April 27 (Wednesday)

Latest Morning Briefing Executive Summary: Inflated Economy
Inflation is inflating corporate revenues: All 11 sectors of the S&P 500 boast rising forward revenues ytd, eight of them to record highs. It’s also inflating nominal economic growth even as real economic growth slows. This is bullish for earnings provided that companies can keep offloading higher costs to customers via pricing and provided that no recession comes along to stop that. … Also: We review the latest economic releases, which jibe with our stagflationary outlook for 2022. … And: The global food crisis. Food shortages and food inflation are bound to worsen, with dire implications for poorer nations around the world.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on April 25.

Markets
Stocks Fall as Dow Drops More Than 800 Points | W
Real Yields Wade Toward Positive Territory, Denting Stocks | W

Bitcoin
Fidelity to Allow Retirement Savers to Put Bitcoin in 401(k) Accounts | W
Millennials have solved the retirement crisis | MW

Central banks
Senate Confirms Brainard as Federal Reserve’s Vice Chairwoman | W

US
March Orders for Long-Lasting Goods Rose on Auto, Computer Demand | W
Opinion: Spending on consumer goods will likely plummet in the second half of the year | NN
Home-Price Growth Accelerated in February | W
The Hottest Places to Live Now Are Often the Most Affordable | W
Biden Seriously Considering Student-Loan Forgiveness, Officials Say | W

China
Covid Lockdowns Show Xi Jinping Puts Ideology Before China’s Economy | B
China’s Xi Pushing to Beat the U.S. in GDP Growth Despite Covid Lockdowns | W

Geopolitics & trade
Poland and Bulgaria face Russian gas cut as Ukraine crisis escalates | R
Russia Tried to Sell a Huge Slug of Oil. Nobody Wanted It. | W

Industries & companies
Autos: GM will start tying executive compensation to electric vehicle targets | C
Autos: GM has 140,000 reservations for Chevrolet Silverado EV | C
Autos: Tesla stock closes down more than 12% after Musk’s Twitter deal | C

Corporate finance
Twitter in Elon’s Hands Is No Idle Distraction | W

Virus
Weekly Covid deaths have dropped to lowest since March 2020, WHO says | C
More than half of Americans have had COVID infections, U.S. study shows | R
 
Climate & sustainability
Enphase ‘tripling down’ on Europe as Russia war sends power prices up | C
Consumer Brands Push for Clean-Energy Tax Credits | W