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.