What I Am Reading

January 14 (Tuesday) Markets S&P, Nasdaq Rise to Records as Risks Abate (W) Wall Street hits record, boosted by trade and earnings optimism (R) The five biggest stocks are dwarfing the rest of the stock market at an ‘unprecedented’ level (C) Forget Hedging and Yields. The Yen Is Key to Japan Buying Abroad (B) Emerging-Market Stocks Lagged — Here’s Why They’re a Buy Central banks Fed’s Rosengren warns of inflation risks to central bank’s ‘almost ideal’ economic outlook (R) Fed’s Bostic Sees No Overheating and No Reason to Raise Rates (B) Fed on hold, but will financial risks matter? (R) Fed’s Mission to Control Benchmark Rate May Spur Another Tweak (B) New York Fed Paper Warns a Cyberattack on Banks Could Cause Major Disruption (W) Debt Global debt shattering records: IIF (R) US budget deficit topped $1 trillion in 2019 for the first time in seven years (C) China China’s Auto Market Stumbles After 30-Year Boom (W) US removes China from currency manipulator list ahead of trade deal signing (C) China’s yuan was already moving higher before the U.S. said it’s no longer a currency manipulator (C) US politics Nancy Pelosi poised to send Trump impeachment charges to Senate for trial (R) The Left Doesn’t Want a Biden Nomination — But It’s Split on How to Stop Him (B) Geopolitics & trade Here’s what’s in the phase one China trade deal Trump is signing this week (C) How the U.S. and China Settled on a Trade Deal Neither Wanted (W) Forewarning saved U.S., Iraqi lives from Iran’s attack (R) Industries & companies Financials: U.S. Insurer AXA Equitable Leaves AXA Name Behind (W) Media: Netflix leads Oscar nominations with 24 nods—a first for a streaming service (C) Corporate finance Visa to acquire Plaid, the fintech powering Venmo and other banking apps, for $5.3 billion (C) TGI Fridays plans to revamp its bars as it prepares to go public again (C) YRI Daily Markets Overview

January 13 (Monday) Markets Dow Industrials Pull Back After Crossing 29000 for First Time W S&P 500 News: Bulls and Valuations at 2018 Meltdown Levels B For Dividend Growth, Consider Health-Care and Tech Stocks BR Defense Stocks Have Climbed on Mideast Tension. The Run Isn’t Over. BR Trade deal and earnings season could shape the market’s next moves C Oil Market News: How It Learned to Live With Middle East Tension B Central banks Fed’s 2014 ‘normalization’ debate sowed seeds for today’s hot labor market R Japan Offers a Lesson on Inflation for the Fed W US Will There Be a Recession in 2020? Here’s what Barron’s Roundtable Panelists Say. BR The Job Market Is Booming. But Not for Everyone. BR Manufacturers Increase Perks to Get New Hires to Move W Mnuchin Says Boeing Woes Could Lop a Half-Point from U.S. GDP B US politics Trump Impeachment: Pelosi Says McConnell Looks for ‘Cover-up’ B Pelosi says Republicans will pay price for denying impeachment witnesses R ‘I’m spending all my money to get rid of Trump’: Michael Bloomberg R Trump Aide ‘Concerned’ Russia May Be Trying to Undermine Biden B Here’s what White House press secretary Stephanie Grisham has to say about not holding press briefings NN Geopolitics & trade Iran Faces Growing Criticism at Home, Abroad Over Downing of Ukrainian Plane W ‘Our enemy is here’: Iran protesters demand leaders quit after plane downed R China’s U.S. trade deal commitments not changed in translation: Mnuchin R Industries & companies FAANGs: Apple Stock Has Soared. Should Investors Sell? BR Financials: Bet on the Big Banks — and Bank of America BR Pharma: High Drug Prices? Pharma Startup Thinks It Has the Right Medicine W Technology: Inside Google’s Quest for Millions of Medical Records W Offbeat ‘If We Stayed Outside We Would Have Died’: Australia’s Fires Devour Farms and Forests W YRI Daily Markets Overview

