PPI Hits & Thursday’s Stock Market Goes On A Ride – $AAPL $INM $INVO $KDNY $SSI $TSLA Rise!

On Thursday, the stock market digested a number of macroeconomic reports that helped bring about a bit of confusion in investors’ minds and served to increase volatility throughout the session. First, there was the June PPI, which rolled in at 1.1% and greater than expected, however the June Core PPI came in at .4% & slightly lower than expected. The June report also raised the Y/Y PPI rate to 11.3%. The Weekly Initial Claims report also confirmed an increase at 244K, while the Weekly Continuing Claims came in at 1.331M. The Weekly EIA Natural Gas Inventories report confirmed a build of 58 bcf . 

At the end for the trading session, 8 of the 11 sectors ended the day in the red with only the information technology sector moving up .9%, the consumer staples moving up .2% & the utilities sector ticking up .01%. The financials were the biggest losers of the day dropping 1.9% as JPMorgan Chase (JPM, $108, -3.5%) & Morgan Stanley (MS, $74.69, +0.4%) reported their earnings and missed Wall Street’s expectations.  In addition, Jamie Dimon, CEO of JPMorgan gloomily stated, “In our global economy, we are dealing with two conflicting factors, operating on different timetables. The U.S. economy continues to grow and both the job market and consumer spending, and their ability to spend, remain healthy. But geopolitical tension, high inflation, waning consumer confidence, the uncertainty about how high rates have to go and the never-before-seen quantitative tightening and their effects on global liquidity, combined with the war in Ukraine and its harmful effect on global energy and food prices are very likely to have negative consequences on the global economy sometime down the road.”  Interestingly, the yield curve remained inverted as the 2-yr treasury yield closed down 1 basis point at 3.12%, while the 10-yr yield also moved up 6 basis points to close at 2.96%. 

As a result, the major indices went on a bit of a roller coaster ride today as they edged higher out of the gate, then fell precipitously through the meat of the day, and then rose into the close. The S&P 500 closed at 3,790.38 (-.30%), the Dow ended the session at 30,630.17 (-.46%), but the Nasdaq managed to close higher at 11,251.185 (+.03%). The Nasdaq saw decliners outpace the advancers by a margin of 2-1, while the NYSE realized a 14-5 margin.  

The small caps on the Russell 2000 took a solid hit and closed at 1,707.51 (-1.07%). The MicroCaps closed sharply lower across the board as the iShares Micro-Cap ETF (IWC) closed at $106.20, -1.17%. Biotech stocks also traded significantly lower on the lower end of the spectrum as the SPDR S&P Biotech ETF (XBI) closed at $81.32, -2.31%. The 52-wk range is now $61.78 – $136.61. The iShares Biotechnology ETF (IBB) closed at $121.47, -1.68%. The 52-range is $104.29 – $177.37.

A decent measure of the markets volatility or the CBOE Volatility Index (^VIX) cooled off today closing at $26.40, down 1.57% and traded within the range of $26.30 – $28.45.

Around the money and precious metals’ tree, the U.S. Dollar Index closed uncomfortably high at 108.53, -.01%, while Bitcoin (BTC) bounced back over 20k to $20,469.28, +1.12% over the last 24-hours at the time of this writing. Gold prices closed at $1,710/oz.,-$26/oz. & silver closed at $18.44/oz., -$.76/oz. on the day. Two mining producers closed the day as follows: Hecla Mining Company (HL) closed at $3.69, -5.87% and First Majestic Silver Corp. (AG) closed at $6.89, -3.77%. On July 12, Hecla Mining  announced its preliminary production for the second quarter of 2022 highlighting the following: Silver production of 3.6 million ounces, an increase of 10% over the first quarter of 2022 due to record throughput at the Lucky Friday Mine, Gold production of 45,718 ounces, an increase of 10% over the first quarter, driven by better performance at the Casa Berardi mine, Zinc production increased 12% over the prior quarter & Lead production increased 23% due to increased production at Lucky Friday.

Economic Reports

On Monday, no economic data reports surfaced on July 4th holiday.

On Tuesday, the June NFIB Small Business Optimism report confirmed that it came in at 89.5 representing the lowest reading in 9 years!

