February 23 (Wednesday)
Latest Morning Briefing Executive Summary: Inflating Fundamentals vs Deflating Valuations.
The Ukraine crisis has triggered the stock market’s 74th panic attack of this bull market, by our count. Coming on the heels of the 73rd panic attack, the two together qualify as a correction. Could it become a bear market? Perhaps if much higher oil and gas prices result from the crisis, but that’s hard to conclude. What we do expect over the near term is more of the same sideways trading with volatile swings. Notably, however, geopolitical crises have often been buying opportunities for stock investors. … And while valuations have been deflating lately, fundamentals—revenues, earnings, and profit margins—have been inflating dramatically. … Also: What members of the “Federal Open Mouth Committee” have been saying about the course of monetary policy. (subscribers’ link)
YRI
Daily Markets Overview
See subscribers’ link below for today’s Morning Briefing.
Replay of Dr. Ed’s webinar on February 22.
Markets
S&P 500 closes in correction territory, Dow drops 480 points as Russia-Ukraine conflict intensifies | C
Rising Rates Hit Munis | W
Oil Prices Approach $100 a Barrel on Threat of Russia-Ukraine War | W
New England Power Plants Burn Most Oil Since 2011 as Gas Soars | B
Central banks
Russia’s Ukraine incursion could cloud the Federal Reserve rate moves | C
US
Economy Gained Momentum in February Despite Inflation Worries | W
Home-Price Growth Hit Record in 2021 | W
Interest Rates Are Rising. What If You Want a House? | N
Commercial Real Estate Is Seen as an Inflation Hedge, but That Isn’t Always the Case | W
China
China Fights Latest Debt Crisis With Firm That Caused Last One | B
Geopolitics & trade
IEA Says Monitoring Russian Statements ‘With Growing Concern’ | B
Biden sends troops to Baltics, F-35s to NATO’s eastern flank -U.S. official | R
Biden says U.S. will sanction Russian financial firms, sovereign debt and individuals after Ukraine incursion | C
EXCLUSIVE Punishing Putin: How Biden could cut Russia off from world tech | R
Ukrainian president drafts reservists but rules out general mobilisation for now | R
EU agrees sanctions ‘to hurt Russia’ over Ukraine crisis | R
Industries & companies
Autos: The chip shortage is so bad GM dropped heated seats in winter | C
Consumer discretionary: Amazon sues alleged fake-review brokers AppSally and Rebatest | C
Virus
Covid infections plummet 90% from U.S. pandemic high, states lift mask mandates | C