January 11 (Saturday) Markets Dow falls after topping 29,000 for first time earlier in the session C As U.S. election heats up, investors brace for volatility R Central banks Jobs Report Offers Little Reason for Fed to Change Its View W Federal Reserve Sent Lower Remittances to U.S. Treasury in 2019 W Yellen Urged Colleagues in 2014 to Beware Commenting on Dollar B Fed’s 2014 ‘normalization’ debate sowed seeds for today’s hot labor market R US U.S. employment growth slows; labor market tightening R After A Decade of Hiring, Plenty of Jobs But Raises Are Tiny C US December 2019 Jobs Report: Women Top Male Jobholders B Manufacturing jobs ‘tough to fill,’ weak spot in employment picture C Companies issue high grade debt at one of the fastest paces ever C US politics Impeachment Articles Will Go From House to Senate Next Week B U.S. Probes If Russia Targeting Biden in 2020 Election Meddling B How Bernie Sanders Stumbled, Then Steadied His Presidential Campaign W Obamacare Health Insurance 2020: Cheaper Alt Plans Cover Less B Majority of Americans favor wealth tax on very rich: Reuters/Ipsos poll R Geopolitics & trade U.S. Targeted but Missed Senior Iranian Commander in Yemen, Officials Say W U.S. imposes more sanctions on Iran after missile attacks in Iraq R Iran to probe black boxes after missile blamed for plane crash R Threat of Cyberattack by Iran Still Critical, Experts Say W Russian warship ‘aggressively approached’ US destroyer in Arabian Sea NN Second China Trade Deal Hinges on Phase-One Success, Kudlow Says B As White House plans U.S.-China Phase 1 ceremony, still no final deal text R Industries & companies Aerospace: Boeing’s biggest supplier lays off 2,800 workers because of 737 Max production suspension NN Aerospace: Boeing messages reveal efforts to manipulate regulators of 737 Max C FAANGs: Landmark Facebook Settlement Still Working Its Way Through Court W Industrials: GM to Revive Hummer Name on New Electric Pickup Model W Manufacturing: Plastic-Maker Berry Was Crushed in 2019. Now It’s Top 2020 Pick. B Technology; Sony’s concept car, Hyundai’s flying taxi among top auto debuts at CES C Corporate finance Sequoia Capital Is In No Rush to Spend $8 Billion Fund W Offbeat Companies are paying big bucks to insure boards against liability as class-action suits soar C YRI Daily Markets Overview

January 10 (Friday) Markets Dow 29,000 in sight, as fading Mideast tensions help to jolt stock market higher MW U.S. Stocks Close at Fresh Records, Aided by Trade Optimism W Central banks Fed’s Williams Says World Will Be Dealing With Low Interest Rates for a Long Time W Fed’s Richard Clarida: U.S. Economy Begins 2020 ‘In a Good Place’ W Fed’s Bullard, Kashkari Favor Holding Interest Rates Steady W Summers Calls Bernanke Speech ‘Last Hurrah’ for Central Bankers B US U.S. weekly jobless claims fall, but labor market cooling R CEO confidence in economy has cratered, consumers say things are OK C US politics Pelosi Says House Will Continue to Hold On to Articles of Impeachment W U.S. Democrats to press for impeachment witnesses throughout trial R Geopolitics & trade U.S., Iran ease fear of conflict but threats keep tension high R House Approves Resolution Against Use of Force With Iran W Iran likely downed Ukraine airliner with missiles: Canada’s Trudeau, citing intelligence R China to Send Chief Trade Negotiator to U.S. to Sign Phase-One Deal W Trump’s tariffs cost U.S. companies $46 billion to date, data shows R Industries & companies FAANGs: Apple iPhone sales spike in China according to data, stock hits high C Media: Peak TV Hits a New Peak, With 532 Scripted Shows N Restaurants: Taco Bell will try paying some managers $100,000 a year — but In-N-Out Burger already pays managers $160,000 MW Retail: J.C. Penney, Kohl’s Post Lower Holiday Sales W YRI Daily Markets Overview

