Brief
This report covers the 33rd week of the year spanning Friday, August 11th, through Friday, August 18th, 2023. The week in numbers provides key statistics and data, economic reports, market performance and fun science stats for the week.
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Highlights
- Cryptocurrencies have their worst week in 2023, the total market cap dropped 10.53% this week with Bitcoin losing 11.4% (Coin Journal article)
- The National Debt has increased 1.2 Trillion since the National Debt ceiling was suspended on June 1st, 2023
- S&P500 Energy, Financials and Real Estate sectors all flipped negative YTD
- Lumber prices jump 7.9%, Lumber is up 42.9% YTD
- Solana (SOL) is the best performing major crypto YTD up 114%
- 30 year average mortgage rates top 7%
- Fed Minutes scare investors with fears of more rate hikes (CNBC article)
Market summary
Stocks and Cryptocurrencies have a terrible week. US stocks were down an average of 2.3% this week with every S&P500 sector posting a loss. Consumer Discretionary fell the most losing 4.1% followed closely by Real Estate losing 3.2%. Global stocks also were down across the board with Hong Kong posting the largest decline down 5.9%.
In commodities, Energy Futures were down this week, Crude Oil had its first down week in 8 weeks losing 2.3% while Natural Gas drops 7.9%.
The Crypto markets posted larger loses having their worst week of the year. Bitcoin plummets 11.4% closing the week at 26,058.26. Litecoin (LTC) posted the largest loss falling 23.3% and closing the week at 64.17. Most cryptos are still up significantly YTD with Bitcoin up 57.5% and Solana up 114.4%, while Litecoin flips negative YTD down 8.3%.
In interest rates, the treasury yield curve is flattening this week as longer term 10 year Notes and 30 year Bonds yields increase while short term rates were between down and flat. Average 30 year mortgage rates in the US hit 7.09%, the highest mortgages rates have been in 21 years since March of 2002. Rising long term rates is another sign that higher than average inflation is expected to stay much longer than originally anticipated.
In economic news, retail sales are increasing more than expected leading to investor fears of inflation remaining high longer than expected. Import prices except for oil were flat however manufactures reported very negative forecast with the Empire State Manufacturing Index reporting -19% a strong show of declining conditions. This coincides with US export prices rising 0.7% month-over-month in July and is another a good indicator of current inflation in the US as well as leading indicator of future inflation in those importing nations.
Economic Reports
Monday, August 14th
- No notable economic reports
Tuesday, August 15th
- Retail Sales for July increased 0.7%, more than the expected increase of 0.4% and more than last month’s increase of 0.3%
- Retail Sales ex-auto for July increased 1.0%, more than the expected increase of 0.4% and more than last month’s increase of 0.2%
- Import Prices for July increased 0.4%, more than last month’s decrease of 0.1%
- Import Prices ex-oil for July increased 0%, more than last month’s decrease of 0.3%
- Export Prices for July increased 0.7%, more than last month’s decrease of 0.7%
- Export Prices ex-ag. for July increased 0.6%, more than last month’s decrease of 0.6%
- Empire State Manufacturing for August was -19.0, much less than the expected 2.4 and less than last month’s 1.1
- Business Inventories for June were unchanged, less than the expected increase of 0.1% and matched last months unchanged inventory levels
Wednesday, August 16th
- Housing Starts for July increased 3.9% m/m to an annualized rate of 1,452K, more than the expected annual rate of 1,446K and more than last month’s annual rate of 1,398K
- Building Permits for July increased 0.1% m/m to an annual adjusted rate of 1,442K, less than the expected annual rate of 1,460K and more than last month’s annual rate of 1,441K
- Industrial Production for July increased 1.0%, more than the expected increase of 0.3% and more than last month’s decrease of 0.8%
- Capacity Utilization for July was 79.3%, slightly more than the expected 79.0% and but reasonably more than last month’s 78.6%
Thursday, August 17th
- Initial Jobless Claims for last week decreased by 11,000 to 239,000 new claims, basically inline with the expected 240,000
- Continuing Jobless Claims increased by 32,000 to 1.72 million
- Philadelphia Fed Index for August was 12.0, more than the expected -9.0 and much higher than last month’s -13.5
- Leading Indicators for July was -0.4%, inline with expectations and better than last month’s -0.7%
Friday, August 18th
- No notable economic reports
Next Week’s Major Reports
- Existing Home Sales – Tuesday, August 22nd
- New Home Sales – Wednesday, August 23rd
- Durable Goods Orders – Thursday, August 24th
- University of Michigan Consumer Sentiment Final – Friday, August 25th
See more Economic News at Briefing.com or learn about each economic report in our knowledge hub.
