Brief
This report covers the 35th week of the year spanning Friday, August 25th, through Friday, September 1st, 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
- The National Debt has increased 1.4 Trillion since the National Debt ceiling was suspended on June 1st, 2023
- In August 305.6 Billion was added to the National Debt
- Solana (SOL) remains the best performing major crypto YTD up 94.4% but that’s down from being up as high as 168% YTD
- Natural Gas futures jump 8.86%
- The only major crypto to post a gain this week was Dogecoin (DOGE) up 1.2%
Market summary
All major US Indexes were up this week with the market gaining an average of 2.76%. The Information Technology sector was the largest gainer this week, up 4.42%. The Utilities sector however had a bad week, posting a loss of 5.55%, the only other sector to post a loss was Consumer Staples but only declined 0.33%.
Indexes around the globe all posted gains this week with Japan’s Nikkei gaining the most, up 3.44%.
Economic reports although showed overall weakness with:
- Consumer Confidence dropping significantly from 114 to 106 and far lower than the expected increase to 116
- Second estimate for Q2 GDP coming in at 2.1% versus expected 2.4%
- Core-PCE price index rose year-over-year to 4.2% from 4.1% in June
However the payroll and unemployment reports hint that the Fed might not continue to raise rates.
“Altogether the key takeaway from the [August Nonfarm Payrolls] report is that it was a Goldilocks report as it pertains to the market’s thinking that the Fed won’t be raising rates again.”
Briefing.com August Nonfarm Payrolls
As the 8th month of the year closes out it interesting to note that the Nasdaq is up 34.1% YTD while the DJIA is up only 5.1%. Stocks are up largely due to the Information Technology sector which is up 44% YTD. The YTD individual drivers are:
- Nvidia up 231.9%
- Tesla up 98.9%
- Advanced Micro Devices up 69.0%
- Amazon up 64.4%
- Alphabet up 54.2%
- Apple up 45.8%
- Microsoft up 37.0%
Economic Reports
Monday, August 28th
- No notable economic reports
Tuesday, August 29th
- Consumer Confidence for August was 106.1, less than the expected 116.0 and less than last month’s 114.0
- JOLTS – Job Openings for July was 8.827M, less than last month’s 9.165M
Wednesday, August 30th
- ADP Employment Change for August increased 177K, less than the expected increase of 195K and less than last month’s increase of 371K
- GDP – Second Estimate for Q2 increased 2.1%, less than the expected increase of 2.4% and less than last quarter’s increase of 2.4%
- GDP Deflator – Second Estimate for Q2 increased 2.0%, less than the expected increase of 2.2% and less than last quarter’s increase of 2.2%
Thursday, August 31st
- Initial Jobless Claims for last week decreased by 6,000 to 228,000 new claims, basically inline with the expected 240,000
- Continuing Jobless Claims increased by 28,000 to 1.73 million
- Personal Income for July increased 0.2%, less than the expected increase of 0.3% and less than last month’s increase of 0.3%
- Personal Spending for July increased 0.8%, more than the expected increase of 0.7% and more than last month’s increase of 0.6%
