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The CML Close - Stocks down, U.S. home builder sentiment plunges, Apple and Goldman slow hiring, China is a pariah - 07-18-2022




Date Published:



Markets
Stocks dropped, oil dropped, Apple and Goldman Sachs are slowing hiring, home builder sentiment plunges, and supply chains are getting closer to normal just as demand drops.

The US dollar is strong, the Fed is exporting inflation, and China is a 'pariah' for global investors as Xi’s policies backfire.

SPX 3,830.85 -32.31 (-0.84%)
NASD 11,360.05 -92.37 (-0.81%)
DJIA 31,072.61 -215.85 (-0.69%)
R2K 1,738.42 -5.96 (-0.34%)
VIX 25.30 +1.07 (+4.42%)
Oil 101.98 -0.62 (-0.60%)

• Summer Airfares Show Signs of Peaking on Inflation Pressure

• Food May Be the Ultimate Weapon in the 21st Century

• Apple to Slow Hiring and Spending

• Goldman Sachs Plans to Slow Hiring,


Headlines of the Day
Fed Leaning Toward 0.75 Percentage Point Rate Hike
The Federal Reserve is more likely to raise interest rates by 0.75 percentage point for the second-straight month at its July 26-27 meeting rather than the full percentage-point increase that economists have been speculating about in recent days, The Wall Street Journal reported.

Supply Chains Inching Back to Normal Brace for Headwinds of Softer Demand
Shipping strains are on the mend, but a painful spell of weaker demand might be next.

Airfares are finally starting to cool as peak summer travel season fades.
Flights, believe it or not, are getting cheaper.

The US Is Exporting Inflation, and Fed Hikes Will Make It Worse
Pandemic spending on goods and a supercharged dollar boost inflation elsewhere, as the US trade gap—once a boon—becomes a headache

China Is Pariah for Global Investors as Xi’s Policies Backfire
‘It’s just easier to put China aside,’ Ruffer’s Smith says. Citi finds ‘surprisingly low level’ of client engagement.

Economic Data Results for 7-18-2022
United States Nahb Housing Market Index
The NAHB housing market index in the US extended losses for the seventh month running to hit 55 in July of 2022, the lowest reading since May of 2020 and compared to 67 in June and much lower than forecasts of 65. (The NAHB/Wells Fargo Housing Market Index (HMI) is based on a monthly survey of NAHB members designed to take the pulse of the single-family housing market.)

Economic Data Due Tomorrow on 7-19-2022
Housing Starts JUN

Building Permits JUN



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