Dr. Ed's Blog

June 16 (Friday)

Latest Morning Briefing Executive Summary: Hawkish Pause, Rotation & Tech
The FOMC voted not to tighten further for now, as we had expected, and raised its real GDP projection for this year to 1.0%—suggesting a soft landing. … June has seen a dramatic rotation in stock market leadership: Tech has underperformed the S&P 500 this month to date after outperforming since October; the mtd performance winners are Consumer Discretionary and Materials, previous underperformers. Jackie unpacks why. … Also: A look at what’s been driving up valuations in various Tech sector industries. … And: Will genetically altering food to make it more delicious have unforeseen consequences?
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 12.

Markets
Stocks Close at Highest Levels Since 2022 | W
Wall Street Isn’t Buying What Powell, Economists Are Forecasting | B
Bond Traders Step Up Bets the Fed Will Steer US Economy Into Recession | B
 
Central banks
Global Rate-Hike Endgame Is Now Haunted by Recession Worries | B
European Central Bank Raises Rates to Highest Level Since 2001 | N
Yen Strengthens From Seven-Month Low as Traders Ready for BOJ | B
Fed’s Powell Suggested July Rate Rise Is Likely, Analysts Say | W
Cramer explains how four different camps of buyers see mixed messages in the Fed’s rate strategy | C
Summers Sees ‘Disturbing’ Signs Fed Driven by Internal Politics | B
Fed’s Bostic Made Multiple Trades in Blackout Period Before May 2022 FOMC Meeting | B

US
Spring Spending Surge Pushes Growth Despite Rate Rises | W
Americans Are Shopping Through Uncertainty | W
The Unexpected Beyoncé Effect: Hotter Inflation | N

China
China’s Xi Jinping Turns 70, but Communist Party Won’t Celebrate | W
China’s economic recovery is stalling. Here’s what to expect next | C
 
Geopolitics & trade
As Ties to China Turn Toxic, Even Chinese Companies Are Breaking | N

Industries & companies
Banks: Fed, SEC Probing Goldman Sachs’s Role in SVB’s Final Days | W
Tech: Microsoft’s stock hits record after executives predict $10 billion in annual A.I. revenue | C

Crypto
BlackRock files for spot bitcoin ETF, with Coinbase as a crypto custodian | C

Corporate finance
Mediterranean restaurant chain Cava stock soars as much as 117% in market debut | C

Technology
The Eyeball-Scanning Plan Designed to Save Us From AI | B
When AI Overrules the Nurses Caring for You | W

Beyond markets
Virgin Galactic sets first commercial space tourism flight for this month; shares spike more than 40% | C
Elon Musk met with Italy prime minister to talk A.I., birth rates, as hunt for new factory location continues | C

June 15 (Thursday)

Latest Morning Briefing Executive Summary: Hawkish Pause, Rotation & Tech
The FOMC voted not to tighten further for now, as we had expected, and raised its real GDP projection for this year to 1.0%—suggesting a soft landing. … June has seen a dramatic rotation in stock market leadership: Tech has underperformed the S&P 500 this month to date after outperforming since October; the mtd performance winners are Consumer Discretionary and Materials, previous underperformers. Jackie unpacks why. … Also: A look at what’s been driving up valuations in various Tech sector industries. … And: Will genetically altering food to make it more delicious have unforeseen consequences?
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 12.

Markets
AI Proves Mightier Than the Fed for Stocks Divorced From Economy | B
Saudi Arabia Sought to Push Oil Prices Higher. Markets Had Other Ideas. | W

Central banks
Investors See More Fed Interest Rate Hikes and No Cuts Until 2024 | B
Fed Holds Rates Steady but Expects More Increases | W
Fed Chair Powell Dances Between Pause and More Interest Rate Hikes | B
The End of the Fed’s Interest-Rate Increases Is Still in Sight | W
ECB Enters Home Stretch of Historic Hiking Cycle: Decision Guide | B
China Cuts Rates to Prop Up Flagging Recovery | W
 
US
Housing inflation will almost surely fall soon, say economists | C
Tentative agreement ends worker slowdowns and stoppages that crippled West Coast ports | C
State map shows what renters need to earn to afford 2-bedroom | C

Europe
Europe Gas Spikes as Major Dutch Gas Site Set to Close | B

China
China’s economy slows in May, more stimulus expected | R
China to see the world’s biggest millionaire exodus this year, study shows | C

Geopolitics & trade
Watering Down China Chip Restrictions Sometimes Makes Sense | W
Bill Gates will reportedly meet China’s Xi this week | C

