Stocks rose continuing outsized moves after Thursday's abrupt drop and Wednesday's abrupt gain.
The Dow dropped while technology outperformed and crude oil fell. Ukraine has secured a new route to export its grains and has successfully delivered an 18,000-ton corn cargo to Spain.
• Industrial production is slowing faster than estimates.
• Manufacturing production shrank last month, underperforming estimates for a gain.
• POTUS takes aim at inflation with largest change to US shipping law in two decades.
Headlines of the Day
Stocks Rise to Close Out a Volatile Week. Tech Stocks Lead.
The stock market largely gained on Friday, closing out a volatile week of trading. Stability in the bond market certainly helped.
Fed promises ‘unconditional’ approach to taking down inflation in report to Congress
Fed officials rolled out strong language Friday to describe their approach to inflation, promising a full-fledged effort to restore price stability.
POTUS Attempts to Curb Inflation With Law Aimed at Cutting Shipping Rates
Measure marks biggest change to US shipping law in two decades. President says law will ‘at least marginally’ reduce prices.
Ukraine Grain Exporters Carve Out New Route Via Baltic Sea
Spain receives 18,000-ton corn cargo trucked through Poland. Ukraine has searched for alternate export routes amid the war. The new shipping route may help ease Ukraine’s massive grain backlog.
US Junk-Bond Spreads Top 500 Basis Points in First Since 2020
Borrowers are paying up on new deals as recession fears rise.
Economic Data Results for 6-17-2022
United States Industrial Production (MoM)
Industrial production in the United States rose 0.2% from a month earlier in May of 2022 falling short of estimates of 0.4%, following an upwardly revised 1.4% growth in April.
United States Manufacturing Production
Manufacturing production in the US edged down 0.1% mom in May of 2022, the first decline in four months and missing market forecasts of a 0.3% rise.
Economic Data Due Tomorrow on 6-21-2022
Existing Home Sales MoM
Chicago Fed National Activity Index
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