Dr. Ed's Blog

January 18 (Saturday)

Markets
Stocks Extend Rally on Chinese Industrial Data, Bank Earnings W
Indexes hit new highs on strong U.S., China economic data R
As stocks hit more records, there are signs traders may be getting way too euphoric C

Credit
The US is running a $1 trillion deficit, but politicians and investors don’t see a problem C
Treasury brings back the 20-year bond to pay for the ballooning deficit C
European Bond Sales Draw Strong Demand W

Central banks
The yield curve’s still weird. Fed’s Bullard is okay with that R
U.S. Fed signals lighter touch on bank supervision, foreign bank oversight R
Fed Plans Shift From Writing Rules to Watching How Banks Behave B

US
U.S. housing starts at 13-year high, factory output gains R
Employers Pull Back on Posting New Jobs W

China
China’s Slowing Growth Underlines Stress Facing Its Economy in 2020 W

US politics
Trump adds legal heavyweights Starr, Dershowitz to impeachment team R
U.S. will work to determine if ex-ambassdor Yovanovitch was under threat – Pompeo R
Supreme Court to decide whether Electoral College voters have a right to differ from state popular vote C

Geopolitics & trade
U.S.-China trade deal to ease global uncertainty: IMF chief R
China Survived the Trade War in Good Shape W
U.S., India Draft Trade Pact for Unveiling in Possible Trump Visit W
Explainer: How close is Iran to producing a nuclear bomb? R

Industries & companies
Aerospace: Boeing addresses new 737 MAX software issue that could keep plane grounded longer R
Autos: Federal agency looking into Tesla driver complaints of sudden unintended acceleration C
FAANGs: Execs tell Congress how they’ve been burned by tech giants in a rare public rebuke C
FAANGs: Epic Systems, a major medical records vendor, is warning customers it will stop working with Google Cloud C
FAANGs: Facebook Backs Off Plan to Sell Ads in WhatsApp W
FAANGs: Netflix earnings should show fallout from new streaming rivals, preparations for moreMW
Financials: Deutsche Bank Cuts Investment Bank Bonuses About 30% B
Media: Disney Drops ‘Fox’ From Twentieth Century Name W
Pharma: Judge Slashes Damages in J&J Risperdal Case to $6.8 Million from $8 Billion W
Retail: Best Buy Declines After Board Says It’s Probing CEO Allegations B
Retail: Walmart Shuffles Executive Ranks After Holiday Season W

Offbeat
U.S. Will Test for Deadly China Virus at JFK, SFO, LAX Airports B

YRI
Daily Markets Overview

January 17 (Friday)

Markets
S&P 500 tops 3,300 for the first time as stocks surge on strong earnings and data (C)
Stocks Rise to Highs as Investors Look to Earnings (W)
Apple and Tesla may be market darlings, but hedge funds are betting big they’ll collapse (C)
Here’s why a sluggish manufacturing sector may bounce back soon (C)
Japan Widens Lead Over China as Top Foreign Holder of Treasuries (B)

Debt
Deutsche Bank Sees ‘Distressed Debt Cycle’ Beginning in China (B)

Central banks
Fed’s Bowman: Current interest rate likely appropriate for “this year” (R)

Emerging
Emerging economies are experiencing a prolonged productivity slowdown (E)
Mikhail who? Weary Russians welcome change of prime minister (R)

US politics
Senate impeachment trial of Donald Trump officially begins (NN)
Trump Hold on Aid to Ukraine Violated Law, GAO Finds (W)
Schumer to Try to Force Witnesses at Trump’s Trial (B)
The Bloomberg Effect: Huge Spending Transforms 2020 Campaign Dynamics (W)

Geopolitics & trade
Senate passes new North American trade deal, sending it to Trump (C)
Economists Don’t See Any U.S. Growth Bump From U.S.-China Deal (B)
U.S. and China Face a Steep Climb to Meet Trade Goals (W)
U.S.-China Deal Could Upend the Way Nations Settle Disputes (W)
The China trade deal doesn’t protect American workers, or American interests (MW)

Industries & companies
Aerospace: Panel Clears 737 MAX’s Safety-Approval Process at FAA (W)
Autos: Fiat Chrysler, Foxconn Team Up for Electric Vehicles (W)
FAANGs: Alphabet, Google’s parent company, hits trillion-dollar market cap for first time (C)
FAANGs: Marketers and Ad Agencies Ask Google Not to Kill Cookies Too Soon (W)
Financials: Trump Tax Cut Hands $32 Billion Windfall to Top U.S. Banks (B)
Financials: JPMorgan Just Posted the Best Year for Any U.S. Bank in History (B)
Financials: Bank of America adds advisors to cater to the ultra-wealthy (R)
Financials: Morgan Stanley Surges Most in Seven Years After Raising Targets (B)
Media: NBC’s streaming service Peacock will have free version and two subscription tiers starting at $4.99 (C)
Media: WhatsApp Backs Off Controversial Plan to Sell Ads (W)
Pharma: Drugmakers Brace for China’s Biggest-Ever Round of Price Cuts (B)
Retail: Procrastinators abounded this Christmas. And more retailers pushed people to stores to pick up online orders (C)
Tech: Microsoft Raises Stakes in Corporate Climate-Pledge Race (W)
Tech: No Trade Peace for Chips Yet (W)

