Dow dropped 283, decliners over advancers better than 2-1 & NAZ retreated 105. The MLP index was off 1+ to the 212s & the REIT index saw heavy selling, down 9+ to the 374s. Junk bond funds were weak & Treasuries had modest selling, bringing higher yields. Oil fell 2 to 74 & gold went up 13 to 1800 (more on both below).
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2180338269244485)
Rent increased in Nov after 2 months of consecutive declines, pushing median rent prices above $2000 again, according to a recent report. Rent, which is owned by Redfin, reported that Nov rent rose 1.23% month over month. That is after Sep & Oct saw rents decrease by nearly 1% & 2.5% on a monthly basis, respectively, according to the data from Rent's Dec report. Nov's median rent reached $2007, which is up from a median of $1983 the prior month. However, that is still below the Aug peak of $2053. The uptick in prices was driven by a combination of price increases for 2 & 3-bedroom apartments coupled with a rebound in prices for the most expensive apartments in Rent's inventory. Meanwhile, Nov prices on an annual basis increased 7.45%. However, it was the smallest increase in the past 3 months. "November's month-over-month increase is a reminder that despite short-term declines which signal a moderating market, for renters who sign yearly leases, prices are still elevated & those changes are higher than normal."
November rent rises, pushing median prices above $2K again
Ford (F) has once again increased the starting price of its electric F-150
Lightning, citing higher raw material costs for the pickup truck. The
new price of the F-150 Lightning Pro, an entry-level model meant for
commercial & business customers, will be $56K — up nearly 8% ($4000) from previous pricing and a 40% increase from the original pricing of $39,974 announced in May 2021. A
Ford spokesperson said the company
adjusts vehicle pricing “as a normal course of business due to rising
material costs, market factors, and ongoing supply chain constraints.” Ford initially made waves when it announced the starting price for the Lightning would be about $40K,
making it more affordable than many EVs on the market. Many
praised the vehicle & it was a major boost for the company at that
time. But critical raw material costs such as cobalt, nickel & lithium have substantially increased amid rising demand & supply chain problems. The latest pricing increase – at least the 3rd this year
– comes as Ford attempts to expand production of the electric pickup to
150K units by next fall. The company earlier this week said it
remains on track to do so, as it recently added a 3rd shift of workers to a Michigan plant producing the vehicle. “Demand
for this breakthrough vehicle is strong and continues to grow, we will
continue to monitor pricing through the model year,” the spokesperson
said. Thru the end of Nov, Ford had only sold 13K F-150 Lightnings. The stock fell 91¢.
If you would like to learn more about Ford, click on this link:
club.ino.com/trend/analysis/stock/F_aid=CD3289&a_bid=6ae5b6f7
Ford again hikes the starting price of the F-150 Lightning pickup, now up 40% since launch
The latest omicron boosters are 84% effective at keeping seniors 65 & older from being hospitalized with Covid-19 compared with the unvaccinated, according to a study published by the Centers for Disease Control & Prevention (CDC). And seniors who received the omicron booster had 73% more protection against hospitalization than those who only received 2 or more doses of the original vaccines that were not updated to target omicron. The study was conducted from Sep-Nov when omicron BA.5 & the even more immune evasive BQ.1 & BQ.1.1 variants were dominant. About 800 seniors with a median age of 76 were included in the analysis. In a larger study that looked at more than 15K adults ages 18 & older, the omicron booster was 57% effective at preventing hospitalization. Adults who received the booster had 38% additional protection compared with people who only received the original shots. Neither study examined how well people were protected against hospitalization if they were vaccinated & had natural immunity from a previous Covid infection. US health officials have repeatedly called on everyone who is eligible to get an omicron booster ahead of the holidays. But the administration has focused in particular on making sure more vulnerable populations, such as older adults, stay up to date on their Covid vaccines. Dr Ashish Jha, the White House Covid task force leader, has said most of the people dying from Covid right now are seniors who are not up to date on their shots or are not receiving treatment when they have breakthrough infections.
Omicron boosters are 84% effective at keeping seniors from being hospitalized with Covid, CDC says
Gold futures climbed, modestly paring their loss for the week. Prices for the precious metal bounced into the middle of the week, on softer inflation data & hopes the Federal Reserve would be done with interest rate hikes soon. However, the hawkish announcement from the Fed late Wed pressured gold as investors priced in a higher terminal interest rate. Higher interest rates & softer inflation data remain headwinds for gold. Gold for Feb rose $12 (0.7%) to settle at $1800 an ounce. For the week, prices based on the most-active contract fell 0.6%.
Gold Futures Up For The Session, Down For The Week
Oil futures declined, with US prices holding on to a weekly rise of 4.6%. Global central banks keep suggesting that they are going to win the war against inflation at any cost. One of the casualties the market fears could be a global recession that theoretically will reduce oil demand. However, the reality is that demand destruction based on a mild recession won't be as bad as people think -- if that means the reopening of China. The US benchmark WTI crude for Jan fell $1.82 (2.4%) to settle at $74.29 a barrel.
Oil ends lower for the session, with U.S. prices up nearly 5% for the week
Dec has been a tough time for the stock market. Dow is down 1670 in Dec & fell 550 last week. Threats of a serious recession & the thought of Congress approving a massive funding bill for the rest of he fiscal year to Sep 30 aee not warming the hearts of investors. At least there was bargain hunting in the last hour of trading today. 34,589
Dow Jones Industrials
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