March 08 (Tuesday)

Latest Morning Briefing Executive Summary: Past & Future Earnings
Today, we examine the fundamental data that drive the stock market, as just reported for Q4 and as projected by industry analysts and by us for this year and next. S&P 500 companies’ Q4 results show record highs for revenues and earnings, but the profit margin continued to edge down from the Q2 peak. … Our stagflation economic forecast prompts us to raise our S&P 500 revenue, but not earnings, estimates. We expect relatively flat S&P 500 profit margins around 13% this year and next. … Also, we look at what declining forward P/Es have meant for the four major investment styles.
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YRI
Daily Markets Overview
See subscribers’ link below for today’s Morning Briefing.
Replay of Dr. Ed’s webinar on March 7.

Markets
Dow Falls More Than 700 Points, Enters Correction Territory | W
U.S. Treasurys Regain Favor | W

Commodities
U.S. crude oil spikes to 13-year high of $130 overnight, then gives up most of that gain | C
EU to phase out Russian gas, oil, coal imports – leaders’ draft | R
What would a U.S. ban on Russian oil mean for the world? | R
Oil Industry Contemplates World Without Russian Crude | W
How Oil Giants’ Bets on Russia, Years in the Making, Crumbled in Days | W
Uniqlo owner stays put in Russia as Boeing suspends buying Russian titanium | R

Global
Global Economy Braces for Impact of Russia’s War on Ukraine | W

Central banks
The Fed’s ‘Average’ Is More ‘Flexible’ Than ‘Target’ | Fisher Investments

US
Will Inflation Fall? Any Pullback Depends on These Sectors | W
Federal debt is unpopular until you get elected | TheHill

Geopolitics & trade I
Russia Pummels Civilian Targets While Talks Make Scant Progress | W
Nearly all of Russia’s initial invasion forces in Ukraine: Pentagon | C
Russia-Ukraine war: U.S. collecting evidence of war crimes | C
More than 1.7 million Ukrainians have fled to Central Europe, UN says | R
Occupied Ukrainian Towns Want Russian Troops to ‘Go Home’ | W
Moscow says it will let Ukrainian civilians flee — to Russia | R
Russia will stop ‘in a moment’ if Ukraine meets terms – Kremlin | R

Geopolitics & trade II
Some New Steps the West Might Try in Ukraine | W
Blinken Says NATO Is Considering More Permanent Troops in Baltics | W
U.S. lawmakers pressure Biden to help with transfer of European aircraft to Ukraine | R
Chinese Tech Firms Weigh Opportunities in Russia After Western Pullout | W
Israel Says Iran Tried to Fly Arms to Hamas Using Drones | W

Industries & companies
Airlines: Airline stocks slump as jet fuel surge overshadows travel rebound | C
Autos: Used-car prices are still sky-high — but they may be easing | C
Restaurants: Ukraine news: McDonald’s declines to comment on war, has exposure in Russia | C
Retail: Bed Bath & Beyond shares jump after GameStop chairman reveals big stake | C

Virus
Even mild Covid is linked to brain damage, scans show | C
U.S. far from normal with Covid deaths 10 times higher than flu, RSV: report | C

Beyond markets
Russian invasion sheds light on hypocrisy of Gary Gensler, corporate wokesters | P
A Guide To All The Outrageous Mansions And Estates Owned By Sanctioned Russian Billionaires | FO
While Properly Resisting Putin’s Villainy, Let’s Not Allow Governments To Take Property | FO