US Stocks
| Index | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| DJIA | 34,500.66 | -780.74 | -2.21% | 34,263.19 | 35,335.45 | 4.08% | ||
| Nasdaq | 13,290.78 | -354.07 | -2.59% | 13,161.77 | 13,789.16 | 26.98% | ||
| S&P 500 | 4,369.71 | -94.34 | -2.11% | 4,335.31 | 4,490.33 | 13.81% | ||
| Wilshire 5000 | 43,217.89 | -1,005.56 | -2.27% | 43,193.56 | 44,439.31 | 13.51% |
| Index | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| Communication Services | 218.70 | -6.16 | -2.74% | 218.70 | 227.19 | 37.23% | ||
| Consumer Discretionary | 1,283.67 | -54.86 | -4.10% | 1,283.67 | 1,343.80 | 27.67% | ||
| Consumer Staples | 765.98 | -19.18 | -2.44% | 763.15 | 781.06 | -1.69% | ||
| Energy | 675.43 | -11.41 | -1.66% | 661.80 | 684.56 | 0.46% | ||
| Financials | 563.68 | -16.21 | -2.80% | 563.68 | 578.82 | -1.06% | ||
| Health Care | 1,554.39 | -24.87 | -1.57% | 1,554.39 | 1,584.46 | -1.96% | ||
| Industrials | 896.96 | -23.01 | -2.50% | 895.89 | 920.24 | 7.89% | ||
| Information Technology | 2,920.74 | -24.24 | -0.82% | 2,917.48 | 2,999.57 | 34.46% | ||
| Materials | 508.20 | -12.36 | -2.37% | 508.20 | 521.55 | 3.81% | ||
| Real Estate | 226.89 | -7.60 | -3.24% | 226.26 | 233.23 | -2.36% | ||
| Utilities | 320.80 | -6.58 | -2.01% | 319.17 | 324.66 | -10.51% |
Global Stocks
| Index | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| UK FTSE 100 | 7,262.43 | -261.73 | -3.48% | 7,215.76 | 7,530.25 | -2.54% | ||
| France CAC 40 | 7,164.11 | -176.08 | -2.40% | 7,092.72 | 7,371.93 | 10.66% | ||
| Spain IBEX 35 | 9,267.70 | -166.60 | -1.77% | 9,192.70 | 9,471.70 | 12.62% | ||
| Germany DAX 40 | 15,574.26 | -257.91 | -1.63% | 15,468.65 | 15,937.78 | 11.86% | ||
| India BSE Sensex | 64,948.66 | -373.99 | -0.57% | 64,754.72 | 65,605.74 | 6.75% | ||
| China Shanghai Comp | 3,131.95 | -57.30 | -1.80% | 3,123.25 | 3,186.23 | 1.38% | ||
| HK Hang Seng 50 | 17,950.85 | -1,124.34 | -5.89% | 17,900.77 | 18,792.72 | -9.25% | ||
| Japan Nikkei 225 | 31,450.76 | -1,022.89 | -3.15% | 31,275.25 | 32,613.99 | 20.53% | ||
| Australia ASX 200 | 7,148.10 | -192.00 | -2.62% | 7,106.80 | 7,331.00 | 1.55% |
Currencies
| Currency | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| CAD Canadian Dollar | 1.3552 | 0.0109 | 0.81% | 1.3428 | 1.3577 | -0.01% | ||
| MXN Mexican Peso | 17.0549 | 0.0463 | 0.27% | 16.9665 | 17.2085 | -12.48% | ||
| COP Colombian Peso | 4,118.64 | 155.79 | 3.93% | 3,962.32 | 4,152.65 | -15.06% | ||
| BRL Brazilian Real | 4.9701 | 0.0622 | 1.27% | 4.9055 | 4.9981 | -5.95% | ||
| GBP British Pound Sterling | 0.7854 | -0.0022 | -0.28% | 0.7820 | 0.7927 | -4.98% | ||
| EUR Euro | 0.9198 | 0.0063 | 0.69% | 0.9121 | 0.9221 | -1.56% | ||
| CHF Swiss Franc | 0.8823 | 0.0049 | 0.56% | 0.8743 | 0.8829 | -4.63% | ||
| CZK Czech Koruna | 22.0933 | 0.1169 | 0.53% | 21.9296 | 22.2183 | -2.10% | ||
| NOK Norwegian Krone | 10.6477 | 0.2215 | 2.12% | 10.4228 | 10.6780 | 8.55% | ||
| SEK Swedish Krona | 10.9713 | 0.1582 | 1.46% | 10.7114 | 11.0041 | 5.12% | ||
| RUB Russian Ruble | 94.10 | -5.90 | -5.90% | 91.50 | 102.38 | 27.59% | ||
| SAR Saudi Riyal | 3.7505 | -0.0015 | -0.04% | 3.7465 | 3.7546 | -0.20% | ||
| AED UAE Dirham | 3.6730 | -0.0001 | 0.00% | 3.6726 | 3.6732 | 0.01% | ||
