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The CML Close - Stocks up, jobless claims up, gas demand down, leading economic indicators point to recession - 07-21-2022




Date Published:


Markets
Stocks rose for a third consecutive day. Gasoline demand is falling and jobless claims are climbing. 

SPX 3,998.95 +39.05 (+0.99%)
NASD 12,059.61 +161.96 (+1.36%)
DJIA 32,036.90 +162.06 (+0.51%)
R2K 1,834.75 +6.81 (+0.37%)
VIX 23.04 -0.84 (-3.52%)
Oil 96.40 -0.92 (-3.85%)

• Gas transmission via the Nord Stream Pipeline has resumed.

• U.S. index of leading economic indicators points to recession by year end.

• Jobless claims hit the highest weekly level since mid-November.

Headlines of the Day
Stocks Realize Best Three-Day Rally Since May
Stocks rose amid a rally in megacaps and large tech shares as strength in the corporate sector buoyed investor sentiment. Treasuries gained as data pointed to weakness in the US economy.

Gasoline Demand Stalls at Height of US Summer Driving Season
Falling pump prices not enough to reverse demand slowdown.

U.S. leading economic index pointing to recession around end of the year, Conference Board says
Leading economic index declines 0.8% in June, fourth straight monthly drop.

Jobless claims rise again in another sign that labor market is cooling
Initial claims totaled 251,000 for the week ended July 16, up 7,000 from the week before and above the 240,000 Dow Jones estimate. That was the highest weekly level since mid-November. The Philadelphia Fed manufacturing index fell to a reading of -12.3, and produced the lowest employment reading since May 2021.

Gas transmission via Nord Stream Pipeline resumed after completion of planned annual maintenance works
All planned annual maintenance works on the gas pipelines have been completed on time.

Economic Data Results for 7-21-2022
Initial Jobless Claims 16/JUL
The number of Americans filing new claims for unemployment benefits jumped by 9 thousand to 251,000 the week that ended July 16th, the highest since November 2021 and well above market expectations of 240,000.

Jobless Claims 4-week Average 16/JUL
The 4-week moving average of US jobless claims rose to 240,500 in the week ended July 16th, the highest since November of 2021 and rising from the upwardly revised 236,000 in the prior week.

Philly Fed Prices Paid JUL
Philly Fed Prices Paid in the United States decreased to 52.20 points in July from 64.50 points in June of 2022.

United States Philly Fed Employment
Philly Fed Employment in the United States decreased to 19.40 points in July from 28.10 points in June of 2022.

Economic Data Due Tomorrow on 7-22-2022
S&P Global Composite PMI Flash JUL

S&P Global Manufacturing PMI Flash JUL

S&P Global Services PMI Flash JUL




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