The Buzz on Business for June 24^th, 2024

Another meandering, listless, inconclusive session Friday on Wall Street. It seems to us that whatever leadership had been supplied by NVIDIA and the chips, has gone by the wayside, at least for now. Although contrary to that point, it likewise seems to us that for much of the last six months, or so, this has been a news driven market and the news has been good, especially on inflation. We’ve been skeptical of the whole idea of rate cuts, but we’ve come around and have now warmed to the idea. Apparently just as traders and investors have lost interest.

Story of our life!

Stock Market Report

In over forty years of obsessively watching the stock market we can not recall a more boring day than the one we got on Friday. The indexes were all basically flat, volume was up, but not by much—and it was a triple witching Friday, when options and futures roll over, a day when volume always spikes, so. . .

If things don’t heat up on Wall Street soon, we’re gonna have to start a podcast on, I don’t know, Taylor Swift?

• The Dow Jones Industrials were up but just sixteen points. Basically flat. And they closed at 39,150.
• The S&P 500 was down, but less than nine points, less than two-tenths of a percent. And they closed at 5,465.
• Maybe the NASDAQ Composite? Nope! It, likewise, was down and likewise less than two-tenths. It finished the week at 17,689, off thirty-two points.
• The Russell 2000 was up. Two-tenths, a bit less than five points and it stands at 2,022.

Bond Market Report

If you thought stocks were boring, bonds were worse.

• The 2-year treasury finished basically flat. The yield was down less than a tick and it closed at 4.736%.
• The 20-year didn’t finish basically flat. It was actually flat, and it starts Monday where it ended Thursday at 4.504%.

Oil, Gold, and Bitcoin

• Oil had an interesting day, at least comparatively. It has a higher high and a lower close signaling that its two-week-long mini-rally might be reversing. A barrel now changes hands at $80.52, off $0.66.
• Gold was off $37.40, and a troy ounce will now set you back $2,335.00
• And Bitcoin finished the week last week at $64,255.96, off $759.81.

Good Economic Data, PCE Inflation Report on Tap

On Friday, we reported on a range of economic data that had come in below expectations: from construction, manufacturing, and the labor market.

On Friday, just the opposite. A number of reports were released, and all the data was good.

Standard and Poor’s released three surveys of purchasing managers: US Services, US Manufacturing and the Composite and all handily beat expectations. Likewise, existing home sales. Good economic news, indeed.

It’s Personal Consumption Expenditures week, this week. The Fed’s favorite measure of inflation, the PCE complex rolls out on Thursday and Friday. The inflation numbers have been good lately. Relative to expectations and on an absolute basis. Let’s hope that continues.

Everyone here at the Ministry of Truth is genuinely excited about the week ahead. The data is important and likely to move the markets and after the last couple of days, we could use a little excitement!