| INR Indian Rupee | 83.16 | 0.13 | 0.16% | 82.89 | 85.03 | 0.50% | ||
| THB Thai Baht | 35.45 | 0.36 | 1.03% | 35.06 | 35.61 | 2.40% | ||
| SGD Singapore Dollar | 1.3571 | 0.0044 | 0.33% | 1.3510 | 1.3626 | 1.21% | ||
| MYR Malaysian Ringgit | 4.6475 | 0.0605 | 1.32% | 4.5440 | 4.6525 | 5.51% | ||
| CNH Chinese Yuan | 7.3092 | 0.0488 | 0.67% | 7.2518 | 7.3496 | 5.60% | ||
| HKD Hong Kong Dollar | 7.8327 | 0.0151 | 0.19% | 7.8148 | 7.8364 | 0.34% | ||
| KRW South Korean Won | 1,340.16 | 9.56 | 0.72% | 1,327.71 | 1,345.77 | 6.20% | ||
| JPY Japanese Yen | 145.41 | 0.49 | 0.34% | 144.64 | 146.57 | 10.90% | ||
| AUD Australian Dollar | 1.5615 | 0.0223 | 1.45% | 1.5335 | 1.5711 | 6.57% | ||
| NZD New Zealand Dollar | 1.6889 | 0.0236 | 1.42% | 1.6672 | 1.6941 | 7.25% |
* Rates are quoted as the amount of local currency to buy 1 US Dollar.
Commodities
- Average US Regular Gas Price – increased 2.2 cents or 0.57% this week to $3.85 a gallon. See more about US Regular Gas Prices.
- EIA Crude Oil Inventories – decreased by 5.96M barrels last week compared to prior week increase of 5.85M
- EIA Natural Gas Inventories – increased 35 bcf last week compared to prior week increase of 29 bcf (billion cubic feet)
| Commodity | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| Gold | 1,916.50 | -30.10 | -1.55% | 1,914.20 | 1,948.20 | 4.94% | ||
| Silver | 22.73 | -0.01 | -0.04% | 22.27 | 23.07 | -5.44% | ||
| Platinum | 915.00 | 0.40 | 0.04% | 882.60 | 919.00 | -15.50% | ||
| Palladium | 1,260.00 | -49.10 | -3.75% | 1,205.50 | 1,317.00 | -29.92% |
| Commodity | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| Crude Oil | 81.25 | -1.94 | -2.33% | 78.95 | 83.20 | 1.23% | ||
| Natural Gas | 2.5510 | -0.2190 | -7.91% | 2.5240 | 2.8630 | -37.84% | ||
| Gasoline | 2.8232 | -0.1417 | -4.78% | 2.7768 | 2.9490 | 13.92% |
| Commodity | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| Lumber | 534.00 | 39.00 | 7.88% | 494.00 | 534.50 | 42.90% | ||
| Steel (HRC) | 807.00 | 1.00 | 0.12% | 800.00 | 815.00 | 8.47% | ||
| Copper | 3.7060 | -0.0130 | -0.35% | 3.6270 | 3.7490 | -2.74% |
| Commodity | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| Corn | 4.9300 | 0.0575 | 1.18% | 4.7350 | 4.9500 | -27.34% | ||
| Wheat | 6.3900 | 0.1225 | 1.95% | 5.9575 | 6.4125 | -19.32% | ||
| Soybeans | 13.5325 | 0.4575 | 3.50% | 13.0300 | 13.5550 | -11.20% | ||
| Coffee | 1.5000 | -0.0780 | -4.94% | 1.4720 | 1.5830 | -10.34% | ||
| Sugar | 0.2376 | -0.0057 | -2.34% | 0.2363 | 0.2474 | 18.56% | ||
| Cocoa | 3,449.00 | 92.00 | 2.74% | 3,369.00 | 3,512.00 | 32.65% | ||
| Cotton | 0.8362 | -0.0427 | -4.86% | 0.8340 | 0.8780 | 0.30% |
| Commodity | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| Cattle | 1.7883 | -0.0250 | -1.38% | 1.7763 | 1.8175 | 13.25% | ||
| Lean Hogs | 0.8213 | 0.0080 | 0.98% | 0.7775 | 0.8235 | -6.36% | ||
| Feeder Cattle | 2.4558 | -0.0217 | -0.88% | 2.4340 | 2.4863 | 33.68% |
Interest Rates
- Federal Funds Effective Rate – has remained the same this week at 5.33% with the target rate rage increasing to 5.25-5.50% since the July 26th, 2023 increase of 25 basis points. See more about the Federal Funds Rate.
