April 15 (Friday)

Latest Morning Briefing Executive Summary: Inflation, Semis, Banks & Grocery Shopping
We’ve been on the lookout for signs of peak inflation, and we are deflated to report none to be seen in the latest PPI and small business survey releases. Instead, they telegraphed higher-for-longer inflation in a weakening stagflationary environment. … Semiconductor-related stocks have been beaten down ytd, but analysts expect double-digit earnings growth this year and next, aided by some fast-growing end markets. … Also: Expect smaller domestically focused banks to report stronger Q1 results than their big multinational counterparts. … And: Grocery shopping with no waiting in checkout lines or schlepping bags to the car? Yep: The supermarket industry is going high tech.
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YRI
Daily Markets Overview
See subscribers’ link below for today’s Morning Briefing.
Replay of Dr. Ed’s webinar on April 11.

Markets
S&P 500, Nasdaq fall Thursday, notch weekly losses as investors assess earnings, inflation | C
U.S. Stocks Drop Amid Wave of Bank Earnings Reports | W

Central banks
Fed’s John Williams Says Half-Point Rate Rise Is Reasonable Option for May | W

US
High Gasoline Prices Take Up Big Share of March Retail Spending Increase | W
Spending More, Getting Less as Inflation Outpaces Retail Sales | W
Mortgage Rates Hit 5% for First Time Since 2011 | W
The ‘Hell or High Water Clause’ Is Tormenting Small-Business Owners | W
Biden Administration Rolls Out Policies Aimed at Helping Underserved Groups | W

China
China’s ‘Zero Covid’ Mess Proves Autocracy Hurts Everyone | N
China Covid-19 Lockdowns Spread Beyond Shanghai to Other Cities | W

Geopolitics & trade
Russian warship sinks; Ukraine says its missile is responsible | R
Opinion: Revoking trade with Russia will deliver a powerful blow to its economy | NN
Ukraine’s past and present intertwine as a war historian seeks refuge | R

Industries & companies
Airlines: Delta Air Lines Reports $940 Million Quarterly Loss But Says March Was Profitable | N
Airlines: American Airlines pilots’ union sues carrier over training request | C
Consumer discretionary: Andy Jassy on inflation surcharge: Amazon can’t keep absorbing costs | C
Energy: Oil Industry Objects to Fees, Permits to Mitigate Accidental Bird Killings | W
Energy: Cheniere Energy exec says surging U.S. natgas prices will spur production | R

Corporate finance
Elon Musk ‘not sure’ he’ll be able to buy Twitter | C
Musk makes $43 billion offer for Twitter to build ‘arena for free speech’ | R

Virus
BA.2 Cases Rise, but Few Signs of a Covid-19 Surge So Far | W
Pfizer Says Covid-19 Booster in Children Ages 5 to 11 Sparked Immune Response Against Omicron | W