Dow shot up 513, advancers over decliners 6-1 & NAZ gained 249. The MLP index went up 1+ to the 198s & the REIT index recovered 4+ to the 409s. Junk bond funds crawled higher & Treasuries were sold bringing higher yields. Oil slid back to the 101s after yesterday's big rise & gold inched up 1 to 1711.
AMJ (Alerian MLP index tracking fund)
New US home construction fell in Jun to the lowest rate since Sep, the latest sign that rising borrowing costs are starting to cool the red-hot housing market. Housing starts dropped 2% last month to an annual rate of 1.6M units, the lowest level since Sep 2021, according to new Commerce Dept data. That's below the forecast.
New home construction plunges to lowest level in 9 months
Apple (AAPL), a Dow & NAZ stock, will reportedly slow its hiring & spending growth in 2023. The
changes will not impact all of its teams & the company is still
planning aggressive product launches in 2023, including a mixed reality
headset - its first new category since 2015. The move comes as the tech giant braces for a potential economic downturn in the US. As of Sep 2021, AAPL had approximately 154K full-time equivalent employees, according to its latest annual report. In Apr AAPL reported a record revenue of $97.3B in its
fiscal Q2, up 9% year over year, & quarterly EPS of $1.52. Execs declined to provide
revenue guidance, but said that they expect supply chain constraints to impact Jun
qrr revenue by $4-8B. They also cited foreign
exchange movement & the pause of its sales in Russia as potential
headwinds to its year-over-year growth rate. AAPL stock went up 2.40.
If you would like to learn more about AAPL, click on this link:
club.ino.com/trend/analysis/stock/AAPL?a_aid=CD3289&a_bid=6ae5b6f7
Apple plans to slow hiring, spending in 2023: report
Treasury Secretary Janet Yellen called out China's "unfair" trade practices during a stop in Seoul, South Korea, concluding her 11-day trip across the Indo-Pacific region. "We cannot allow countries like China to use their market position in key raw materials, technologies, or products to disrupt our economy or exercise unwanted geopolitical leverage," Yellen said. China "has directed significant resources to seek a dominant position in the manufacturing of certain advanced technologies, including semiconductors, while employing a range of unfair trade practices to achieve this position," she added. Yellen also said "the unfair Chinese practices" damage the US "national security interests" & weakens the ability of countries in the region to compete fairly. During her remarks, Yellen called on the intl community to assist Ukraine in its war with Russia by limiting their export of Russian oil.
China uses 'unfair trade practices' to gain 'dominant' advantage, Yellen says
The housing industry is the biggest one in the US & it has hit a major stumbling block. But investors are feeling good today & eagerly buying stocks.
Dow Jones Industrials
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