- 30 Year Average US Mortgage Rates – increased this week to 7.09% from 6.96% last week. Learn more about 30 year mortgage rates.
- MBA Mortgage Applications Index – decreased by 0.8% this week compared to the prior week decrease of 3.1%
| Maturity | Week Close | Week Change | Low | Week Range | High | |
|---|---|---|---|---|---|---|
| US 1 Month | 5.370% | -0.029% | 5.342% | 5.410% | ||
| US 3 Month | 5.450% | 0.023% | 5.408% | 5.464% | ||
| US 1 Year | 5.354% | 0.005% | 5.339% | 5.391% | ||
| US 5 Year | 4.396% | 0.093% | 4.289% | 4.473% | ||
| US 10 Year | 4.253% | 0.099% | 4.144% | 4.329% | ||
| US 30 Year | 4.381% | 0.120% | 4.231% | 4.426% |
Cryptocurrencies
- Total Crypto Market Cap – decreased 10.53% or 123.4B this week to 1,049B
| Rank* | Crypto | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | BTC | 26,058.26 | -3,367.75 | -11.44% | 25,458.37 | 29,686.03 | 57.48% | ||
| 2 | ETH | 1,672.99 | -176.39 | -9.54% | 1,592.23 | 1,855.25 | 39.79% | ||
| 3 | BNB | 216.32 | -23.48 | -9.79% | 213.21 | 241.65 | -12.19% | ||
| 4 | XRP | 0.5065 | -0.1263 | -19.96% | 0.4393 | 0.6390 | 49.01% | ||
| 5 | ADA | 0.2640 | -0.0295 | -10.07% | 0.2382 | 0.2945 | 7.08% | ||
| 6 | SOL | 21.35 | -3.23 | -13.15% | 20.24 | 25.28 | 114.39% | ||
| 7 | DOGE | 0.0632 | -0.0125 | -16.49% | 0.0564 | 0.0772 | -10.07% | ||
| 8 | TRX | 0.0734 | -0.0038 | -4.97% | 0.0688 | 0.0783 | 34.76% | ||
| 9 | SHIB | 0.00000859 | -0.00000191 | -18.16% | 0.00000775 | 0.00001124 | 6.26% | ||
| 10 | LTC | 64.17 | -19.50 | -23.30% | 56.83 | 84.64 | -8.33% |
* Rank is based on market cap of non-stablecoins.
Fascinating Stats
US National Debt
The US National Debt increased 40.65 billion (Wednesday August 9th to Wednesday August 16th), to a total debt of $32,661,578,249,677.03 according to the Treasury Department. The National Debt Ceiling of 31.381 trillion has been suspended as of June 1st, 2023 until January 1st, 2025. See the Debt to the Penny.
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6.6
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| Mar | Apr | May | Jun | Jul | Aug |
Space Weather – Solar Sunspots
The number of solar Sunspots (magnetic storms on the surface of the sun facing Earth) has increased this week to 135 from 83 last week, the sun has had 0 spotless days in 2023. We are about 2 years into a 5 year solar cycle known as Solar Maximum where sunspots are in constant very high numbers. See more about Sunspots and space weather.
Exoplanet Discoveries
NASA has cataloged 0 new exoplanets this week, the total remains 5,496 confirmed and catalogued Exoplanets across 4,229 confirmed Planetary Systems. 255 Exoplanets have been confirmed this year so far and there are 9,820 Exoplanet Candidates being evaluated for confirmation. Learn about all of the Exoplanets from NASA’s Exoplanet Catalog.