Industries & companies
Media: Disney looks to get out of animation rut with Pixar’s ‘Elemental’ | C
Retail: After Surging Early in the Year, Retail Spending Could Be Cooling | W
Tech: AMD’s Superchips Face a Trillion-Dollar Hurdle | W
Tech: Nvidia’s AI Chips Power ChatGPT—and Multibillion-Dollar Surge | B

Corporate finance
Cava IPO could set tone for other restaurants going public | C

Beyond markets
How a Chip Guru Left South Korea and Wound Up Accused of Leaking Tech to China | W
Cyberattacks on renewables: Europe power sector’s dread in chaos of war | R

June 14 (Wednesday)

Latest Morning Briefing Executive Summary: All About Earnings & Inflation
Like the economy, earnings have been landing softly; revenues haven’t landed at all. The S&P 500’s Q1 results imply earnings weakness totally due to margin contraction as businesses battled fast rising costs. … Analysts see y/y earnings gains resuming in Q3 and Q4, for full-year earnings growth of 0.4% followed by 11.4% next year. … We see a U-shaped earnings recovery and are tweaking our estimates for S&P 500 revenues, earnings, margins, and the price index. Our year-end targets for the S&P 500 are 4600 this year and 5200 next. … Inflation continues to moderate nicely, which should stay the Fed’s hand.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 12.

Markets
Stock Market to Fed: You Haven’t Done Enough | W
Treasury yields dip ahead of Fed announcement | C
IEA: Global oil demand to peak before the end of the decade | C

Central banks
Fed poised to punt rate hike into the summer wind | R
A Guide to the Fed’s Interest Rate Decision: Pause With Option to Hike | B
Global Economy Latest: Fed Meeting Preview | B
European Central Bank set to inch closer to the end of its hiking cycle | C
China’s Central Bank Moves to Shore Up Recovery | W

US
CPI Report Shows Inflation Has Been Cut in Half From Last Year’s Peak | W
Renters Are About to Get the Upper Hand | W
NYC’s Rent Prices Are Too High for Recent College Graduates to Afford | B
The job market enters a new phase as the Great Resignation ends | NN

China
China’s real estate slump predicted to last for years, threatening wider region | C

India
Goldman’s Biggest Office Outside New York Shows India’s Business Evolution | B

Geopolitics & trade
China and Saudi Arabia are part of a multipolar world order: Minister | C
China’s efforts to catch up in global electronic spying race | R
‘Slowbalization’ is Name of the Game on Bloomberg Trade Tracker

Industries & companies
Autos: Toyota shares soar as shareholders endorse board, new EV strategy | C
Energy: Shell to exit Pakistan unit with sale of shares | R
Energy: Shell boosts dividend, steadies oil output in new CEO plan | R
Financials: What’s Killing Productivity? Some Think It’s the Banks | W
Media: Disney delays Avatar, Marvel, Star Wars movies | C
Tech: Microsoft and OpenAI Forge Awkward Partnership as Tech’s New Power Couple | W
Tech: Nvidia Joins $1 Trillion Club, Fueled by AI’s Rise | W
Tech: AMD reveals new MI300X A.I. chip to challenge Nvidia’s dominance | C
Tech: Exclusive: Amazon’s cloud unit is considering AMD’s new AI chips | R

Corporate finance
EU Says It May Seek Breakup of Google’s Ad-Tech Business | W

Climate
Weather office warns of severe damage as India, Pakistan brace for cyclone | R

Technology
Paul McCartney Says AI Used to Create “Last” Beatles Record Including John Lennon’s Voice | W
Biggest Losers of AI Boom Are Knowledge Workers, McKinsey Says | B
Why making AI safe isn’t as easy as you might think | BBC

Beyond markets
Just what we need — a Soros who’s even ‘more political’ than George | P
Europe’s New Favorite Beach Hotspot Needs Workers to Meet Record Tourism Demand | B
Google RTO crackdown gets backlash: ‘Check my work, not my badge’ | C

June 13 (Tuesday)

Latest Morning Briefing Executive Summary: Long & Variable Lags?
The economy has responded to monetary tightening quickly, our research finds, not with “long and variable lags” as monetarism theorizes. Today’s economy and financial systems are exceptionally resilient. … Among some of the reasons: A deluge of post-pandemic fiscal spending has dulled the impacts of tightening. Certain typically interest-rate sensitive industries have been atypically resistant to tightening because of pandemic effects specific to them. Tighter credit conditions after the banking crisis have not triggered a widespread credit crunch. Consumers’ excess savings are dropping fast, but the economic effects are offset by retiring Baby Boomers’ massive net worth. AI and other tech advances have kindled the animal spirits of economic actors.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 12.

