Dow was off 5, decliners over advancers 4-3 & NAZ retreated 33. The MLP index went up 1+ to 178 & the REIT index added 1+ to 473 for another record. Junk bond funds hardly budged in price & Treasuries saw a little selling. Oil was fractionally lower to the 68s & gold inched up chump change to 1813.
AMJ (Alerian MLP index tracking fund)
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Total damage & economic loss from Hurricane Ida will fall between $70-80B, Accuweather's Dr Joel N Myers said. The weather service, which predicted significant wind damage along with storm surge & inland flooding with mass power outages, believes the power outages could last for a week or longer & will result in a near complete shutdown of New Orleans & surrounding cities & towns, Meyers added. "Power outages will exacerbate extreme discomfort" caused by heat & humidity & will result in mold growth in impacted areas, he noted, in addition to issues for people who rely on electronic medical equipment, such as CPAP machines. In addition, Myers said, "damage to Louisiana’s emergency response system will also add to economic losses as well as damage sustained by hospitals, already overrun with COVID-19 patients." Louisiana will not be the only state affected by the storm, as areas hit by previous hurricanes Fred & Henri like Mississippi & Tennessee will also experience additional flooding which may be extensive & dangerous in some areas as rapidly rising water will continue to be hazardous to lives & properties in those areas causing infrastructure damage & disruption to lives.
Experts estimate the catastrophic economic loss from Ida
US home prices accelerated at a record pace for the 3rd consecutive month in
Jun as homebuyers bid up prices to overcome the hurdle of low
inventory. Home prices rose 18.6% year over year, the fastest on record,
according to the national Case-Shiller index. Prices are now 41.3% above
their 2006 peak. "The
last several months have been extraordinary not only in the level of
price gains, but in the consistency of gains across the country," said
Craig Lazzara, managing director & global head of index investment
strategy at S&P Dow Jones Indices. Price gains in Jul
quickened from Jun in every city within the 20-City Composite index
which grew 19.1% from the same period last year. However, analysts warn the record-setting price gains may be nearing an end as competition for homes wanes & more inventory hits the market.
Home prices post third straight month of record gains
Rep Jason Smith warned the US is less than 9 days away from another gov shutdown over the debt limit.
REP. JASON SMITH: The debt limit expired 30 days ago and Democrats have done zero in trying to respond to that. We
actually sent a letter to the House and Senate leadership back in the
middle of July from the House Republicans on the Budget Committee asking
for conversation, talks, communications in regard to the debt ceiling.
We've heard crickets. In regards to the government
shutdown, we are less than nine legislative days from a government
shutdown. And yet all with they are focused on is spending a different
$3.5 trillion to reward their political friends, allies and donors.
Nothing in regards to funding the operations of government.
Government shutdown 2021: GOP lawmaker says Democrats have had ‘zero’ response to debt limit expiring
The comments above from Jason Smith are chilling. Dysfunctional DC has to get its act together, & fast, to avoid a financial catastrophe. One key problem, they consider fast means at a snail's pace. Additionally OPEC+, which accounts for upwards of ½ of the global market, is agonizing about possible production cuts. Some are are worried about economic recovery while the virus is fighting back so hard. Their meeting is tomorrow.
Dow Jones Industrials
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