21July2022 Market Close & Major Financial Headlines: Morning Financial Calendar Posted Poor Numbers Which Investors Eventually Ignored. Initial Jobless Claims Rose Whilst Philly Fed Business Conditions Fell Sharply.

July 21, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 162 points or 0.51%,
  • Nasdaq closed up 1.36%,
  • S&P 500 up 0.99%,
  • WTI crude oil settled at $96 down 3.39%,
  • USD $106.86 down 0.16%,
  • Gold $1718 up 0.17%,
  • Bitcoin $23,086 up 0.68% – Session Low 22,783,
  • 10-year U.S. Treasury 2.906% down 0.13%

Today’s Economic Releases:

Manufacturing activity declined for the firms in the Philadelphia Fed’s district according to the July 2022 Manufacturing Business Outlook Survey. Note that historically the Philly Fed’s survey cannot be relied upon as an indicator of a recession.

According to Macro Charts, there are a record number of short positions which normally correlate to a return to a bull market.

source: @MarcoCharts

The four-week moving average of initial unemployment claims continues to moderately increase.

A summary of headlines we are reading today:

  • IEA Chief: Europe Must Cut Gas Usage 20% To Survive Winter
  • Airlines temper flying ambitions after chaotic — but profitable — travel rebound
  • AT&T shares fall after company says later payments, higher spending are hurting cash flow
  • Dems Openly Admit Gun Control Bill Will Confiscate Firearms In “Common Use”
  • Job Listings Starting To Trend Lower
  • Bond Report: Treasury yields drop by most since June on signs of slowing U.S. economy, Biden’s positive COVID test
  • Rex Nutting: Almost all the economic numbers are aligned: A U.S. recession is now likely

These and other headlines and news summaries moving the markets today are included below.

21June2022 Market Close & Major Financial Headlines: Wall Street Equities Gapped Upwards At The Opening Bell, Recession And Inflation Fears Remain In Investors’ Minds, Some Traders Say Today’s Rally Is A Dead Cat Bounce

June 21, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed up 42 points or 0.14%,
  • Nasdaq closed up 1.43%,
  • S&P 500 closed up 0.21%,
  • WTI crude oil settled at 109, down 0.99%,
  • USD $104.42 down 0.26%,
  • Gold $1830 up 0.47%,
  • Bitcoin $21,150 up 5.30% – Session Low 19970,
  • 10-year U.S. Treasury up 0.068% / 3.307%

Today’s Economic Releases:

The Chicago Fed National Activity Index 3 month average slowed in May 2022 but still shows that  the national economy expanding above its historical trend (average) rate. of growth. The index is a weighted average of 85 indicators of growth in national economic activity drawn from four broad categories of data: 1) production and income; 2) employment, unemployment, and hours; 3) personal consumption and housing; and 4) sales, orders, and inventories.

Existing home sales for May 2022 declined 8.6% from one year ago – all while the median home price exceeded $400,000 for the first time. This is not economically good news.

A summary of headlines we are reading today:

  • Solar Industry Lashes Out As Biden Lifts Tariffs On Chinese Panels
  • Amazon Prime Day is coming up. Focus will be on consumer staples to counter surging inflation, experts say
  • Inflation and recession fears are squeezing some industries more than others
  • Chevron CEO Slams ‘Political Rhetoric’ In Scorching Letter To Biden
  • Bayer: US Supreme Court rejects chemical maker’s weedkiller appeal
  • Market Extra: Stock market is not fully pricing in a looming recession, warns Morgan Stanley’s Mike Wilson

These and other headlines and news summaries moving the markets today are included below.