Markets
S&P 500 Closes at Its Highest in Over a Year | W
S&P 500 and Nasdaq close at highest since April 2022 | R
US Junk-Bond Maturities Shrink to Record Low as Debt Mountain Grows | B

Commodities
Battle for Aluminum Stocks Is Draining LME of Non-Russian Metal | B

Central banks
Fed Backs Away From Wages Focus, Bolstering Case for Rate Pause | B
Inflation outlook hits two-year low in latest New York Fed survey | C
Inflation Expectations for Near Term Hit Two-Year Low in Fed Survey | B
Inflation Puts the Fed On Its Heels | W
The Fed and Jerome Powell’s Big Problem Just Got Even More Complicated | W

US
US Budget Gap Widens to $1.2 Trillion in Fiscal Year Through May | B
Social Security’s back in the GOP’s crosshairs: Here’s an alternative to cuts | The Hill
‘Trump can’t win’: Koch network targets ex-president, Biden | C
The rich often overestimate their retirement readiness, report finds | C

China
Fueled by Long Credit Binge, China’s Economy Faces Drag From Debt Purge | W
 
Geopolitics & trade
Xi Prepares China for ‘Extreme’ Scenarios, Including Conflict with the West | W
Kim Jong Un Says He Is ‘Holding Hands’ With Vladimir Putin | W
Yellen Says IMF, World Bank Are Important Counterweights to China | B
U.S. to Allow South Korean, Taiwan Chip Makers to Keep Operations in China | W

Industries & companies
Cruise Lines: Cruise Stocks Climb as BofA, JPMorgan Tout Booking Demand | B
Media: Elon Musk’s Twitter vs. Bad Bots: The Battle Goes On | W
Tech: Apple hits record high one week after announcing Vision Pro VR headset | C
 
Corporate finance
For Corporate Spending, Something’s Gotta Give | W
FTC files to block Microsoft-Activision | C
Nasdaq to buy fintech firm Adenza for $10.5 billion, rattling some investors | R
Don’t Say It Too Loudly, But UBS Just Got a Steal of a Deal | W

Beyond markets
Work from home and empty offices leading to ‘doom loop’ for NYC | P
Tower at 111 Wall Street epitomizes crisis of NYC’s commercial real-estate market | P
What Happened In 1971? It’s a Question Everyone Should Ask | FO
Hotel Owners Start to Write Off San Francisco as Business Nosedives | W

June 12 (Monday)

Latest Morning Briefing Executive Summary: Inflation & The Fed
Investors are on the edge of their seats: Will the FOMC raise the federal funds rate (FFR) when it meets this week or pass this time? Key will be how fast inflation is falling, and the Consumer Price Index for May will be released as they deliberate. We say monetary policy is restrictive enough already, as the higher effective FFR implies a tighter environment than the straight FFR suggests. … Also: We recap what consumer inflation measures have been doing for goods and for services since peaking last year. The latter has proven more stubbornly persistent than the former. … And: Dr. Ed reviews “BlackBerry” (+ + +).
(subscribers’ link)

YRI
Daily Markets Overview

Markets
Stock Market: Can the S&P 500 Keep Going Up? Yes, Here’s Why. | BR
Surging stockmarkets are powered by artificial intelligence | E
Why the new bull market is headed for more Fed stress after a pause | C
Companies, Big Investors Sell Shares at Fastest Rate in Years | W
Japan’s stockmarket rally may disappoint investors | E

Credit
Bonds Are Entering a New Era. How to Play It. | BR
Bonds Are Back. Where Vanguard’s Bond Chief Sees Value Now. | BR

Commodities
How to get rich from commodities | E
The struggle to kill King Coal | E
OPEC+ working against ‘uncertainities and sentiment,’ Saudi energy minister says | R
Saudi Arabia seeks cooperation with China, ‘ignores’ Western worries | R
Pakistan PM says first discounted Russian crude oil cargo arrives in Karachi | R

Central banks
Fed Will Have to Keep Raising Rates, Even if It Pauses in June | BR
 
US
The Economy Is Dragging Down Biden’s Re-election Hopes. What Might Change That. | BR
Port of Seattle closed due to ILWU labor strife | C
This Summer, Lifeguards Have Better Job Prospects Than Office Interns | W