On Wednesday, the total CPI for June came in at 9.1% and the core CPI was up 5.9% further inflaming the worries that the Fed will need to raise interest rates in July to tame inflation. The macroeconomic schedule also produced the Weekly MBA Mortgage Applications report that confirmed a 1.7% drop. The Crude oil inventories report also confirmed a 3.25M barrels buildup in concert with the gasoline inventories report that also showed a buildup of 5.83M barrels. Oil prices dropped .9% to close at  $96.38/bbl. The Treasury Budget report also confirmed a $88.8B deficit in June. The Fed’s June Beige Book also showed an overall modest economic expansion since May, however a number of Districts confirmed signs of a slowdown plus a fears recession, but still coupled with a rise in prices.

Investing & Inspiration

1. “History is a vast early warning system.” – Norman Cousins 

2. “We first make our habits, and then our habits make us.” – John Dryden

3. “The traveler sees what he sees, the tourist sees what he has come to see.” – Gilbert K. Chesterton
4. “Adventure is worthwhile.” – Aesop
5. “We must build dikes of courage to hold back the flood of fear.” – Martin Luther King, Jr.
6. “The return we reap from generous actions is not always evident.” – Francesco Guicciardini

7. “Courage is knowing what not to fear.” – Plato

8. “Science may never come up with a better office communication system than the coffee break.” – Earl Wilson

9. “Progress was all right. Only it went on too long.” – James Thurber

10. “If you would know strength and patience, welcome the company of trees.” – Hal Borland

11. “We aim above the mark to hit the mark.” – Ralph Waldo Emerson

12. “Hope is being able to see that there is light despite all of the darkness.” – Desmond Tutu

13. “Our chief want is someone who will inspire us to be what we know we could be.” – Ralph Waldo Emerson

14. “Patience is a virtue, and I’m learning patience. It’s a tough lesson.” – Elon Musk

15. “Great things are done when men and mountains meet.” – William Blake

16. “The man who has no imagination has no wings.” – Muhammad Ali

17. “Formula for success: rise early, work hard, strike oil.” – J. Paul Getty

18. “Action is the foundational key to all success.” – Pablo Picasso

19. “Hope is like the sun, which, as we journey toward it, casts the shadow of our burden behind us.” – Samuel Smiles