Corporate finance
Gap shares jump on announcement it will not spin off Old Navy (C)

Offbeat
Carlos Beltran is out as New York Mets manager as the slow MLB cheating fallout continues (C)

YRI
Daily Markets Overview

January 16 (Thursday)

Markets
Stocks touch record highs before giving up most of those gains into the close C
Dow closes above 29,000 after China and U.S. sign trade truce R
Weakening Dollar Could Lift Commodities in 2020 W

Central banks
The Era of Fed Power Is Over. Prepare for a More Perilous Road Ahead. W
Fed’s Beige Book Reports Continued Modest Growth W

US
Opinion: Inflation may be muffled, but the business cycle isn’t dead yet MW

US politics
The seven Democrats who will prosecute Trump sent impeachment articles to the Senate. Here’s what’s next. NN
Trump impeachment: Was someone tracking the U.S. ambassador in Kiev? R
The Warren-Sanders feud just got way uglier NN

Geopolitics & trade
What’s in (and Not in) the U.S.-China Trade DealN
Here’s what China agreed to buy from the US in the phase one trade deal C
U.S. and China tiptoe around holes in new trade agreement R
China trade truce is seen as ‘fragile’ with analysts still seeing more tariffs as a possibility C
Businesses Laud Trade Deal, Want China Tariffs to End W
The $95 Billion Centerpiece of the Trade Deal Is Already In Doubt B
Putin shake-up could keep him in power past 2024 R

Industries & companies
Autos: Tesla sales employees petition for higher base pay after commission cuts in 2019 C
Financials: JP Morgan admits to `terrible customer experience’ in response to discrimination allegations C
Financials: U.S. Banks, Card Companies Catch a Break in China Trade Deal W
Manufacturing: Alcoa Incurs Loss, but Predicts Improved Demand W
Media: NBCUniversal’s Peacock ends phase one of the streaming era C
Retail: The real warning in Target’s holiday sales: Toys are in trouble C

Corporate finance
T-Mobile, Sprint Leave Merger in Judge’s Hands as Trial Ends W

Offbeat
‘Little Women’ and ’1917′ should cash in at the box office from Oscar nod C

YRI
Daily Markets Overview

January 15 (Wednesday)

Markets
Dow closes flat, bank shares jump led by JP Morgan C
The Fed (Mostly) Didn’t Cause the Latest Stock Market Melt-Up W
Phase one trade deal could be less than market hopes C

Credit & commodities
Wall Street’s Biggest Bond Trading Desks End 2019 With Roar B
A Decade Without Fed Hikes Comes Into View for Bond Investors B
Shale Discipline Seen Curbing U.S. Oil Output Growth by Over 50% B

Central banks
Fed Adds $82 Billion to Financial Markets W
Fed Set to Trim Size of Term Repo Operations From Next Month B
Fed’s George Says Keep Rates Steady ‘For Now’ to Assess Economy B
ECB Officials See Euro-Area Economy Stabilizing at Start of 2020 B

US
U.S. consumer prices gain slightly; underlying inflation tame R
In a Year of Trade War, U.S. Deficit With China Shrank W
U.S. Seeks Biggest Change to Economic Releases in Decades B

US politics
Senate Impeachment Trial Likely to Start Next Tuesday, McConnell Says W
Nancy Pelosi gambled and lost on the impeachment delay NN
Trump Administration Plans to Shift Additional $7.2 Billion for Border Wall W

Geopolitics & trade
China Tariffs to Stay Until 2020 Election Despite US Trade Deal B
Schumer Says Trump’s Phase-One China Deal Is Too Weak W
Trump’s Supporters See U.S. Victory in China Trade Deal N
China to ramp up U.S. car, aircraft, energy purchases in trade deal: source R
Phase 1 commodity targets likely more than China can chew: analysts R
U.S., EU, Japan agree new subsidy rules with China trade in focus R
European Powers Put Iran on Notice Over Nuclear Deal W

Industries & companies
Aerospace: Boeing Orders Fall to 16-Year Low W
Autos: Tesla stock surge positions Elon Musk for $346 million payout C
FAANGs: Amazon Lifts Ban on FedEx Ground for Third-Party Prime Shipments W
FAANGs: Amazon Publishes Books by Top Authors, and Rivals Fret W
FAANGs: Google Chrome to Phase Out Third-Party Cookies in Effort to Boost Privacy W
Financials: Big Banks Post Big Profits Thanks to Strong U.S. Economy W
Financials: JPMorgan (JPM) Trading Surge Helps Fuel Most Profitable Year Ever B
Financials: Dimon Says His Retirement From JPMorgan Is Still Five Years Away B
Tech: PC Shipments Rose in Fourth Quarter, Boosted by Windows Upgrades W

Corporate finance
Visa to Pay $5.3 Billion for Fintech Startup W
MGM Grand, Mandalay Bay Real Estate to be Sold to JV Including Blackstone W

Offbeat
How Congress made it easier to avoid the IRS C
Ex-Nissan boss Ghosn says French envoy told him of inside plot R

YRI
Daily Markets Overview

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