China
Fueled by Long Credit Binge, China’s Economy Faces Drag From Debt Purge | W
China’s guarding of genetic data is a drag on scientific research | E
China’s new Great Wall | E

Europe
German bosses are depressed | E

India
How India is using digital technology to project power | E

Geopolitics & trade
China has been spying from Cuba for some time, U.S. official says | C
How North Korea’s Hacker Army Stole $3 Billion in Crypto, Funding Nuclear Program | W
Power Shortage Hits Vietnam, a Production Hub for Apple and Samsung | W
OpenAI CEO Calls for Collaboration With China to Counter AI Risks | W
U.S. Tech Giants Are Slowly Cutting Off Hong Kong Internet Users | W
 
Industries & companies
Airlines: Now Boarding: Airlines are bringing back the jumbo jet (sort of) | C
Consumer: This Company Makes Costco and Amazon’s Store Brands. Its Stock Is a Buy. | BR
Retail: Amazon Prime Day is coming. Here’s how sellers can boost their sales | C
Retail: A recycled idea at Levi’s, Adidas to stop clothing from going to waste | C
Retail: Nike Broke Up With Retailers. Now It’s Trying to Win Them Back. | W
Tech: Apple’s Vision Pro is an incredible machine. Now to find out what it is for | E
Wireless: AT&T, Verizon Stock Dividends: What Amazon Wireless Would Mean | BR

Corporate finance
Glencore Approaches Teck Over Its Coal Business | W

Beyond markets
Generative AI could radically alter the practice of law | E
Billionaire George Soros hands control of empire to son Alex | R
Trump delivers fiery post-indictment speech: ‘They’re coming after you’ | C
Trump indictment is ‘very, very damning,’ his former attorney general says | C
Crypto tokens plummeted on concern Gensler is expanding SEC crackdown | C

June 10 (Saturday)

Latest Morning Briefing Executive Summary: The AI Future & Health Care
Don’t fear AI, just China’s AI aspirations. Out with the CPU, in with the GPU. AI is bound to transform every business process, bar none. Three well respected tech visionaries have been describing our AI-enhanced future with optimistic messages that they insist are not hyperbole. … And: Don’t overlook the lagging S&P 500 Health Care sector’s potential for a rebound given exciting developments in its biotech and pharma industries. Jackie recaps some of the highlights.
(subscribers’ link)

YRI
Daily Markets Overview

Markets
S&P 500 notches fourth straight positive week, touches highest level since August | C
Thematic Investing: Just Say No | Morningstar

Central banks
Jim Cramer says don’t be complacent ahead of Fed meeting | C

US
$5 billion in cargo stuck off West Coast ports in truck, container jam | C
U.S. cities where inflation is still rising: Miami, Detroit and more | C
Grilling Hasn’t Been This Cheap in Years | W
How much credit card debt Americans hold by age | C

Europe
Boris Johnson’s shock exit reverberates through British ruling party | R

Trump
Trump Faces 2024 Split Screen of Campaign and Criminal Trials | W
Trump indictment unsealed: Former president faces 37 counts | C
Trump faces difficult odds in classified-documents case | R
Trump lawyers quit classified documents case | C

Geopolitics & trade
Nord Stream sabotage probe turns to clues inside Poland, Wall Street Journal reports | R
PGA Tour ‘couldn’t afford to keep battling Saudi Arabia,’ Wall Street Journal reports | R
Cuba Base Would Help China Identify Strike Targets in U.S. | W

Industries & companies
Autos: What Tesla EV charging deals with Ford, GM mean for the industry | C
Autos: Why America Isn’t Ready for the EV Takeover | W
Media: The Case for Banning TikTok, Snapchat and Instagram for Kids Under 16 | W
Media: Netflix subscriptions rise amid password-sharing crackdown | C
Media: Can Twitter’s Odd Couple Make It Work? Elon Musk and His New CEO Are About to Find Out | W
Restaurants: Pizza Has Gone From Hot to Cold to Frozen | W
Retail: Quiet luxury may be Americans’ most expensive trend to date | C
Tech: Samsung’s plans to catch TSMC in semiconductor manufacturing | C

Climate
Greta Thunberg Holds Last School Climate Strike After 251 Straight Weeks | W
Quebec hopes rain, outside help can be turning point in fight against fires | R

Technology
Age of AI: Everything you need to know about artificial intelligence | TechCrunch

Beyond markets
How Lifeguards Lost Their Luster | MSN

June 09 (Friday)