    “The backbone of surprise is fusing speed with secrecy.” – Carl von Clausewitz

20. “There are no shortcuts in evolution.” – Louis D. Brandeis

21. “I am fascinated by what is beautiful, strong, healthy, what is living. I seek harmony.” – Leni Riefenstahl
22. “If one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with a success unexpected in common hours.” – Henry David Thoreau
23. “Waste no more time arguing about what a good man should be. Be one.” – Marcus Aurelius
24. “It is during our darkest moments that we must focus to see the light.” – Aristotle Onassis
25. “Courage is fear holding on a minute longer.” – George S. Patton
26. “You must be the change you wish to see in the world.” – Mahatma Gandhi
27. “Don’t judge each day by the harvest you reap but by the seeds that you plant.” – Robert Louis Stevenson 
28. “It is in the character of very few men to honor without envy a friend who has prospered.” – Aeschylus
29. “Life is a series of natural and spontaneous changes. Don’t resist them – that only creates sorrow. Let reality be reality. Let things flow naturally forward in whatever way they like.” – Lao Tzu
30. “The more you praise and celebrate your life, the more there is in life to celebrate.” – Oprah Winfrey
31. “Anything simple always interests me.” – David Hockney
32. “He who angers you conquers you.” – Elizabeth Kenny
33. “Concision in style, precision in thought, decision in life.” – Victor Hugo
34. “The secret of genius is to carry the spirit of the child into old age, which means never losing your enthusiasm.” – Aldous Huxley
35. “View health as an investment, not an expense.” – John Quelch
36. “The most effective way to do it, is to do it.” – Amelia Earhart
37. “Man needs his difficulties because they are necessary to enjoy success.” – A. P. J. Abdul Kalam
38. “Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment.” – Buddha
39. “Nobody made a greater mistake than he who did nothing because he could do only a little.” – Edmund Burke
40. “You must do the things you think you cannot do.”- Eleanor Roosevelt
41. “Success is dependent on effort.” – Sophocles
42. “Nobody who ever gave his best regretted it.” – George Halas
43. “Lots of people want to ride with you in the limo, but what you want is someone who will take the bus with you when the limo breaks down.” ~ Oprah Winfrey
44. “And when I breathed, my breath was lightning.” – Black Elk
45. “Moderation is the silken string running through the pearl chain of all virtues.” – Joseph Hall
46. “You are the sum total of everything you’ve ever seen, heard, eaten, smelled, been told, forgot – it’s all there. Everything influences each of us, and because of that I try to make sure that my experiences are positive.” – Maya Angelou
47. “If you want a guarantee, buy a toaster.” – Clint Eastwood
48. “We are an impossibility in an impossible universe.” – Ray Bradbury
49. “If you think in terms of a year, plant a seed; if in terms of ten years, plant trees; if in terms of 100 years, teach the people.” – Confucius
50. “I’d rather attempt to do something great and fail than to attempt to do nothing and succeed.” – Robert H. Schuller
51. “Do your little bit of good where you are; it’s those little bits of good put together that overwhelm the world.” Desmond Tutu
52. “It takes considerable knowledge just to realize the extent of your own ignorance.” – Thomas Sowell
53. “Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment.” – Buddha”
54. Surprise is the greatest gift which life can grant us.” –  Boris Pasternak
55. “Trust in dreams, for in them is hidden the gate to eternity.” – Khalil Gibran 
56. “Always be yourself, express yourself, have faith in yourself, do not go out and look for a successful personality and duplicate it.” – Bruce Lee
57. “All life is an experiment. The more experiments you make the better.” – Ralph Waldo Emerson
58. “There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” –  Colin Powell
59. “There is more to life than increasing its speed.” – Mahatma Gandhi
60. “Your attitude is like a box of crayons that color your world. Constantly color your picture gray, and your picture will always be bleak. Try adding some bright colors to the picture by including humor, and your picture begins to lighten up.” – Allen Klein
61. “Definiteness of purpose is the starting point of all achievement.” – W. Clement Stone
62. “Success usually comes to those who are too busy to be looking for it.” – Henry David Thoreau
63. “In matters of truth and justice, there is no difference between large and small problems, for issues concerning the treatment of people are all the same.” – Albert Einstein
64. “Life is too short for long-term grudges.” – Elon Musk
65. “There cannot be a crisis next week. My schedule is already full.” – Henry Kissinger
66. “Success consists of getting up just one more time than you fall.” – Oliver Goldsmith
67. “The Earth is the cradle of humanity, but mankind cannot stay in the cradle forever.” – Konstantin Tsiolkovsky
68. “Ours is a world of nuclear giants and ethical infants. We know more about war that we know about peace, more about killing that we know about living.” – Omar N. Bradley
69. “Beauty surrounds us, but usually we need to be walking in a garden to know it.” – Rumi
70. “But man is not made for defeat. A man can be destroyed but not defeated.” – Ernest Hemingway
71. “Don’t watch the clock; do what it does. Keep going.” – Sam Levenson
72. “Let there be work, bread, water and salt for all.” – Nelson Mandela
73. “The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelope our future.” – John Maynard Keynes
74. “A successful society is characterized by a rising living standard for its population, increasing investment in factories and basic infrastructure, and the generation of additional surplus, which is invested in generating new discoveries in science and technology.” – Robert Trout
75. “I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones.” – Albert Einstein
76. “It is the fight alone that pleases us, not the victory.” – Blaise Pascal