January 9 (Thursday) Markets Wall Street rises but ends well off day’s highs amid renewed Middle East jitters R Five Charts Raise Red Flags With Stocks Brushing Aside Tensions B Crisis-hardened markets have learned to look past military flare-ups R Oil sinks nearly 5%, under $60 after Trump says Iran is standing down C Central banks Fed Economist Sees Long-Term Rates Near Zero in Mild Downturn B US U.S. Private Sector Added 202,000 Jobs in December W In Tight Job Market, Census Bureau Stresses Flexible Hours W US politics Pelosi Sets House Vote on War-Powers Bill for Thursday W Some Democratic Senators Call on Pelosi to Send Over Articles of Impeachment W Elizabeth Warren’s Base Is Getting Anxious W Bloomberg Puts Geographic Inequality on the 2020 Agenda W Geopolitics & trade Trump’s Soleimani Strike Pays Off for Now After Iran Backs Away B Trump softens rhetoric after Iranian missile attacks, sees Iran ‘standing down’ R How US-Iran tensions led to missile attacks and Trump sanctions C Two rockets hit Baghdad Green Zone, day after Iran missile attacks C Industries & companies Autos: Tesla’s market value eclipses GM and Ford – combined! R Autos: Tesla Sends Chinese Suppliers Into Ludicrous Mode W FAANGs: Sonos Sues Google, Alleging Theft of Speaker Technology W Financials: Banks Caught in Regulators’ Squabble Over Low-Income Loan Rules W Retail: Bed Bath & Beyond (BBBY) Stock Plunges After Pulls Forecast B Retail: Welcome to Walmart. The Robot Will Grab Your Groceries. W Retail: Macy’s Plans Store Closures, Posts Encouraging Holiday Sales W Tech: For Memory-Chip Makers, the Worst Appears to Be Over W Tech: The Best of CES 2020, From S-Pods to Smart PJs Corporate finance Grubhub Considers Strategic Options Including Possible Sale W Offbeat Boeing jet crashes in Iran with no survivors, security sources see technical cause R U.S. Cancer Death Rate Drops by Largest Amount on Record W Full interview: Carlos Ghosn breaks silence after escape from Japan C YRI Daily Markets Overview

January 8 (Wednesday) Markets Dow Industrials Drop, Oil Prices Fall W Wall Street Is Gaming Out All the Possible U.S.-Iran Scenarios B Wall Street slips with investor focus on Middle East, but chipmakers climb R US US economy: The big recession scare is over C U.S. Trade Gap Lowest in Three Years as Imports From China Slide W U.S. trade deficit at three-year low as imports tumble R Mortgage rates fall further as buyers rush into the first open houses C US politics Senate Republicans close ranks on rules for Trump impeachment trial R Prosecutors say Flynn ‘has not learned his lesson,’ seek up to six months in prison R Elizabeth Warren Is ‘With Bernie’—Except When It Comes to Capitalism W Super Bowl campaign ads to cost Trump, Bloomberg $20 million C Geopolitics & trade 10 rockets hit airbase in Iraq where US troops are located NN Iran Threatens Retaliatory Attack as U.S. Says Killing Was Act of Self-Defense W ‘We’re going to war, bro’: Fort Bragg’s 82nd Airborne deploys to the Middle East R Slain Iranian general’s planned attack on Americans was ‘days’ away, Esper says C Qasem Soleimani: US justification for targeting Iran’s top general NN U.S. Senate panel advances North American trade deal, final vote timing uncertain R Industries & companies Aerospace: Boeing Backs Simulator Training for 737 Max Pilots in Reversal B Aerospace: Botched Predictions, Strife With Regulators Cost Boeing CEO His Job W Autos: Tesla market cap surges past GM, Ford as Musk dances into China C Autos: Tesla Set to Expand China Assembly With Compact SUV W Energy: U.S. Oil Company Confirms Big Find in Mexico W FAANGs: Amazon struggles to enforce its own rules for political ads C FAANGs: Facebook Bans Deepfakes but Permits Some Altered Content W Industrials: GM Posts Its Biggest China Sales Decline W Technology AI-Powered Cameras Represent Tech’s Biggest Trade-off W Corporate equity Investors Urge Private-Equity Industry to Improve Transparency W Offbeat A Borrower Will Be 114 When Bonds Backed by Her Student Loans Mature W IRS Personal Income-Tax Audits Drop to Lowest Level in Decades W Ghosn’s defense team attacks Nissan, reiterates conspiracy claims C YRI Daily Markets Overview