- PCE Prices for July increased 0.2%, less than the expected increase of 0.2% and less than last month’s increase of 0.2%
- PCE Prices – Core for July increased 0.2%, less than the expected increase of 0.2% and less than last month’s increase of 0.2%
Friday, September 1st
- Nonfarm Payrolls for August increased 187K, more than the expected increase of 175K and more than last month’s increase of 157K
- Nonfarm Private Payrolls for August increased 179K, more than the expected increase of 160K and more than last month’s increase of 155K
- Avg. Hourly Earnings for August increased 0.2%, less than the expected increase of 0.3% and less than last month’s increase of 0.4%
- Unemployment Rate for August was 3.8%, more than the expected 3.6% and more than last month’s 3.5%
- Average Workweek for August was 34.4, more than the expected 34.3 and more than last month’s 34.3
- Construction Spending for July increased 0.7%, more than the expected increase of 0.6% and more than last month’s increase of 0.6%
- ISM Manufacturing Index for August was 47.6%, more than the expected 46.7% and more than last month’s 46.4%
Next Week’s Major Reports
- ISM Non-Manufacturing Index – Wednesday, September 6th
- Unit Labor Costs – Thursday, September 7th
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 | 34,837.71 | 490.81 | 1.43% | 34,441.64 | 35,070.21 | 5.10% | ||
| Nasdaq | 14,031.81 | 441.16 | 3.25% | 13,626.64 | 14,149.62 | 34.06% | ||
| S&P 500 | 4,515.77 | 110.06 | 2.50% | 4,414.98 | 4,541.25 | 17.61% | ||
| Wilshire 5000 | 44,729.21 | 1,203.48 | 2.76% | 43,808.31 | 44,729.21 | 17.48% |
| Index | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| Communication Services | 228.48 | 7.64 | 3.46% | 223.16 | 229.72 | 43.36% | ||
| Consumer Discretionary | 1,337.52 | 39.31 | 3.03% | 1,302.98 | 1,344.81 | 33.02% | ||
| Consumer Staples | 757.65 | -2.51 | -0.33% | 757.65 | 768.11 | -2.76% | ||
| Energy | 691.39 | 25.21 | 3.78% | 671.02 | 691.39 | 2.83% | ||
| Financials | 575.27 | 11.28 | 2.00% | 567.31 | 575.27 | 0.97% | ||
| Health Care | 1,552.95 | 0.81 | 0.05% | 1,549.31 | 1,568.67 | -2.06% | ||
| Industrials | 917.58 | 18.15 | 2.02% | 906.49 | 917.58 | 10.37% | ||
| Information Technology | 3,128.21 | 132.40 | 4.42% | 3,020.20 | 3,128.21 | 44.01% | ||
| Materials | 526.13 | 18.14 | 3.57% | 511.73 | 526.13 | 7.47% | ||
| Real Estate | 231.80 | 3.30 | 1.44% | 230.27 | 233.73 | -0.25% | ||
| Utilities | 316.10 | -5.55 | -1.73% | 316.10 | 322.42 | -11.82% |
Global Stocks
| Index | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| UK FTSE 100 | 7,464.54 | 125.96 | 1.72% | 7,338.58 | 7,509.36 | 0.17% | ||
| France CAC 40 | 7,296.77 | 67.17 | 0.93% | 7,261.50 | 7,405.45 | 12.71% | ||
| Spain IBEX 35 | 9,449.60 | 110.70 | 1.19% | 9,397.70 | 9,614.70 | 14.83% | ||
| Germany DAX 40 | 15,840.34 | 208.52 | 1.33% | 15,673.89 | 16,042.66 | 13.77% | ||
| India BSE Sensex | 65,387.16 | 500.65 | 0.77% | 64,723.63 | 65,473.27 | 7.47% | ||
| China Shanghai Comp | 3,133.25 | 69.18 | 2.26% | 3,089.12 | 3,219.04 | 1.42% | ||
| HK Hang Seng 50 | 18,382.06 | 425.68 | 2.37% | 18,113.23 | 18,742.14 | -7.07% | ||
| Japan Nikkei 225 | 32,710.62 | 1,086.34 | 3.44% | 31,881.93 | 32,845.46 | 25.35% | ||