Latest Morning Briefing Executive Summary: The AI Future & Health Care
Don’t fear AI, just China’s AI aspirations. Out with the CPU, in with the GPU. AI is bound to transform every business process, bar none. Three well respected tech visionaries have been describing our AI-enhanced future with optimistic messages that they insist are not hyperbole. … And: Don’t overlook the lagging S&P 500 Health Care sector’s potential for a rebound given exciting developments in its biotech and pharma industries. Jackie recaps some of the highlights.
(subscribers’ link)

YRI
Daily Markets Overview

Markets
Tech Stocks Push S&P 500 Further Into Bull Market | B

Central banks
Fed Seen Ending Its 15-Month Hiking Campaign in Economist Survey | B
What the Federal Reserve’s expected interest rate pause means for you | C

US
Trump Indictment: What to Know About Classified Documents Case, Legal Troubles | B
Democrats Push for Debt-Ceiling Overhaul Bill After Default Scare | W
Bidenomics and Its Contradictions | W
Pandemic Aid Programs Drove Evictions to Historic Lows | B
Americans have ‘tip fatigue,’ resent ‘tip creep’ | C

China
China’s Inflation Problem? It Has None | W

Europe
Eurozone Slides Into Recession as Inflation Hurts Consumption | W
Night Train From Brussels to Berlin via Amsterdam Could Be Key for Europe Travel | B

India
India Faces Conundrum for Its Sprawling Railways: Fix the Old or Build New | W

Geopolitics & trade
Kyiv says it intercepted call showing Russia blew up Kakhovka dam | R

Industries & companies
Autos: Tesla jumps as GM deal takes Supercharger network closer to US standard | R
Autos: GM says Tesla charging deal will save the automaker up to $400 million | C
Industrials: GE nears fighter jet engine deal with India’s Hindustan Aeronautics | C
Media: Netflix Subscriptions Jump as U.S. Password-Sharing Crackdown Begins | W
Retail: J. Crew launches virtual beach house storefront for 40th anniversary | C

Corporate finance
Bed Bath & Beyond and Buy Buy Baby sale and bidding updates | C
 
Crypto
What the SEC’s Binance and Coinbase lawsuits mean for the future of crypto | Vox
 
Climate
Smoke From Canada Wildfires to Move South, Ease in Northeast | W

Technology
Generative AI Takes Stereotypes and Bias From Bad to Worse | B

June 08 (Thursday)

Latest Morning Briefing Executive Summary: The AI Future & Health Care
Don’t fear AI, just China’s AI aspirations. Out with the CPU, in with the GPU. AI is bound to transform every business process, bar none. Three well respected tech visionaries have been describing our AI-enhanced future with optimistic messages that they insist are not hyperbole. … And: Don’t overlook the lagging S&P 500 Health Care sector’s potential for a rebound given exciting developments in its biotech and pharma industries. Jackie recaps some of the highlights.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 5.

Markets
S&P 500’s Climb Toward Bull Market Thwarted by Canada Rate Move | W
Eight Megacap Stocks Make for a Funny Sort of Bull Market | W
The Once-Hot Trades of 2023 Are Unraveling in Punishing Markets | B
Bonds Everywhere Fall on Signs Central Banks Will Hike Interest Rates | B
Treasury’s $1 Trillion Debt Deluge Threatens Market Calm | W

Central banks
China State Banks Cut Deposit Rates to Bolster Sluggish Economy | B
Column: One-off rate hike ‘skip’ would be Fed first: McGeever | R

US
Ray Dalio Says US at Beginning of ‘Late, Big-Cycle Debt Crisis’ | B
The AI Boom Is Pulling Tech Entrepreneurs Back to San Francisco | N
Trump aide testifies to grand jury amid indictment speculation | C
U.S. Struggles to Turn Steel Imports ‘Green’ With Tariffs | W

China
China’s Share of U.S. Goods Imports Falls to Lowest Since 2006 | W

Japan
Japan upgrades Q1 GDP as businesses spending picks up | R
Japan’s Economy Grows at Faster Pace as Businesses Spend More | B
Japan’s GDP revised sharply higher, grew 2.7% in the first quarter on robust spending | C

Geopolitics & trade
U.S. and China Prepare for Possible Blinken Visit to Beijing | W
China’s EV Juggernaut Is a Warning for the West | W
U.S. Nears Deal to Produce GE Jet-Fighter Engine in India | W