77. “If you can’t describe what you are doing as a process, you don’t know what you’re doing.” – W. Edwards Deming
78. “Never interrupt your enemy when he is making a mistake.” – Napoleon Bonaparte
79. “Be sure you put your feet in the right place, then stand firm.” – Abraham Lincoln
80. “Without investment there will not be growth, and without growth there will not be employment.” – Muhtar Kent
81. “You have to do your own growing no matter how tall your grandfather was.” – Abraham Lincoln
82. “Victory has a thousand fathers, but defeat is an orphan.” – John F. Kennedy
83. “Delete the negative; accentuate the positive!” – Donna Karan
84. “It’s crazy how fast time flies and how things progress.” – Nathan Chen
85. “The world is a dangerous place to live; not because of the people who are evil, but because of the people who don’t do anything about it.” – Albert Einstein
86. “Life isn’t about finding yourself. Life is about creating yourself.” – George Bernard Shaw
87. “Everything has beauty, but not everyone sees it.” – Confucius
88. “A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them.” – John C. Maxwell
89. “Walking with a friend in the dark is better than walking alone in the light.” – Helen Keller
90. “A man who dares to waste one hour of time has not discovered the value of life.” – Charles Darwin
91. “The greater danger for most of us lies not in setting our aim too high and falling short; but in setting our aim too low, and achieving our mark.” – Michelangelo
92. “Progress is man’s ability to complicate simplicity.” – Thor Heyerdahl
93. “I like to encourage people to realize that any action is a good action if it’s proactive and there is positive intent behind it.” – Michael J. Fox
94. “Nothing is impossible, the word itself says ‘I’m possible’!” – Audrey Hepburn
95. “But investment in space stimulates society, it stimulates it economically, it stimulates it intellectually, and it gives us all passion.” – Bill Nye
96. “Bitcoin, in the short or even long term, may turn out be a good investment in the same way that anything that is rare can be considered valuable. Like baseball cards. Or a Picasso.” – Andrew Ross Sorkin
97. “Life is a tragedy when seen in close-up, but a comedy in long-shot.” – Charlie Chaplin
98. “No matter what you’re going through, there’s a light at the end of the tunnel and it may seem hard to get to it but you can do it and just keep working towards it and you’ll find the positive side of things.” – Demi Lovato
99. “Infrastructure investment in science is an investment in jobs, in health, in economic growth and environmental solutions.” – Oren Etzioni
100. “Educating our children and giving them the skills they need to compete in a global economy is a smart investment in our country’s future.” – Sheldon Whitehouse
101. “Know thy self, know thy enemy. A thousand battles, a thousand victories.” – Sun Tzu
102. “If one does not know to which port one is sailing, no wind is favorable.” – Lucius Annaeus Seneca
103. “Beware of missing chances; otherwise it may be altogether too late some day.” – Franz Liszt
104. “The sofa is a really important investment for anybody, and I don’t mean financially. You need to find a really great sofa that can transition with you, and you can build from there.” – Jeremiah Brent
105. “There is no investment you can make which will pay you so well as the effort to scatter sunshine and good cheer through your establishment.” – Orison Swett Marden
106. “Nothing in life is to be feared, it is only to be understood. Now is the time to understand more, so that we may fear less.” – Marie Curie
107. “There is little that can withstand a man who can conquer himself.” – Louis XIV
108. “In tennis, you strike a ball just after the rebound for the fastest return. It’s the same with investment.” – Masayoshi Son
109. “A camel makes an elephant feel like a jet plane.” – Jackie Kennedy
110. “The advance of technology is based on making it fit in so that you don’t really even notice it, so it’s part of everyday life.” – Bill Gates
111. “Success depends upon previous preparation, and without such preparation there is sure to be failure.” – Confucius, Chinese 
112. “Coming together is a beginning; keeping together is progress; working together is success.” – Edward Everett Hale
113. “Never do anything against conscience even if the state demands it.”– Albert Einstein
114. “Education is not only a ladder of opportunity, but it is also an investment in our future.” – Ed Markey
115. “The true measure of a man is how he treats someone who can do him absolutely no good.” – Samuel Johnson
116. “In my view, the biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital. Not only is the mere drop in stock prices not risk, but it is an opportunity. Where else do you look for cheap stocks?” – Li Lu
117. “A successful society is characterized by a rising living standard for its population, increasing investment in factories and basic infrastructure, and the generation of additional surplus, which is invested in generating new discoveries in science and technology.” – Robert Trout
118. “The best preparation for tomorrow is doing your best today.” – H. Jackson Brown, Jr.
119. “Friendship marks a life even more deeply than love. Love risks degenerating into obsession, friendship is never anything but sharing.” – Elie Wiesel
120. “Investing in women’s lives is an investment in sustainable development, in human rights, in future generations – and consequently in our own long-term national interests.” – Liya Kebede
121. “Success isn’t measured by money or power or social rank. Success is measured by your discipline and inner peace.” – Mike Ditka
122. “No matter how many goals you have achieved, you must set your sights on a higher one.” – Jessica Savitch 
123. “Start where you are. Use what you have. Do what you can.”– Arthur Ashe
124. “The secret of getting ahead is getting started.” – Mark Twain
125. “The amount of work and the amount of both physical and emotional investment it takes to get to the top.” – Drew Bledsoe