| Australia ASX 200 | 7,278.30 | 163.10 | 2.29% | 7,120.80 | 7,317.90 | 3.40% |
Currencies
| Currency | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| CAD Canadian Dollar | 1.3594 | -0.0010 | -0.07% | 1.3491 | 1.3639 | 0.30% | ||
| MXN Mexican Peso | 17.0898 | 0.3346 | 2.00% | 16.6941 | 17.2025 | -12.31% | ||
| COP Colombian Peso | 4,075.98 | -32.40 | -0.79% | 4,042.10 | 4,134.45 | -15.94% | ||
| BRL Brazilian Real | 4.9480 | 0.0747 | 1.53% | 4.8455 | 4.9589 | -6.37% | ||
| GBP British Pound Sterling | 0.7942 | -0.0008 | -0.10% | 0.7846 | 0.7961 | -3.92% | ||
| EUR Euro | 0.9279 | 0.0015 | 0.16% | 0.9135 | 0.9284 | -0.70% | ||
| CHF Swiss Franc | 0.8859 | 0.0015 | 0.17% | 0.8744 | 0.8864 | -4.24% | ||
| CZK Czech Koruna | 22.3496 | 0.0228 | 0.10% | 22.0149 | 22.4028 | -0.97% | ||
| NOK Norwegian Krone | 10.6666 | -0.0313 | -0.29% | 10.5230 | 10.7516 | 8.74% | ||
| SEK Swedish Krona | 11.0462 | -0.0068 | -0.06% | 10.7804 | 11.0791 | 5.83% | ||
| RUB Russian Ruble | 96.41 | 1.41 | 1.48% | 93.31 | 97.06 | 30.73% | ||
| SAR Saudi Riyal | 3.7510 | -0.0004 | -0.01% | 3.7489 | 3.7527 | -0.19% | ||
| AED UAE Dirham | 3.6731 | 0.0001 | 0.00% | 3.6727 | 3.6733 | 0.01% | ||
| INR Indian Rupee | 82.72 | 0.19 | 0.23% | 82.26 | 82.90 | -0.04% | ||
| THB Thai Baht | 35.21 | 0.09 | 0.26% | 34.87 | 35.30 | 1.70% | ||
| SGD Singapore Dollar | 1.3528 | -0.0032 | -0.24% | 1.3471 | 1.3579 | 0.89% | ||
| MYR Malaysian Ringgit | 4.6475 | 0.0075 | 0.16% | 4.6290 | 4.6560 | 5.51% | ||
| CNH Chinese Yuan | 7.2697 | -0.0243 | -0.33% | 7.2394 | 7.3107 | 5.03% | ||
| HKD Hong Kong Dollar | 7.8447 | 0.0007 | 0.01% | 7.8408 | 7.8499 | 0.49% | ||
| KRW South Korean Won | 1,318.45 | -7.92 | -0.60% | 1,311.95 | 1,328.99 | 4.48% | ||
| JPY Japanese Yen | 146.25 | -0.20 | -0.14% | 144.45 | 147.36 | 11.54% | ||
| AUD Australian Dollar | 1.5502 | -0.0106 | -0.68% | 1.5330 | 1.5623 | 5.80% | ||
| NZD New Zealand Dollar | 1.6818 | -0.0123 | -0.73% | 1.6625 | 1.6987 | 6.79% |
* Rates are quoted as the amount of local currency to buy 1 US Dollar.
Commodities
- Average US Regular Gas Price – decreased 5.5 cents or -1.42% this week to $3.813 a gallon. See more about US Regular Gas Prices.
- EIA Crude Oil Inventories – decreased by 10.58M barrels last week compared to prior week decrease of 6.14M
- EIA Natural Gas Inventories – increased 32 bcf last week compared to prior week increase of 18 bcf (billion cubic feet)
| Commodity | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| Gold | 1,967.10 | 27.20 | 1.40% | 1,940.10 | 1,980.20 | 7.72% | ||
| Silver | 24.56 | 0.33 | 1.35% | 24.09 | 25.22 | 2.17% | ||
| Platinum | 968.70 | 20.50 | 2.16% | 942.90 | 995.00 | -10.55% | ||
| Palladium | 1,227.40 | -1.70 | -0.14% | 1,211.50 | 1,263.00 | -31.74% |
| Commodity | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| Crude Oil | 85.55 | 5.72 | 7.17% | 79.34 | 86.06 | 6.59% | ||
| Natural Gas | 2.7650 | 0.2250 | 8.86% | 2.6220 | 2.8650 | -32.63% | ||
| Gasoline | 2.5912 | -0.0538 | -2.03% | 2.5151 | 2.6501 | 4.56% |
| Commodity | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| Lumber | 503.50 | -12.50 | -2.42% | 503.00 | 520.00 | 34.73% | ||
