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The CML Close - Stocks down, inflation worries, home purchases plummet, commodity prices rise to all time high - 06-08-2022




Date Published:



Markets
Stocks were down on inflation worries with CPI and Core CPI data out this Friday. Home purchases have sunk to a two year low and commodity prices are at an all time high.

SPX 4,115.77 -44.91 (-1.08%)
NASD 12,086.27 -88.96 (-0.73%)
DJIA 32,910.90 -269.24 (-0.81%)
R2K 1,890.83 -28.73 (-1.50%)
VIX 24.02 no change (0.0%)
Oil 122.60 +3.19 (+2.67%)


• Bloomberg Commodity Spot Index has risen to new all-time high.

• The MBA Purchase Index in the United States decreased 7.1% to 208.20 points in the week ended June 3rd 2022. It is the lowest reading in two years.


• The World Bank cut its global growth outlook.

Headlines of the Day
Stocks Slip as Inflation Fears Linger
U.S. consumer price index data due on Friday loom large as investors fret over how the Federal Reserve will handle inflation.

Stagflation Danger Sees World Bank Cut Global Growth Outlook
Pain of high inflation, slow growth could persist for years. Lender reduces 2022 economic growth forecast to 2.9%.

Oil Tops $120 as US Inventory Data Highlights Fuel Supply Crunch
Gasoline inventories dropped over 800k barrels last week: EIA. Prices haven’t peaked as China’s demand set to rebound: UAE.


America’s Inequality Problem Just Improved for the First Time in a Generation
The collective wealth of the bottom 50% of households has nearly doubled in two years.

Economic Data Results for 6-8-2022
United States MBA Mortgage Applications
Mortgage applications in the US continued to fall heading into June, as mortgage rates march higher, housing prices remain elevated and housing inventory is low. The MBA Market Composite Index sank 6.5% to hit its lowest level in 22 years in the week ended June 3rd.

United States MBA Purchase Index
The MBA Purchase Index in the United States decreased 7.1% to 208.20 points in the week ended June 3rd 2022. It is the lowest reading in two years.

United States Wholesale Inventories
Wholesale inventories in the US increased 2.2 percent from a month earlier to $861.8 billion in April of 2022, slightly above an initial estimate of 2.1 percent and after a 2.7 percent rise in the previous month. It was the 21st straight month of gains, as both durable goods (2 percent vs 2.4 percent in March) and nondurable (2.4 percent vs 3.3 percent) stocks increased.

Bloomberg Commodity Spot Index
Bloomberg Commodity Spot Index has risen to new all-time high.

Economic Data Due Tomorrow on 6-9-2022
Initial Jobless Claims

Continuing Jobless Claims




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