26July2022 Market Close & Major Financial Headlines: Dow finishes down over 200 points ahead of Fed rate decision, Nasdaq off 1.9%, Oil Prices Slide, Walmart’s slashed profit outlook

July 26, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 229 points or 0.71%,
  • Nasdaq closed down 1.87%,
  • S&P 500 down 1.15%,
  • WTI crude oil settled at $95 down 1.51%,
  • USD $107.18 up 0.65%,
  • Gold $1716 down 0.186%,
  • Bitcoin $20,828 down 5.52% – Session Low 20,760,
  • 10-year U.S. Treasury 2.8% down 0.02%

Today’s Economic Releases:

The Richmond Fed’s manufacturing index rose from −9 in June to 0 in July 2022.

New residential sales for June 2022 was down 8.1% month-over-month and 17.4% year-over-year. The median and average sales prices continue to increase.

S&P Corelogic Case-Shiller Index Reports Annual Home Price Gain Of 19.7% year-over-year In May 2022. – marginally down from the 20.6% reported for April. CoreLogic Deputy Chief Economist Selma Hepp states:

Signs of slowing home buyer demand are spreading wider across markets. In May, the CoreLogic S&P Case-Shiller Index posted a second month of slowing growth, up 19.7%, but down from 20.6% peak in March and April. Nevertheless, some markets continue to heat up, particularly in Florida, but also Chicago, Boston and New York – marking search for deals in regions that suffered outmigration during the pandemic. Bifurcation in housing markets is also reflected in the ongoing competition for attractive properties that continue to have multiple offers and sell over the asking price, compared to those that are now seeing price reductions and remain unsold. But, given the continued pressure on properties that sell, home price growth is forecasted to remain elevated and in the mid-teens through the end of the year.

The Conference Board’s Consumer Confidence declined again in July 2022. Lynn Franco, Senior Director of Economic Indicators at The Conference Board stated:

Consumer confidence fell for a third consecutive month in July. The decrease was driven primarily by a decline in the Present Situation Index—a sign growth has slowed at the start of Q3. The Expectations Index held relatively steady, but remained well below a reading of 80, suggesting recession risks persist. Concerns about inflation—rising gas and food prices, in particular—continued to weigh on consumers. As the Fed raises interest rates to rein in inflation, purchasing intentions for cars, homes, and major appliances all pulled back further in July. Looking ahead, inflation and additional rate hikes are likely to continue posing strong headwinds for consumer spending and economic growth over the next six months.

A summary of headlines we are reading today:

  • Oil Prices Slide As IMF Sees Global Economy Teetering On The Brink
  • Russia To Leave ISS As Space Shakeup Continues
  • Walmart’s slashed profit outlook sends a warning about the state of the American consumer
  • General Motors falls short of Wall Street expectations as supply chain challenges dent profit
  • Home price growth slowed for the second straight month in May, S&P Case-Shiller says
  • Stocks, Crypto, & Yield Curve Tumble As ‘Strong Consumer’ Narrative Crushed
  • Market Snapshot: Dow drops nearly 250 points as worries about big tech earnings weigh on stocks

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

22June2022 Market Close & Major Financial Headlines: Wall Street Equities Gapped down At The Opening, Dow Slid 355 points, Most Of Session In The Green, Finally Closing Fractionally In The Red, High Gas And Food Prices Remain A Big Investor Concern

June 22, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 47 points or 0.15%,
  • Nasdaq closed down 0.15%,
  • S&P 500 closed down 0.13%,
  • WTI crude oil settled at 105, down 4.274%,
  • USD $104.19 down 0.24%,
  • Gold $1838 down 0.09%,
  • Bitcoin $21107 down 3.73% – Session Low 19903,
  • 10-year U.S. Treasury 3.141% down 0.152%

Today’s Economic Releases:

CoreLogic released today its 2022 Hurricane Report – this is a very detailed illustrated product which you can download [here] for free. Their analysis suggests a 10% chance of an above normal Atlantic hurricane season, a 25% chance of a near-normal season, and a 65% chance of a below normal season.

Yesterday, CoreLogic released their Single-Family Rent Index (SFRI) for April 2022 showing rents have increased 14% year-over-year.  Per said Molly Boesel, principal economist at CoreLogic:

Single-family rents continue to increase at record-level rates. In April, rent growth provided upward pressure on inflation, which rose at rates not seen in nearly 40 years. We expect single-family rent growth to continue to increase at a rapid pace throughout 2022.

A summary of headlines we are reading today:

  • U.S. Oil And Gas Exports Are Fueling Higher Domestic Prices
  • Raw material costs for electric vehicles have doubled during the pandemic
  • Demand for adjustable-rate mortgages surges, as interest rates make biggest jump in 13 years
  • Obama boasted about opposing federal gas tax holiday before 2008 election — Biden now wants one
  • Stocks Snore, Bonds Soar As Fed Fears Ease; There’s Just One Thing…
  • The Tell: The S&P 500 could slide another 33% in a ’70s-style inflation environment: Société Générale
  • Supply-chain problems persist heading toward the back-to-school season, and the solutions give rise to a new set of risks

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.

16June2022 Market Close & Major Financial Headlines: Wall Street Gapped Down Sharply At The Opening Bell And Traded In A Range-Bound Sideways Trend; The Dow Broke Below 30K As Recession Fears Hit Investors; U.S. Inflation Expected To Keep Running Hot

June 16, 2022Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 741 points or 2.42%,
  • Nasdaq closed down 4.08%,
  • S&P 500 closed down 3.25%,
  • WTI crude oil settled at $117, up 1.04%,
  • USD $103.61 down 1.18%,
  • Gold $1854 up 2.20%,
  • Bitcoin $20970 down 3.18% – Session Low 20800,
  • 10-year U.S. Treasury down 0.156% / 3.239%

Today’s Economic Releases:

For week ending 11 June 2022, the four week moving average for weekly unemployment insurance claims continues its modest growth.

New residential building permits and construction start growth for May 2022 continued to slow year-over-year. Permits show no growth whilst starts are slightly in contraction. New residential construction is not a good predictor of recessions – except that residential construction is normally in recession when a recession hits.

The Philadelphia Fed’s manufacturing survey for Jun 2022 is now in contraction – and this is the third consecutive month of decline.

A summary of headlines we are reading today:

  • Europe Follows U.S. Fed With Record-Breaking Rate Hikes
  • Airline stocks tumble as economic concerns overshadow travel surge
  • Cosmetics giant Revlon files for Chapter 11 bankruptcy protection
  • Environmental groups sue Biden to block 3,500 oil and gas drilling permits
  • Dow Dumps Below 30k As Huge OpEx Looms; Gold Gains, Greenback Gags
  • One Bank Throws Up All Over The Fed’s Latest Laughable Forecast
  • Market Extra: U.S. inflation expected to keep running hot: Traders see 4 straight months of roughly 9% or higher CPI readings

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