January 7 (Tuesday) Markets Defying gravity? What could bring U.S. stocks down to earth R Wall Street market analysts see deeper sell-off ahead C Defense stocks double the S&P 500’s gains months after crisis events C Fear of War Sends Gold to Highest Price Since 2013 W Tense Time for Buyers of Riskier Corporate Loans W Central banks Fed focuses on repo market exit strategy after avoiding year-end crunch R US politics Bolton says he is willing to testify in Trump impeachment trial R How John Bolton just put the squeeze on Mitch McConnell over impeachment NN Trump Adds Iran Risk to 2020 Tests of Impeachment, Re-Election B Geopolitics & trade ‘Never threaten the Iranian nation,’ Rouhani warns Trump as crowds mourn commander R Iranians Rally in Display of Unity as Calls for Revenge on U.S. Deepen W U.S. on Alert for Iranian Response, Either Direct Assaults or Cyberattacks W Iranian hackers likely planning social engineering, phishing attacks C Chevron pulls oil workers from Iraq NN Timeline of US-Iran relations ahead of Soleimani killing C Industries & companies Aerospace: Boeing Considers Raising Debt as MAX Crisis Takes Toll W Autos: Ford Vehicle Sales Declined 3.2% in 2019 W Financials: Few Bank Failures Could Be a Warning Sign for U.S. Financial  System W FAANGs: Alphabet Stock Off to Strong Start in 2020 W Retail: Lululemon founder Chip Wilson: Under Armour ‘lost it many years ago’ C Restaurants: Yum Brands to Buy Habit Burger Grill W Technology: Qualcomm Snapdragon Ride system announced for self-driving cars C Corporate finance Xerox Firms Up Financing for Bid to Take Over HP W The Debate Over Share Buybacks, Explained C Economists Question the Benefits of Targeted Tax Breaks W YRI Daily Markets Overview

January 6 (Monday) Stocks Dow Jones Industrial Average Finds Reason to Drop After U.S. Air Strike BR Dogs of the Dow Stock-Picking Strategy Was a Winner for Decade BR Stocks began 2020 at record highs. Here’s what could go wrong C Here’s what happens to the markets after major Middle East events C The U.S.-Iran Confrontation Has Raised Market Risk. Here Are 3 Ways to Position Your Portfolio. BR It Was a Lost Decade for China’s Stock Market, but Investors Bet on Better Times Ahead  W Currencies & commodities As Negative Yields Ebb, Making Money in Bonds Is Still a Slog  W Oil Set for Bumpy Week as U.S. Says Iran May Strike Saudi Again B Gulf markets plunge on U.S.-Iran tensions, Aramco at lowest since IPO R Central banks Fed policymakers broadly see eye to eye on 2020 outlook R Fed Officials Say Rate Policy in Right Place for Now, Downplay Factory Data  W Fed Minutes Show Comfort With Prolonged Pause on Rates  W Draghi, Yellen Warn of Risks Facing Policy in Low-Rate World B Longest Ever Subzero-Rate Experiment Suggests Key Fear Unfounded B Bernanke: Fed has ample clout to fight downturn if toolkit used properly R China’s central bank says will keep monetary policy prudent, flexible and appropriate R US Did the U.S. Tax Overhaul Do What It Promised?  W US politics Lindsey Graham wants to start Trump impeachment trial within days C Geopolitics & trade Chinese delegation plans to travel to Washington to sign trade deal: SCMP R Trade War Dents China’s Attendance at World’s Biggest Electronics Show  W Iraq voted to expel U.S. Troops, Iran won’t hold uranium limits B Iraq parliament calls for end of U.S. troop presence after Soleimani death C Iran condemns Trump as ‘terrorist in a suit’ after attack threat C Pompeo says US intelligence assessment was clear on Soleimani C Industries & companies Autos: Musk’s Moment of Truth Arrives as Made-in-China Teslas Roll Out B FAANGs: Amazon Has Long Ruled the Cloud. Now It Must Fend Off Rivals.  W FAANGs: Amazon Is a Free-Cash Rocket Ship. Time to Jump on Board. BR Restaurants: McDonald’s Looks Beyond Party Culture  W Corporate finance Bypassing the Traditional IPO Route May Become More Popular in 2020 BR Cybersecurity Iran Latest: Cyber Attack on Sheldon Adelson Provides Lesson B U.K. Examines if Cyberattack Triggered London Stock Exchange Outage  W Offbeat Give Up Facebook for a Month and Help Economists Fix GDP B U.S. Beef Group Isn’t Happy That Golden Globes Are Going Vegan B Carlos Ghosn Sneaked Out of Japan in Box Used for Audio Gear  W YRI Daily Markets Overview

