The CML Close - Stocks mixed, China faces revolt, Fed decision Wednesday, global workers striking - 07-25-2022
Markets
Stocks wavered with some indices up while NASDAQ fell.
Home price and sales data comes out tomorrow and the Federal Reserve's interest rate decision is due out Wednesday.
| • SPX | 3,966.84 | +5.21 | (+0.13%) |
| • NASD | 11,782.67 | -51.45 | (-0.43%) |
| • DJIA | 31,990.04 | +90.75 | (+0.28%) |
| • R2K | 1,817.77 | +10.89 | (+0.60%) |
| • VIX | 23.30 | +0.27 | (+1.17%) |
| • Oil | 96.76 | +2.06 | (+2.18%) |
• Trading in the biggest oil stock ETF points to a bottom in oil prices already.
• Across the globe, workers in chokepoints along the supply chain are striking.
• A bust week of earnings starts today.
• The Fed's FOMC meeting and rate decision come out Wednesday.
• China’s Gen Z is dejected, underemployed and slowing the economy just as a housing revolt begins."
Headlines of the Day
S&P 500 closes flat Monday as traders brace for big earnings, Fed decision later this week
U.S. equities wavered on Monday, as traders braced for the busiest week of corporate earnings, as well as insights into further interest rate hikes from the Federal Reserve.
Fed to Inflict More Pain on Economy as It Readies Big Rate Hike
Recession seen as increasingly likely as Fed fights inflation. US inflation ‘entrenched and spreading,’ ex-Fed official says.
The numbers show the U.S. economy is at least teetering on a recession
Should inflation stay at high levels, that then triggers the biggest recession catalyst of all, namely Federal Reserve interest rate hikes.
Biggest Oil Stock ETF Sees Short Sellers Unwind Bets After Rout
Short positions in Energy Select fund drop 14%, S3 says. Seen as a sign that traders feel oil prices will stop falling.
World’s Key Workers Threaten to Hit Economy Where It Will Hurt
At chokepoints in supply chains, labor is threatening strikes.
Economic Data Results for 7-25-2022
United States Chicago Fed National Activity Index
The Chicago Fed National Activity Index was unchanged at -0.19 in June of 2022 from a downwardly revised -0.19 in May. The index remained at low levels not seen since February of 2021, pointing to steady although below average economic growth.
Dallas Fed Manufacturing Index JUL
The Federal Reserve Bank of Dallas' general business activity index for manufacturing in Texas decreased to -22.6 in July of 2022 from -17.7 in June, remaining the lowest since May 2020.
Economic Data Due Tomorrow on 7-26-2022
New Home Sales JUN
House Price Index MAY
CB Consumer Confidence JUL
Richmond Fed Manufacturing Index JUL
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