Industries & companies
Pharma: Merck Sues to Stop the IRA’s ‘Extortion’ | W

Climate
NYC Mayor Eric Adams Urges Citizens to Wear Masks for ‘Unprecedented’ Smoke | B
Canada wildfire smoke: New York City has world’s worst air pollution | C
World Energy Council: World energy system not fit for purpose | C

June 07 (Wednesday)

Latest Morning Briefing Executive Summary: View From The Pits
Commodities markets have been on a wild ride in recent years, buffeted by pandemic impacts specific to each. The present time finds oil prices weakened by a global supply/demand imbalance, raw industrials prices depressed by China’s weak recovery and US recession fears, lumber prices down owing to soft single-family home construction, and both natural gas and most agricultural prices far from their peaks. … The ripple effects of this commodities scenario include downward inflation pressure and upward dollar pressure. … Also: Joe shares his takeaways from S&P 500 Q1 earnings now that most companies have reported and most analysts have tweaked their forecasts.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 5.

Markets
US stocks end up as Fed, CPI loom large next week | R

Global
World Bank Brightens View of Global Growth This Year, Downgrades 2024 | W

US
‘Non-Recession Recession’ as Rate Hikes Bite | B
US Cash Pile Leaps by Most Since Tax Day After Debt-Limit Suspension | B
Tax Cuts High on GOP Agenda as House Looks to Revive Business Breaks | W
Chris Christie, top GOP Trump critic, launches presidential bid | C
Hunter’s Laptop All Over Again | W
West Coast States Rode the Tech Boom. Now They Face Higher Unemployment, Falling Wages. | W
 
Geopolitics & trade
Jamie Dimon on US-China Relationship: Biden Has Right Strategy | B
As Blinken Visits Saudi Arabia, Human Rights Are Back in Focus | W

Industries & companies
Autos: Tesla’s Model 3 cheaper than Toyota’s Camry in California with tax benefits | R
Financials: 2023 Banking Crisis: Key Lessons From the SVB, First Republic Collapses | B
Financials: US Bank Regulators Tell Lenders to Watch Risks From Vendors | B
Tech: Apple Vision Pro: Hands on first impressions from WWDC 2023 | C

Crypto
Coinbase Sued by SEC for Breaking US Securities Rules | B

Climate
ESG Movement Fails at the Scene of Its Greatest Triumph | W
 
Technology
Why AI Will Save The World
Artificial Intelligence Still Not Smart Enough | W
Should You Let AI Manage Your Retirement Plan? | US News
 
Beyond markets
Portugal just launched a ‘government-funded’ 4-day workweek trial | C

June 06 (Tuesday)

Latest Morning Briefing Executive Summary: Slippery Slopes
Oil prices are slipping notwithstanding Saudi Arabia’s production cuts, which aren’t as effective at halting such slides as they used to be. Too much global oil production capacity in the world relative to too little demand is the problem. … If oil prices are on a slippery slope, so is inflation; indeed, the latest inflation indicators suggest it is continuing to moderate. … As for the latest economic indicators, the NM-PMI and LEI are misleading. Their weakness doesn’t point to a broad-based recession. The forecast still looks like a rolling recession to us.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 5.

Markets
This Rally Is All About a Few Star Stocks—And Some Investors Are Worried | W
Are Stocks in a New Bull Market? It Depends. | N
Bill Gates Portfolio: 7 Best Stocks to Buy Now | Investing | U.S. News
 
Global
World Bank Projects Weak Global Growth Amid Rising Interest Rates | N

US
Why the U.S. Remains Far From Recession | W
The Big Tech Censorship Machine Is Running in 2024 | W
Cities are facing tough fiscal problems. David Schleicher’s In a Bad State warns about the painful road forward. | Slate.com
 
Geopolitics & trade
Ukraine war: Breach of Nova Kakhovka dam unleashes floodwaters | C
China Won’t Save the U.S. From Recession This Time | W
Merck CEO says decoupling from China would be at huge economic cost | R

Industries & companies
Commercial Real Estate: Interest-Only Loans Helped Commercial Property Boom. Now They’re Coming Due. | W
Pharma: Merck sues Biden administration over Medicare drug price negotiations | C
Tech: Apple’s entry into VR is a ‘watershed moment,’ say top industry execs | C
 
Corporate finance
PGA and LIV Golf Combine With Saudi Arabia’s PIF Investing | B
Sequoia Capital to split apart U.S., China, India businesses | C

Technology
AI poses new threats to newsrooms, and they’re taking action | C

Crypto
Coinbase Sued by SEC for Breaking US Securities Rules | B
SEC Actions vs Coinbase, Binance Cover $120 Billion of Crypto | B