January 4 (Saturday) Markets Dow drops the most in a month after US airstrike on Iran’s top military leader spooks investors C Here’s what typically happens to the financial markets after major Middle East crisis events C Oil prices surge to highest level since April after US kills Iran’s top commander in airstrike C Central banks Fed policymakers agree rates on hold for ‘a time’ R Fed officials kick off 2020 with optimistic view of U.S. economy R Fed Minutes Show Comfort with Prolonged Pause on Rates W US U.S. factory sector in deepest slump in more than 10 years R U.S. Manufacturing Shrinks for Fifth Month W US politics U.S. Senate in stalemate over how to proceed with Trump impeachment trial R Democratic White House contenders condemn Trump’s strike against Iranian commander, warn of war R Warren’s Fundraising Slipped to $21.2 Million in Fourth Quarter W Geopolitics & trade Tensions Rise in the Middle East After U.S. Killing of Iranian Military Leader W Trump says US does not seek war or regime change in Iran, but is still ready to act if ‘necessary’ C More Conflict Is Inevitable; War With Iran Isn’t W US to deploy 3,500 additional troops to the Middle East after Iranian general killed C ‘The puppet master is dead’: Why Iranian Gen. Qasem Soleimani’s killing is such a big deal C Iran Options Seem Narrow as It Seeks to Avenge Slain General B Don’t expect Soleimani’s killing to derail trade talks despite China’s warmer relations with Iran C Industries & companies Autos: Musk defies skeptics, meets Tesla delivery goal; shares hit record R Autos: Tesla Appears to Turn a Corner, Lifting Valuation to $80 Billion B Autos: Car Sales Boom Hit the Brakes in 2019 W Pharma: FDA’s Deadline Problem? W Retail: Pier 1 to Shut More Stores, Cut Debt in Expanded Turnaround B Offbeat Australia fires kill half a billion animals as crisis mounts C YRI Daily Markets Overview

January 3 (Friday) Markets Dow jumps 300 points to start 2020, continuing last year’s big rally C Stocks Set New Highs to Start 2020 W Wall Street starts 2020 with new records on China stimulus, trade hopes R The Dollar’s Losses May Just Be Getting Started B Muni-Bond Shopping Spree Shows No Sign of Stopping W Global Manufacturing Shows Stability in U.S., Asia W Central banks U.S. Fed buys no mortgage bonds, sells none R US U.S. jobless claims edge lower but trend points to uptick in filings R Competition for housing is so high, the spring market is starting now C Americans bought fewer new vehicles in 2019, but spending is expected to hit a record $462 billion C Seattle passed a $15 minimum wage law in 2014. Here’s how it’s turned out so far C Nine States Face Economic Contraction, Most Since 2009 Crisis B Europe UK companies turn a little less gloomy over Brexit impact: BoE survey R Wanted: Weirdos and misfits – aide to UK’s Johnson is hiring R US politics Joe Biden raises $22.7 million in the fourth quarter, lagging Bernie Sanders and Pete Buttigieg C Geopolitics & trade U.S. sees signs Iran or proxies may be planning more attacks: Pentagon chief R Rockets fall on Baghdad International Airport injuring several people: security unit R Industries & companies FAANGs: Apple Shares Top $300 Amid Optimism About Holiday Sales B FAANGs: Google employees are complaining the company has changed — this chart shows one reason why C FAANGs: Amazon threatens to fire employees who speak out on climate change C Pharma: Drug Prices Climb by 5.8% on Average, Less Than Last Year W Retail: Record Pace of Shut Stores Fuels Business for ‘the Closers’ W Tech: Seeing those opt-out messages about your personal information on websites? Thank California’s new privacy law Cybersecurity & cryptocurrency U.S. legislation on spread of cyber tools passes after Reuters investigation R China’s New Cryptocurrency Could Track Money Flows W Offbeat FDA Bars Fruit, Mint Flavors in Vaping Cartridges W Japanese, Turkish Prosecutors Begin Probes Into Ghosn’s Escape W Mattel Puts a Lid on Excess Colors W YRI Daily Markets Overview