| Steel (HRC) | 720.00 | -7.00 | -0.96% | 708.00 | 733.00 | -3.23% | ||
| Copper | 3.8520 | 0.0900 | 2.39% | 3.7505 | 3.9085 | 1.09% |
| Commodity | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| Corn | 4.8150 | -0.0650 | -1.33% | 4.7675 | 4.9950 | -29.03% | ||
| Wheat | 5.9550 | -0.2625 | -4.22% | 5.9350 | 6.2850 | -24.81% | ||
| Soybeans | 13.6925 | -0.1850 | -1.33% | 13.6600 | 14.0950 | -10.15% | ||
| Coffee | 1.5190 | -0.0125 | -0.82% | 1.5160 | 1.5760 | -9.21% | ||
| Sugar | 0.2581 | 0.0098 | 3.95% | 0.2478 | 0.2590 | 28.79% | ||
| Cocoa | 3,605.00 | 139.00 | 4.01% | 3,456.00 | 3,677.00 | 38.65% | ||
| Cotton | 0.8995 | 0.0264 | 3.02% | 0.8611 | 0.9000 | 7.89% |
| Commodity | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| Cattle | 1.8015 | -0.0102 | -0.57% | 1.7943 | 1.8230 | 14.09% | ||
| Lean Hogs | 0.8305 | 0.0323 | 4.04% | 0.7885 | 0.8425 | -5.30% | ||
| Feeder Cattle | 2.5465 | 0.0067 | 0.27% | 2.5365 | 2.5793 | 38.62% |
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 – decreased this week to 7.18% from 7.23% last week. Learn more about 30 year mortgage rates.
- MBA Mortgage Applications Index – increased by 2.3% this week compared to the prior week decrease of 4.2%
| Maturity | Week Close | Week Change | Low | Week Range | High | |
|---|---|---|---|---|---|---|
| US 1 Month | 5.395% | 0.014% | 5.367% | 5.408% | ||
| US 3 Month | 5.440% | -0.050% | 5.417% | 5.500% | ||
| US 1 Year | 5.379% | -0.069% | 5.346% | 5.471% | ||
| US 5 Year | 4.301% | -0.152% | 4.142% | 4.464% | ||
| US 10 Year | 4.186% | -0.048% | 4.047% | 4.258% | ||
| US 30 Year | 4.297% | 0.009% | 4.178% | 4.313% |
Cryptocurrencies
- Total Crypto Market Cap – decreased 1.05% or 11.0B this week to 1,040B
| Rank* | Crypto | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | BTC | 25,816.57 | -241.65 | -0.93% | 25,400.90 | 28,005.42 | 56.01% | ||
| 2 | ETH | 1,632.27 | -25.92 | -1.56% | 1,607.85 | 1,744.10 | 36.39% | ||
| 3 | BNB | 213.72 | -4.76 | -2.18% | 211.84 | 232.90 | -13.25% | ||
| 4 | XRP | 0.4989 | -0.0287 | -5.44% | 0.4894 | 0.5469 | 46.79% | ||
| 5 | DOGE | 0.0638 | 0.0008 | 1.20% | 0.0622 | 0.0681 | -9.17% | ||
| 6 | ADA | 0.2555 | -0.0057 | -2.18% | 0.2528 | 0.2780 | 3.65% | ||
| 7 | SOL | 19.36 | -1.03 | -5.07% | 19.08 | 21.96 | 94.36% | ||
| 8 | TRX | 0.0760 | -0.0011 | -1.42% | 0.0749 | 0.0788 | 39.48% | ||
| 9 | SHIB | 0.00000791 | -0.00000026 | -3.13% | 0.00000781 | 0.00000844 | -2.17% | ||
| 10 | LTC | 63.10 | -2.21 | -3.38% | 62.12 | 70.43 | -9.86% |
* Rank is based on market cap of non-stablecoins.
Fascinating Stats
US National Debt
The US National Debt increased 114.1 billion (Wednesday August 23rd to Wednesday August 30th), to a total debt of $32,854,452,857,620.10 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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Chart data updated through August 31st, 2023
Space Weather – Solar Sunspots
The number of solar Sunspots (magnetic storms on the surface of the sun facing Earth) has increased this week to 77 from 86 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 5,502 confirmed and catalogued Exoplanets across 4,234 confirmed Planetary Systems. 261 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.