market wrap 05.04.23

The Biden Administration wants to tax crypto-mining companies 30% on the energy they use because they aren’t paying for the “full cost they impose on others,” including environmental pollution and high energy prices. Story in Endgadget

Warren Buffett’s AI investment. Story in Motlet Fool

The Dow closed at 33,127.74 – down 286.50

The S&P 500 closed at 4,061.22 – down 29.53

The S&P 1500 closed at 923.96 – down 7.34

The Nasdaq-100 closed at 12,982.48 – down 47.73

The Russell 2000 closed at 1,718.81 – down 20.47

The VIX closed at 20.13 – up 1.79

Apple (AAPL) closed at 165.79 – down 1.66

Caterpillar (CAT) closed at 210.38 – down 5.26

Energy Transfer (ET) closed at 12.61 – down 0.05

Fed’s rate hike may be the last for now. Story in Market Watch

market wrap 05.02.23

Treasury Secretary Janet Yellen’s new warning over the need for Congress to raise the federal debt limit has started the partisan showdown.

Janet Yellen
Janet Yellen

Biden is flipping the script on Republicans by casting himself as the protector of “freedom,” going on offense. Story in The Hill

The DOW closed at 33,684.53 – down 367.17

The S&P 500 closed at 4,119.58 – down 48.29

The S&P 1500 closed at 938.02 – down 10.66

The Nasdaq-100 closed at 13,113.66 – down 117.81

The VIX closed at 17.74 – up 1.68

Apple (AAPL) closed at 168.54 – down 1.05

Caterpillar (CAT) closed at 215.15 – down 2.12

Energy Transfer (ET) closed at 12,69 – down 0.22

Occidental Petroleum (OXY) closed at 60.04 – down 1.13

SoundHound AI (SOUN) closed at 2.38 – down 0.19

Palantir (PLTR) closed at 7.59 – down 0.18

September WTI closed at 70.71 – down 3.93

October WTI closed at 70.23 – down 3.85

market chart

July Corn closed at 580’0 – down 4’4

July Wheat closed at 609’2 – down 9’0

July Soybeans closed at 1410’6 – down 16’6

August Soybeans closed at 1358’2 – down 12’2

market watch 05.01.23

Charlie Munger sees trouble ahead for the U.S. financial system. Story in The Street

President Biden’s poll numbers have dipped in the Midwest. Story in Fox News

Investors are putting too much hope into the idea that the Federal Reserve will cut interest rates later this year says Mike Wilson. Story in Markets Insider

The DOW closed at 34,051.70 – down 46.46

The S&P 500 closed at 4,167.87 – down 1.61

The S&P 1500 closed at 948.68 – down 0.37

The Nasdaq-100 closed at 13,231.47 – down 14.52

The Russell 2000 closed at 1,769.21 – up 0.22

The VIX closed at 16.08 – up 0.30

Apple (AAPL) closed at 169.59 – down 0.09

Caterpillar (CAT) closed at 217.27 – down 1.53

Energy Transfer (ET) closed at 12.91 – up 0.03

Occidental Petroleum (OXY) closed at 61.17 – down 0.38

September WTI closed at 74.64 – down 1.08

October WTI closed at 74.17 – down 0.98

market chart

July Corn closed at 584’4 – down 0.4

July Wheat closed at 618’2 – down 15’4

September Wheat closed at 630’0 – down 15’0

July Soybeans closed at 1427’4 – up 8’2