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
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.
