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The CML Close - Stocks rose, home sales dropped, shipping at all costs has ended in the U.S. - 06-21-2022




Date Published:



Markets
Stocks were up after a large decline on Friday, staying with traditional bear market movement of large swings in either direction. Existing home sales showed the weakest reading since June 2020, and it's the Fed's world we just live in it.

SPX 3,764.79 +89.95 (+2.45%)
NASD 11,069.30 +270.95 (+2.51%)
DJIA 30,530.25 +641.47 (+2.15%)
R2K 1,699.44 +33.75 (+2.03%)
VIX 29.92 -1.11 (-3.58%)
Oil 110.58 +1.02 (+0.93%)


• The WTO showed that compromise is possible and paralysis is avoidable.

• The Chicago Fed National Activity Index went down to an eight-month low.

• Data from China shows that a tipping point for the ""ship at any cost"" economy that has recently dominated in the U.S. may have been reached."

Headlines of the Day
Here’s the Reality: It’s the Federal Reserve’s World
It’s the central bankers’ world, and we just live in it. So, as they hiked interest rates sharply, stocks suffered their worst week since the onset of the pandemic, investors staged an exodus from bond funds, and more cracks emerged in cryptocurrencies.

Companies Are Rethinking Their Supplier Networks After Covid
Manufacturers adding suppliers to minimize disruption risks. Vessels still waiting longer at European ports, clogging flows.

Sales of existing homes fell in May, and more declines are expected
Weakest reading since June 2020, which was during the early months of the Covid pandemic. Adjusting for that, it is the lowest since January 2020.

Chinese manufacturing orders decline by 20-30%, according to shippers, as consumers pull back on buying goods
A DHL executive described it as a tipping point for the "ship at any cost" economy that has recently dominated in the U.S.

A New Dawn Breaks for the Global Trading Order
Nations save the WTO from sliding into institutional paralysis. Trade deals shows compromise possible in age of fragmentation.

Economic Data Results for 6-21-2022
United States Existing Home Sales MoM
Existing Home Sales in the United States declined by 3.4% vs a 3.7% drop consensus estimate. This is a fourth consecutive month of falls, in another sign the housing market is cooling.

United States Chicago Fed National Activity Index
The Chicago Fed National Activity Index went down to an eight-month low of +0.01 in May of 2022 from a +0.40 in the previous month and expectations of +0.47.

Economic Data Due Tomorrow on 6-22-2022
MBA Mortgage Applications

MBA Mortgage Market Index

United States MBA Mortgage Refinance Index

Fed Chair Powell Testimony



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