Markets were choppy and then dropped in the last half an hour of trading. Oil prices rose slightly.
The Federal Reserve Bank of Dallas' general business activity index for manufacturing in Texas plunged to -7.3 in May of 2022 from 1.1 in March - the lowest reading since May of 2020.
• The EU agreed to stricter sanctions on Russian oil.
• The line of cargo ships headed to Southern California’s two big ports is less than a quarter of the record backup in January.
Headlines of the Day
Higher Oil Prices, Inflation, and More to Know About the EU’s Ban on Russian Crude
European leaders agreed to a partial ban on Russian oil imports, breaking a weekslong impasse that had halted stronger measures against the Kremlin in the wake of its invasion of Ukraine.
Apple iPhone manufacturer says China lockdowns aren’t hurting supply chain as much as feared
Foxconn, a major assembler of Apple’s iPhones, said the impact of China’s Covid lockdowns on its operations wasn’t as bad as expected, Nikkei Asia reported Tuesday.
Supply-Chain Relief Sparks Feud Over Degree of Softer US Economy
The line of 25 cargo ships headed to Southern California’s two big ports is less than a quarter of the record backup in January, and spot container rates have dropped almost 20% this year.
Walmart, Gap and Others Amass $45 Billion in Extra Stuff to Sell
Companies bulked up amid pandemic’s lengthy shipping delays. Shifts in customer preferences may force a round of discounts.
China Factory Activity Gradually Improves as Lockdowns Ease
China’s factories still struggled in May, but the slower pace of contraction suggests that the worst of the current economic fallout may be coming to an end as the country starts to ease up on its tough lockdowns.
Economic Data Results for 5-31-2022
United States Case Shiller Home Price Index
The S&P CoreLogic Case-Shiller 20-city home price index in the US surged 21.2% year-over-year in March of 2022, a new record high, above market forecasts of 20% and following a 20.3% rise in February.
United States Chicago PMI
The Chicago PMI in the United States increased to 60.3 in May of 2022 from a downwardly revised 56.4 in April and beating market forecasts of 55.
United States Dallas Fed Manufacturing Index
The Federal Reserve Bank of Dallas' general business activity index for manufacturing in Texas plunged to -7.3 in May of 2022 from 1.1 in March. It was the lowest reading since May of 2020, as the new orders index fell nine points to 3.2, and the growth rate of orders index plummeted 18 points and turned negative at -5.3. Both readings mark their lowest levels in about two years.
Economic Data Due Tomorrow on 6-1-2022
United States Manufacturing PMI
United States Job Openings
United States Job Quits
United States ISM Manufacturing New Orders
United States ISM Manufacturing Prices Paid
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