-over-year of employment continues to decline.

In December 2023, the ISM Services PMI registered 50.6 percent, 2.1 percentage points lower than November’s reading of 52.7 percent. A reading above 50 percent indicates the services sector economy is generally expanding; below 50 percent indicates it is generally contracting – the bottom line is that this index is saying the economy is barely growing.

• Europe’s Natural Gas and Power Prices Jump as Cold Snap Begins
• U.S. Drilling Continues to Slow
• India Slashes Financial Support for State Oil Refiners’ Green Goals
• Retaliation Looms After Iran Bombings
• Eli Lilly’s direct drug sales alone may not upend the industry, but others could follow suit
• Apple shares slip on report U.S. government preparing antitrust lawsuit
• S&P 500 closes slightly higher Friday, but major averages end 9-week win streak: Live updates
• Wall Street heads into the week ahead on edge as inflation and earnings data loom
• Bitcoin dips 1.5% ahead of next week’s expected decision on spot ETF: CNBC Crypto World
• U.S. payrolls increased by 216,000 in December, much better than expected
• US Bankruptcies Jump 18% In 2023 Amid High Interest Rates
• The S&P 500’s first five trading days may indicate full-year performance. That doesn’t bode well for stocks in 2024.

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 10 points or 0.03%,
• Nasdaq closed down 0.56%,
• S&P 500 closed down 0.34%,
• Gold $2051 up $8.10,
• WTI crude oil settled at $72 down $0.30,
• 10-year U.S. Treasury 3.999% up 0.092 points,
• USD index $102.40 down $0.10,
• Bitcoin $44,179 up $1,441 (3.37%),

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

---

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

---

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

The ADP National Employment Report for December 2023 shows U.S. private employment rose 164,000 led by a healthy bump in leisure and hospitality hiring. Construction held strong in the face of high-interest rates, but manufacturing continued to struggle, notching another month of losses. This is the highest growth since August. According to Nela Richardson
Chief Economist, ADP:

We’re returning to a labor market that’s very much aligned with pre-pandemic hiring. While wages didn’t drive the recent bout of inflation, now that pay growth has retreated, any risk of a wage-price spiral has all but disappeared.

In the week ending December 30, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 207,750, a decrease of 4,750 from the previous week’s revised average. The previous week’s average was revised up by 500 from 212,000 to 212,500.

U.S.-based employers announced 34,817 job cuts in December 2023, down 24% from the 45,510 cuts announced in November. It is down 20% from the 43,651 cuts announced in the same month one year prior, according to a report released Thursday from Challenger, Gray & Christmas, Inc.

The percent of small business owners reporting labor quality as their top small business operating problem remains elevated at 20%, according to NFIB’s monthly jobs report. However, forty percent of owners have job openings they could not fill. Labor costs reported as the single most important problem for business owners increased one point to 9%, four points below the highest reading of 13% reached in December 2021. Per NFIB Chief Economist Bill Dunkelberg:

The tight labor market has been a consistent concern for small business owners throughout 2023. The level of job openings suggests a solid labor market will continue on Main Street for 2024, as owners raise compensation to attract qualified workers and consumers spend.

 

• China in 2024: Economic Trials and Geopolitical Maneuvering
• Tech Trade War Looms as China Restricts Rare Earth Exports
• From Black Gold to Tech Marvel: Coal’s New Role in Electronics
• Average U.S. Natural Gas Prices Plunged by 62% in 2023
• Very Large Product Builds Push Oil Lower Despite Crude Draw
• U.S. Overtakes Qatar to Become World’s Top LNG Exporter
• Friday’s jobs report will be a big signal for a market looking for good news
• Walgreens stock plunges after drugstore chain slashes quarterly dividend nearly in half
• Bitcoin bounces back above $44,000 amid volatile start to 2024: CNBC Crypto World
• Magnificent Seven’s January Start Gives Clues To Market’s Year
• Nasdaq logs longest losing streak in over a year as the S&P 500 falls for a fourth day to extend the dismal 2024 start

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