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The CML Close - Stocks uneventful, supply eases to near normalcy, job openings month-over-month plummet - 08-02-2022




Date Published:



Markets
Stocks finished down a little as the trip to Taiwan by House Speaker Pelosi was uneventful thus far.

Supply chain stress has eased to its long-term average, job openings fell month over the month by the most since April 2020, and Fed governors may be trying to talk the stock market down. 

SPX 4,091.19 -27.44 (-0.67%)
NASD 12,348.76 -20.22 (-0.16%)
DJIA 32,396.17 -402.23 (-1.23%)
R2K 1,882.45 -0.86 (-0.05%)
VIX 23.93 +1.09 (+4.77%)
Oil 93.73 -0.10 (-0.11%)

• The reductionin job openings hit its highest level since in April 2020.

• A logistics index showed a return to normalcy for the supply chain at large.

• Th strong US dollar, a headwind for tech in the most recent quarter, may turn into a tailwind as it weakens.

• Shipping costs from Shanghai to Los Angeles have collapsed over the last year. 

Headlines of the Day
Equities waffled on Tuesday as markets remained on edge
Treasuries Sink as Fed Pivot Seems Less Likely and Geopolitical tensions simmered; corporate earnings rolled in.

Fed ‘Nowhere Near’ Finished With Inflation Fight, Daly Says
Mester: price stability is top goal; Daly says it’s a ways off. Evans hopeful Fed can downshift to half-point hikes next month.

The Dollar Has Been a Problem for Stocks. Now It Could Boost Them
The U.S. dollar has ripped this year—and that is been bad news for many stocks. But the greenback seems poised now to weaken.

Goldman Warns Against Being ‘Too Early’ in Fading Recession Risk
Investors may be ‘too complacent’ on US interest-rate cut bets.

US House Speaker Pelosi Lands in Taiwan, Defying Chinese Warnings
Pelosi says visit shows ‘unwavering’ US commitment to Taiwan. China says it’s begun series of military drills near island.

Economic Data Results for 8-2-2022
JOLTs Job Openings JUN
The number of job openings in the US fell by 605,000 from a month earlier to 10.7 million in June of 2022, the largest monthly drop since April 2020 and below market expectations of 11 million.

JOLTs Job Quits JUN
The number of job quits in the United States was little changed at 4.2 million in June of 2022 from a month earlier.

LMI Logistics Managers Index Current JUL
The Logistics Manager’s Index in the US extended the decline for a third month in a row to a two-year low of 65 in June of 2022 from 67.1 in May, staying below the long-term average of 65.3 for the first time since July 2020. The reading showed the supply pressures are easing.

United States Total Vehicle Sales
Total Vehicle Sales in the United States increased to 13.35 Million in July from 13 Million in June of 2022.

Economic Data Due Tomorrow on 8-3-2022
MBA Mortgage Applications 29/JUL

Factory Orders MoM JUN

ISM Non-Manufacturing Prices JUL

ISM Non-Manufacturing Employment


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